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.
During the forecast period, Asia Pacific is expected to play a significant role in the bedliners market, owing to the rapidly increasing production and sales of automobiles in the region. Manufacturing companies in this region are focused on developing smaller bedliners with improved heat dissipation capabilities. In North America, utility vehicles, including pickup trucks, crossovers, and SUVs, dominate the auto sales. The growing versatility of these vehicles has led to an increase in demand for truck accessories, including bedliners, due to their utility for both personal and commercial purposes.
The COVID-19 pandemic had a severe impact on several European countries, resulting in disruptions in supply chain operations, production halts, and significant economic losses due to lockdowns. However, the market situation has improved since the second half of 2020. The use of trucks for transporting essential items such as PPE kits and medications has increased due to the rising demand for safety equipment. Additionally, as the post-lockdown situation improves in many European countries, increased merchandise trade is driving the growth of the truck bedliners market in the region.
Industrial automation solutions are highly adopted in North America, especially in major countries such as the US and Canada, due to their vast industrial base and supportive government policies for innovation. The US is a leading market for cybersecurity solutions across various industries and is also the largest producer of truck bedliners in the region. Therefore, any adverse impact on the economy or industrial growth in North America can significantly affect the operations of companies in this sector. The COVID-19 pandemic in Q1 2020 led to a decline in manufacturing activities and new projects, which had a negative impact on the truck bedliners market in the US, Canada, and Mexico.
The US is the largest market for truck bedliners in North America, with approximately 542,000 trucks produced in the region in 2020, according to BTS. The truck industry plays a crucial role in the North American economy. However, production has slowed down in recent years due to rising costs and disruptions caused by the COVID-19 pandemic. Despite this, the US accounted for the largest share of the truck bedliners market in 2021, with over 288,000 trucks produced, while Mexico and Canada produced only around 178,900 trucks combined. The free trade agreement between these countries has increased the flow of goods and capital in the truck industry's supply chain, which is critical for its growth. The new United States-Mexico-Canada Agreement, which was signed in October 2018, outlines the rules of origin for trucks, requiring 75% of the finished truck's value to come from within the regulated region. As a result, the growing production of trucks in North America is expected to drive the growth of the truck bedliners market during the forecast period.
The Automotive Industries Association of Canada (AIA) has predicted significant growth in the Canadian aftermarket sector. Canada's automotive manufacturing industry is one of the largest, and it produced 1,376,623 units of vehicles in 2020, according to OICA statistics. With the increasing production of vehicles, the use of truck bedliners is expected to rise. Canada has a high concentration of light trucks and SUVs, which provide more revenue potential for aftermarket players, as light trucks require higher-priced parts and services. The independent aftermarket (IAM) is generating more revenue due to increased sales of used vehicles and a large population of out-of-warranty vehicles, thereby propelling the growth of the truck bedliners market in Canada.
The safety of bulk cargo is essential for personal and commercial use, and manufacturers have incorporated safety devices and components into their vehicles to meet protection regulations. Mexico is the seventh-largest passenger vehicle manufacturer and the fifth-largest auto parts producer globally, and the expansion of the regional aftermarket is expected to boost the growth of the truck bedliners market in the region. The Mexico City Government aims to improve mobility by replacing local transportation with zero-emission vehicles and increase electricity generation through clean energies from 25% to 35% by 2024. The increasing demand for safe and convenient cargo transportation and stricter regulations regarding the reduction of pollutants and noise emissions are anticipated to drive 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.