From Dust to Downpour: How Essential Are Car Covers in Today’s Climate?
COVID-19 crisis has affected the supply and demand of products, although for a short term. Investors are skeptical whether the upsurge in product spending will alter or remain the same. Regardless of some disturbances caused by COVID-19 lockdown measures across the globe, the long-term growth potential of the sector remains unharmed. The current situation of lockdown in several countries is driving the demand for car covers, as people have no option but to park their cars outside. The cars are already unfunctional. Hence car covers help them from the further damage that can be caused by many external factors such as dust, dirt, UV rays, rains, snow, and birds falling.
In 2023, the car covers market size was estimated to be worth USD 0.8 billion. According to projections, the car covers industry would expand at a compound annual growth rate (CAGR) of 2.95% from 2024 to 2032, from USD 0.9 billion to USD 1.09 billion. The market is expanding as a result of growing consumer awareness of car safety.
The increasing awareness regarding car safety and growing demand for innovative car accessories are the factors driving the car covers market. Growing awareness about the high соѕt of саrѕ and their mаіntеnаnсе is anticipated to boost the іmроrtаnсе of саr рrоtесtіоn аmоng car оwnеrѕ, which accelerates the demand for саr соvеrѕ. Moreover, owing to the increasing urbanization and growing real estate sector, parking spaces are becoming limited. Several car owners have to park their cars on the road. This increases the fear of car breaking and challenges the good condition of cars. This key factor is expected to fuel the demand for car covers during the forecast period.