U.S. Tonneau Covers Market - Industry Outlook & Forecast 2022-2027
The United States Tonneau Covers market is expected to grow at a CAGR of 8.6% during 2022-2027
The following factors are likely to contribute to the growth of the U.S. Tonneau Covers market:
- Hike in Demand for Pickup Trucks
- High Disposable Income and Awareness Amongst the Population
- The advent of Solar Powered Tonneau Covers
- Rising Demand for EVs/EV Pickup Trucks
A tonneau cover is an essential accessory used in pickup trucks to safeguard cargo and other materials from exposure to weather and protect from theft. It also helps to improve the mileage of a pickup drop by generating less air drag. It is very rare for owners of pickup trucks not to have a tonneau cover as it compliments the utility of the vehicle and gives it a complete look.
A tonneau cover is available to suit various requirements and needs of the truck. When it comes to this accessory, one size does not fit all; hence, it complements various types of pickup trucks and uses different materials for different purposes and usages.
Majorly there are 2 types of tonneau covers:
- Hard Tonneau Cover
- Soft Tonneau Cover
- Protection against theft and misplacements
- Fuel Efficiency
- Curb material wastage is caused by spillage and breakage due to jerks
- Protects the truck bed cover and increases longevity
- Enables aesthetical enhancements
Hike in demand for pickup trucks:
The demand for pick-up trucks is directly proportional to the demand for tonneau covers as this essential accessory provides security to the utility that pick-ups provide and hence is a must-have for owners of the vehicles. This indicates that the truck tonneau covers market is going to witness a boom soon, and players can leverage this opportunity to capture the market and gain profits. The US has witnessed a hike and demand for pickup trucks recently. Post-2019, there has been a high demand for light pickup trucks. People abandoned their cars for pickup trucks due to the multipurpose utility and better comfort. The buyers were, in fact, observed to prefer pickup trucks over certain luxury cars as they found the former to be more comfortable and convenient. The users like the versatility and seating arrangements provided in the pickup trucks. In fact, pickups have recently been so popular that customers do not mind them at premium prices.
The shift in consumer behavior and shift in preferences
The eventual shift in consumer behavior and shift in preferences where the consumers are more focused on the comfort and utility of the vehicle is expected to be a rewarding opportunity for the respective players functional in the industry space. Thus, pick-up trucks are known to become one of the consumers' top preferences for personal and professional usage. The vehicle has been one of the sought-after preferences for off-roading lately. And based on usage, customers seek a wide variety of tonneau covers to increase the utility and complement the functionality of pickup trucks.
Restraints: Rapid Technological Advancements
With the rapid change in the expectations and demands of the customers, regular developments and changes to make better product offerings are inevitable. At the same time, upgrades are an expensive affair as they would call for many investments and costs at the end of the manufacturer. Upgradation would require a holistic approach and subsequently involve research and development, changes in machinery, raw materials, and manufacturing process, changes in marketing and advertising, and all other relevant sectors.
Light trucks have surpassed cars as the majority of vehicles on the road in the United States over the last few decades. They also make up most of the specialty-equipment OEM sales, with pickups accounting for more than a third of the total sales. On the other hand, the light-truck industry is changing as a result of changes in vehicle sales, technology, and consumer behavior. The sales of tonneau covers are majorly dependent on the sale of pickup trucks in the US. Texas leads the way with more than 6.5 million pickups, followed by California with more than 5.8 million and above several pickups, Florida in third place with more than 3 million, Georgia with more than 1.5 million, and finally North Carolina with more than 1.9 million and above pickup trucks in the region.
Segmentation by Product
- Hard Tonneau Cover
- Soft Tonneau Cover
Segmentation by Sales Channel
Segmentation by Region
- Truck Hero
Other Prominent Vendors
- LTA Manufacturing
- Gator Covers
- Spec-D Tuning
- Rough Country Suspension Systems
- LEER Group
"Mergers and acquisitions" is a common strategy observed in the tonneau covers' market in the U.S., thus making it a very consolidated industry with more than 90% of market share under one company's banner. Also, securing multiple patents by companies is also a common phenomenon, thus enabling companies to have the upper hand over the competitors.
- EV Pickup trucks will soon be on the roads, and a major shift toward these vehicles is expected.
- Solar tonneau covers are in the process of development
- People are observed to choose to pick up trucks over luxury cars.
The major companies operating in the industry are Truck Hero, Work Sport, and Agri-Cover. These companies continually compete among themselves though Truck Hero leads the position in the industry, with maximum industry share.
The Tonneau cover market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per type and sales channel for the years considered. The players undertake the key trends in the past years, and strategies have been mentioned. The report provides a holistic approach to the tonneau cover industry to enable stakeholders to analyze the industry efficiently.
KEY QUESTIONS ANSWERED
1. HOW BIG IS THE U.S. TONNEAU COVER MARKET?
2. WHAT ARE THE GROWTH FACTORS IN THE U.S. TONNEAU COVER MARKET?
3. WHO ARE THE KEY PLAYERS IN THE US TONNEAU COVER MARKET?
4. WHAT ARE THE LATEST TRENDS IN THE U.S. TONNEAU COVER MARKET?
5. WHAT ARE THE SEGMENTS COVERED IN THE US TONNEAU COVER MARKET?