Cup Holder Market Overview
Modernization has transformed technology and quality of living throughout the globe. Cup holders are the most recent advancements used in all spheres of life due to the increasing consumption of beverages, in recent times.
The significance of cup holders is to provide a safe place for holding beverages be it taking a drink from a taking away restaurant or spill-free technology introduced in automobiles for difficult roads and speed. They are made from different materials like metal, paper, plastic or glass.
Consumption of beverages are rising at a faster pace and so the human's tendencies for carrying them with ease, be it industrial or household many companies and outlets require cup holders to satisfy the needs of their customers.
Another advancement along with spill-free holders in cars is the temperature control automotive holder which can keep the beverage hot or cold as per the requirement. On a higher level, the market of cup holders is conceived to be promising.
What Drives the Growth of Cup Holder Market?
Industrial giants such as food and automobiles are booming to such an extent that the demand for cup holders as a raw material or as a processed product is exponentially increasing too. The market is driven by customization, comfort and outer appearance which allures the consumers.
Each day services such as Indian Zomato are flooding the market with fast and safe food deliveries, consumers are expecting their automobiles to have amenities that hold their beverages without spilling off on high-speed chases. Designers are making the cup folders as attractive as possible. Companies are also providing customers with the best experience and comfort by introducing temperature adjustable for hot or cold beverages.
Consumerization and a higher standard of living have altered the mindset of the general public as more and more people now want comfort, stylish and safe cup holders in their life.
What Restraints the growth of the Cup Holder Market?
The restraints that could obstruct the development of the market is the cost of materials used such as glass, paper, plastic, metal and others will directly affect the manufacturing cost of the cup holders which will create a price surge in the market.
The industry needs to take into consideration about different requirements of various sections and providing them with a standard that does not hinder the image of the company using the cup holders as in a manner that the product can be safely be stored in for a longer time in the holder and do not cause spilling over long use, disrupting the user's lifestyle in any manner possible.
While if we see major companies such as Bugatti and Ferrari not introducing any cup holders in their cars, as for them at such volatile rush of adrenaline and that speed, driver's concentration need to be focused on wheels and not on the luxuries of cup holders, so they didn't introduce them in their vehicles.
How will Urbanization and Changing Lifestyle will impact the Cup Holder Market?
With the onset of urbanization, the income slab of consumers is increasing, this is directly proportional to the rise in consumption as well as the requirement of more refined product. The sale of beverages is increasing due to consumer's hectic lifestyle.
As the demand for beverages increases, there is a boost in the usage of cup holders for the industry and this will exponentially boost the sale for the market. Every house is getting modern and so their needs for comfort and hygiene, these all factors combined will raise the demand for this market.
What will be the Impact of New Innovations on the Cup Holder Market?
The increase in the price of raw materials and a rise in demand for new models which are sustainable, economical and efficient will drive the market towards innovations in the sector. Eco-friendly holders which are strong and can handle spillage or automotive cup holders which provide a user with ease of operation will drive the spike in sales for the market.
With such demand, new players are bound to enter the market and regale the urging that would timely accelerate market growth.
Key players are
- OEM manufacturers
- Robeck Fluid Power Co.
- JVISUSA LLC
- Pioneer Corporation
- Covercraft Industries
- Bell Automotive products
- Kinequip Inc.
- Custom Accessories
- Ningbo Beixuan International Trading Co., Ltd.
- Whitecap Industries, Inc.
- Kinter (K International, Inc.)
- Landes Inc.
The fierce competition in the cup holder market is shooting up in the sky due to large demand along with a wholesome of suppliers in the industry, thus the competition is fragmented.
In conclusion, it can be said that the cup holder market is promising in its nature itself, the market is set to increase in the anticipated future, with notable reckoning profits in the times to come.
What Strategies are the Key Players Adopting for Increasing their Share in the Cup Holder Market?
The classification of competition in the cup holder market is disintegrated and there is a presence of a large number of players in the market. Different companies embrace competitive and ever-evolving strategies to succour in the market and stay ahead of others.
The ever-rising demand encourages them to be innovative and economical to stand out from the competition and make themselves different from the competition. Here, is the strategy adopted by the automobile industry;
- With the introduction of temperature control cup holders, everyone buying a new automobile wants this new feature as it keeps the beverage hot or cold as per the requirement.
- The 360-degree spin technology has been a boon for people who are speed enthusiasts and want no hindrance while driving, let alone the issue of spillage.
Why will the Asia-Pacific Region Generate the Demand for Cup Holder Market?
The Asia-Pacific has a large demand for the cup holder market, as well as for beverages due to the development of lifestyle and increase in the standard of living. This will create a demand for cup holder due to the increase in usage by the consumer in the industry as well as the common man.
The income of families in developing nations are rising, people are moving from the countryside to the hustle and busy lives of the cities which directly impacts the consumption rate. As people are now growingly demanding the new styles and inclined towards more comfort while carting their beverages, thus increasing the demand which will inevitably raise the demand for a cup holder.
How has COVID-19 Impacted the Growth of the Cup Holder Market?
The impact of the COVID-19 pandemic had a positive as well as negative impact on the cup holder market. While the sales of beverages for home deliveries increased in this period directly increasing demand for the cup holder market, but for the automotive market production stopped due to low or no sale in many regions due to the lockdown in these tough times.
At the initial phase of lockdown, the supply chain for the cup holder market was disrupted due to an exponential increase in the cases caused due to pandemic, but with the onset of time and government strategies to provide requirements started the market once again and gradually the sales sky-rocketed.
Key Segments of Cup Holder Market Covered in the Report
Based on the Raw Material:
Based on the Number of Cups:
- Single Cup
- 2 Cups
- 4 Cups
- 4 and above
Based on the End-Use Industry:
- Food & Beverage
- Full service restaurants
- Quick service restaurants
- Catering Services
- Others (Café, Pub, Bar, etc.)
- Online Food Delivery
- Others (Hospitals, Schools, offices, etc.)
Based on the Region:
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa