The automotive tonneau market is projected to grow with a CAGR of more than 8 % during the forecast period.
- The market is primarily driven by the factors such as increase in demand for pick-up trucks and premium convertible cars.
- In the United States, during the year 2018, the Bureau of Economic Analysis released data showing that light-duty trucks are outselling traditional passenger cars in a ratio of 2:1.
- With the increase in average life of vehicles, because of the technological advancements and increased life of automotive components, the aftermarket services for automotive tonneau are also witnessing high demand.
- However, heavy weight mechanism for convertible cars to cover/uncover the tonneau is a restraint for the premium convertible cars segment and major players are investing heavily on overcoming this issue.
Key Market Trends
Hardcover Segment is Expected to Capture the Largest Market Share
By type, hard cover for pick-up trucks is expected to capture the largest market share. The rising demand for pickup trucks is expected to enhance the demand for hard tonneau covers.
In the year 2019, the demand for pickup trucks was up by almost 8 % from the previous year. Many big players in the market witness high growth rates. For instance, Ford Ranger sales were up by around 32% and Ram pick-up trucks by 17%. The demand is expected to go up further during the forecast period.
Now-a-days Consumers are using pickup trucks for transporting both goods and passengers. Hard tonneau covers help to protect and conceal items in the non-passenger area of pickup trucks. The major restraint for the market is the heavy weight of the hard cover which will reduce the vehicle fuel effieciency.
In 2018, TrailFX developed new Helix retractable cover which features a resilient aluminum construction and scratch resistant, matte-black finish. There is a spring-loaded aluminum canister for protection, a convenient tether to open and close the cover from the tailgate, and intermittent locking positions for hauling flexibility. These kinds of developments are expected to help the market growth.
North America is Expected to be the Largest Market
The North America region is expected to be the largest market for automotive tonneau cover. The major markets in the region are United States of America and Canada. The demand for tonneau is also promising owing to the presence of many luxury OEMs in the region which are manufacturing premium convertible cars for local as well as export market.
The growth in the market is attributed to the high demand of pick-up trucks in the region and convertible cars. In the year 2019, more than 3 million pickup trucks were sold to customers in United States alone, with a growth rate of about 4.5% during the last five years period.
The pickup trucks are very popular in the region and the can be used to serve multiple purposes, for travelling along with the family and carry other essential items during their travel.
In December 2019, Worksport Ltd., has applied for trademark for its new technological initiative, TerraVis, which is a solar powered tonneau cover. The TerraVis cover will feature a removable 500-watt solar panel that will aim to integrate and power electric trucks in the future. The aforementioned dynamics and developments are expected to help the market grow over the forecast period.
The Automotive Tonneau Market is highly fragmented, with several players accounting for a smaller portion of market share. Some of the prominent companies in the automotive tonneau cover market are TrailFX, TruckHero, Bestop and Snugtop. The luxury car manufacturers are launching new convertible cars in the market which will drive the demand for automotive tonneau covers in the market. For instance,
- In February 2020, Bentley launche Continental GT Mulliner convertible with a lightweight aluminum body.
- Rolls Royce, offerd a seat conversion for the convertible Dawn with the help of a carbon fibre tonneau cover. The tonneau cover has been made from carbon fibre to keep the weight down to a minimum.
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