Market Size of Automotive Tonneau Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Tonneau Market Analysis
The automotive tonneau cover market is valued at USD 994.19 million in the current year. It is anticipated to grow to USD 1,622.00 million by the next five years, registering a CAGR of 8.5% in terms of revenue during the forecast period.
Over the medium term, the market is primarily driven by factors such as an increase in demand for pickup trucks and premium convertible cars. Pickup trucks can be employed to carry freight and passengers, suitable for multi-terrains (off-road and on-road), visibility, elevated axles, and outfitted wheel alloys to navigate rocky, damp, and muddy terrains.
With increasing freight and logistics activities, the demand for pickup trucks saw a significant from the logistics and municipal sectors. Recently, a significant demand for electric pickup trucks for personal applications is observed, especially from the European and North American regions. In context to this, automakers such as Ford, General Motors, and Volkswagen sharpened their focus on electrified production vehicles. Several new companies/startups announced plans to manufacture hybrid or fully electric pickup truck models in the coming years. It is likely to create lucrative opportunities for the market during the forecast period.
With the increase in the 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, the heavyweight mechanism for convertible cars to cover/uncover the tonneau is a restraint for the premium convertible cars segment. Major players are investing heavily in overcoming this issue.
