Global Car Covers Industry Growth To Be Driven By The Increasing OEM and After Market Activities Across The Globe
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. The Global Car Covers Market was valued at US$ 759.8Mn in 2018 and is expected to reach US$ 991.1Mn by 2028 at a CAGR of 2.7%.
Car covers protect parked cars from various elements including dust, dirt, ultraviolet radiation, acid rain, bird droppings, wind-borne particles, sun’s heat, animal scratching, etc. When a vehicle isn’t used for a long duration, it can become dirty from external sources such as rain, wind, snow or possibly leaves falling on it. A car parked indoors can get dusty, and also run the risk of getting unwanted particles getting on the surface. Dust may also accumulate in certain critical parts of the engine and may affect the function of these parts. In the case of painting work near the car, the cover will protect it from unwanted paint sprays. A car parked outside in the sun may fade the paint of the car, as well as, heat the car tremendously, and car covers help to overcome all these challenges relating to external factors. Car covers protect from the heating of the dashboard, which may cause damage to critical electronics such as car stereo, air-conditioning, or the car panel, etc. Car cover also protects the windshield, which is an important part of the car, since a damaged windshield may impair the visibility for the driver and can lead to accidents. These covers also discourage thefts, if used with the combination of cable and lock.
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The high cost of cars and its maintenance is key factor expected to infuse the importance of car protection among owners, thereby affecting the purchase of car covers steadily. In addition to this, limited parking space for several car owners has led to them parking their cars on the road. Ensuring safety and good condition of cars is a key factor expected to fuel demand for car covers in the coming years.
Furthermore, growth in the standard of living of the population and increasing disposable income across various economies is one of the major reasons driving the growth of global Car Covers market during the forecasted period.
However, the high cost of car covers; particularly custom-made covers may challenge the growth of the global car covers market to a certain extent. Nonetheless, the increase in production of cars in emerging economies is expected to increase the sale of cars in these countries, thereby further boosting demand for car covers. Major manufacturers of car covers have a lucrative opportunity to penetrate these markets to increase their market share.
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Global Car Covers market is segmented on the basis of product type, distribution channel and region. On the basis of product type custom car cover and universal car cover. Universal car cover accounts for the majority share in the global car covers market, while, custom car cover segment is expected to register the highest growth rate over the forecast period. On the basis of distribution channel market is segmented into, OEM and after market and after market accounts for a majority share in the global car covers market.
On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. Europe accounts for the majority share in the global car covers market followed by North America with the Asia Pacific registering highest growth rate in the region owing to robust growth in end use industries in the region. MEA and South America are expected to register stable growth over the forecast period.
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The research report on the global Car Covers market includes profiles of some of the major companies such as Covercraft Industries, LLC, COVERKING, INC., Budge Industries, LLC, Polco, CONFEZIONI ANDREA ITALIA SRL, Lund International, Inc., California Car Cover Co and MacNeil Automotive Products Limited.