Truck Bedliner Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Drop-In Bedliners, Spray-On Bedliners, and Others) and Material (Polyurethane, Aluminum Carpet, and Others)

Truck Bedliner Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Drop-In Bedliners, Spray-On Bedliners, and Others) and Material (Polyurethane, Aluminum Carpet, and Others)

The truck bedliners market size is projected to grow from US$ 500.95 million in 2022 to US$ 641.40 million by 2028; it is estimated to grow at a CAGR of 4.2% from 2022 to 2028.

Asia Pacific is expected to be a significant region in the bedliners market during the forecast period, owing to the rapidly rising automobile production and sales across the region. Manufacturing companies in this region focus on developing better bedliners by reducing bedliner size and enhancing heat dissipation capability. In North America, auto sales are dominated by utility vehicles, including pickup trucks, crossovers, and sports utility vehicles (SUVs). The sales growth is attributed to the increasing versatility of these vehicles, allowing them to be used for personal and commercial purposes. Due to the increasing demand for trucks, the requirement for truck accessories is rising. As a result, the bed truck market in the region will grow together with the growth in pickup truck sales.

Many European countries were hit hard by the COVID-19 pandemic. Therefore, the region witnessed disruptions in supply chain operations, production halts, and massive economic losses due to shutdowns. However, the market situation has improved since the beginning of the second half of 2020. Increased requirements for safety equipment, such as PPE kits and medications, propelled the use of trucks for transporting large goods. Furthermore, as the post-lockdown situation is improving in many European countries, increased merchandise trade is fueling the growth of the truck bedliners market in the region.

Major countries in North America, such as the US and Canada, have a huge industrial base and favorable government policies to boost innovation, and they highly adopt industrial automation solutions. The US is a prominent market for cybersecurity solutions in several industries. The country consists of the maximum number of truck bedliners platform developers. Hence, any negative impact on the region's economy or industry growth hinders the businesses of companies operating in the region. In Q1 2020, due to the COVID-19 pandemic, the slump in industrial/manufacturing activities and new projects across the US, Canada, and Mexico negatively impacted the growth of the truck bedliners market in respective countries.

In North America, the US is one of the major markets for truck bedliners. In 2020, as per the report by BTS, North America produced approximately 542,000 trucks. The truck industry is a vital part of the North American economy. In recent years, truck production slowed due to rising production costs, shifting supply chains, and disruption connected to the COVID-19 outbreak. In 2021, the largest share of the truck bedliners market belonged to the US. In 2021, the US produced over 288,000 million trucks, while Mexico and Canada together produced only ~178,900 trucks. In addition, the free trade agreement between Canada, the US, and Mexico has increased the flow of goods and capital across North America, which is critical to the supply chain of the truck industry. The new United States–Mexico–Canada Agreement, signed in October 2018, stipulates the rules of origin (ROO) for trucks to be followed, with 75% of the finished truck's value coming from inside the regulated region. Hence, the growing production of trucks in the region is anticipated to propel the truck bedliners market over the forecast period.

According to the Automotive Industries Association of Canada (AIA), the Canadian aftermarket is primed for significant development. In Canada, automotive manufacturing is one of the largest industrial sectors. In 2020, as per Organisation Internationale des Constructeurs d'Automobiles (OICA) statistics, 1,376,623 units of vehicles were produced within the country. Also, as per the OICA statistics report, the total vehicle sales in Canada in 2020 were 1,527,580 units. With the growing production of vehicles, the penetration of truck bedliners is anticipated to grow. Canada has a greater concentration of light trucks and SUVs, which offers more revenue potential for the aftermarket players, as light trucks require higher-priced parts and services. Increased sales of used vehicles and a large population of out-of-warranty vehicles are boosting revenue-generation opportunities for the independent aftermarket (IAM), thereby propelling the growth of the truck bedliners market in Canada.

The safety of bulk cargo is paramount for personal and commercial use. Thus, protection regulations have led manufacturers to incorporate safety devices and components into their vehicles. Mexico is the seventh-largest passenger vehicle manufacturer and the fifth-largest auto parts producer worldwide. Expansion of the regional aftermarket is anticipated to boost the truck bedliners market growth in the region. The Mexico City Government has a strategic plan to improve mobility by replacing local transportation with zero-emission vehicles. They plan to increase electricity generation through clean energies from 25 to 35% by 2024. Growing demands for the safety and ease of cargo transportation and increasing regulations regarding the reduction of pollutants and noise emissions are anticipated to boost the growth of the truck bedliners market in Mexico.

Based on the truck bedliners market report, the truck bedliners market is segmented into type, material, and geography. Based on type, the truck bedliners market is segmented into drop-in bedliners, spray-on bedliners, and others. In terms of material, the truck bedliners market is segmented into polyurethane, aluminum carpet, and others. Based on geography, the truck bedliners market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of MEA), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

The overall truck bedliners market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the truck bedliners market. The process also obtains an overview and forecast for the truck bedliners market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the truck bedliners market.

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