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.
Automotive Tonneau Industry Segmentation
A Tonneau Cover is a soft or hard cover that protects the rear side of the vehicle, such as a pick-up truck. Such cover protects the goods from the weather.
The Automotive Tonneau cover market is segmented by type, sales channel, vehicle type, and geography. By type, the market is segmented into hard cover and soft cover. By sales channel, the market is segmented into Original Equipment Manufacturers (OEM) and aftermarket. By vehicle type, the market is segmented into passenger cars and commercial vehicles. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the World. For each segment, the market sizing and forecast are done based on the value (USD).
| By Type | |
| Hard Cover | |
| Soft Cover |
| By Sales Channel | |
| Original Equipment Manufacturers(OEMs) | |
| AfterMarket |
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Geography | ||||||||
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Automotive Tonneau Market Size Summary
The automotive tonneau cover market is experiencing robust growth, driven by the increasing demand for pickup trucks and premium convertible cars. This demand is fueled by the rise in logistics and freight activities, particularly in the European and North American regions, where electric pickup trucks are gaining popularity. Automakers like Ford, General Motors, and Volkswagen are focusing on electrified vehicles, creating opportunities for the tonneau cover market. The market is also benefiting from the extended lifespan of vehicles due to technological advancements, which has led to a surge in aftermarket services for tonneau covers. However, the heavyweight mechanism for convertible cars poses a challenge, prompting major players to invest in solutions.
The North American region is poised to be the largest market for automotive tonneau covers, with the United States and Canada leading due to high demand for pickup trucks and luxury convertible cars. The growth is supported by the e-commerce and logistics sectors, which rely heavily on light commercial vehicles for efficient delivery services. Regulatory initiatives like the Zero Emission Vehicles program and the Safer Affordable Fuel-Efficient Vehicles rule are expected to further boost the market. Key players such as TrailFX, TruckHero, Bestop, and Snugtop dominate the market, with recent expansions and partnerships enhancing their product offerings. Innovations like powered aluminum tonneau covers and solar energy-capturing designs are set to drive future growth.
Automotive Tonneau Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Rise in Sale of Pick-Up Trucks Across the Globe
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1.2 Market Restraints
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1.2.1 Rapid Technological Advancement May Increase the Cost
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value (USD))
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2.1 By Type
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2.1.1 Hard Cover
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2.1.2 Soft Cover
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2.2 By Sales Channel
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2.2.1 Original Equipment Manufacturers(OEMs)
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2.2.2 AfterMarket
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2.3 By Vehicle Type
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2.3.1 Passenger Cars
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2.3.2 Commercial Vehicles
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2.4 By Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Spain
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2.4.2.5 Italy
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 India
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest Of The World
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2.4.4.1 South America
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2.4.4.2 Middle-East and Africa
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Automotive Tonneau Market Size FAQs
What is the current Automotive Tonneau Market size?
The Automotive Tonneau Market is projected to register a CAGR of 8.5% during the forecast period (2024-2029)
Who are the key players in Automotive Tonneau Market?
SNUGTOP , TrailFX (LKQ Corporation), TruckHero, Bestop and Worksport Ltd are the major companies operating in the Automotive Tonneau Market.
