The U.S. Tonneau Covers Market to Reach $5 Billion by 2027. The Solar-Powered Tonneau Covers Gaining Momentum - Arizton

According to Arizton's latest research report, the U.S. tonneau cover market is expected to grow at a CAGR of 8.6% during 2022-2027. Vehicles powered by solar energy are likely to be less expensive in the long run than conventional vehicles powered by nonrenewable resources. This could increase demand for solar tonneau covers. The idea is to get government assistance in the form of subsidies. Many manufacturers will consider producing products with similar, if not superior, features to capture a larger share of the market before competition increases exponentially.
Tonneau covers are especially useful for people who work in service transportation, material moving, and other similar fields. In the US, more than 27 million people work in the service transportation and material moving occupations, respectively. The demand from such sections is expected to boost the growth of the tonneau cover market as it is essential to protect the cargo and other materials from theft and damage while in transit.

Click Here to Download the Free Sample Report: https://www.arizton.com/request-sample/3356

The demand for pickup trucks is high in the US market due to these vehicles' versatility and multifunctionality. People prefer buying pickup trucks over premium vehicles and do not mind paying premium prices for the former. Tonneau covers are one of the most essential and must-have truck accessories due to their various functionalities and benefits. In 2021, Truck Hero accounted for a share of around 90%, thus holding a monopoly in the market.
The demand for tonneau covers in the aftermarket is anticipated to grow faster than the demand for OEMs. An increase in disposable income and a shift in choice of customers in the US are major factors that lead to the high demand for tonneau covers in the aftermarket. The high disposable income in the country has led to a trend of owning pickup trucks even at premium prices.

Geography:
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.

KEY HIGHLIGHTS
• Hard Tonneau covers have a larger share of more than 60% compared to the soft tonneau covers. However, in terms of volume soft tonneau covers have a larger market share of over 60%.
• The Tonneau Covers market is an extremely consolidated market due to major mergers and acquisitions that keep taking place in the market.
• Pick-up trucks are quite popular in the US these days owing to their high utility. Thus, making a great market for Tonneau covers as they are an important accessory that allows the complete utilization of pickup trucks. If we talk about regions Midwest US produces the highest revenue among all other regions.
• People are eagerly waiting for companies to introduce EV pickup trucks which are expected to increase the salability of tonneau covers in the region.
• The OEM and Aftermarket are the 2 major sales channels of the Tonneau Cover market. Though OEMs occupy the maximum market share Aftermarket tonneau covers are slowly gaining popularity as they are expected to grow at a CAGR of over 10% as the manufacturers of OEM tonneau covers are slowly shifting their manufacturing facilities to other countries in search of cheap labor to reduce their operational expenses.

MARKET SEGMENTATION
Segmentation by Product
• Hard Tonneau Cover
• Soft Tonneau Cover
Segmentation by Sales Channel
• OEM
• Aftermarket
Segmentation by Region
• US
o Midwest
o South
o West
o Northeast

The US tonneau cover market is consolidated because of mergers and acquisitions, and there are few opportunities for new entrants. The market is quite dynamic in nature, and players in the market apply various strategies to keep up with the changing consumer behavior and technological developments taking place in the market. For instance, most vendors, OEMs, or aftermarkets, invest profusely in R&D to stay relevant in the market.

About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Arizton Advisory and Intelligence
Call: +1-312-235-2040
+1 302 469 0707

This release was published on openPR.