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On a clean, dry umbrella, spray a coating of WD40 to protect the fabric. It will bring the colors back to life and add a layer of waterproofing. Let dry completely before folding.
I would spray only the faded portion. It will not even out the colors.
Spray paint the fabric using a good spray such as Rstoleum in the color of your choice. You might also consider "color blocking" by taping of certain areas of the umbrella and using a variety of colors, then the faded parts won't be as noticeable and become an intentional part of the design.
You can spray paint them. I painted an old outdoor umbrella i got at Goodwill. Just remember that not all fabric paint is created equal. It took me almost 6 cans but that was covering a dark print with white paint.
Amazon.com does have an unfable replacement umbrella cover. Just do a search for unfadable umbrella covers in their search bar and that should help.