The worldwide automotive sunroof market was
valued at around USD 4.70 billion in 2014. The industry is expected to grow at
nearly 10% CAGR and surpass USD 9 billion from 2016 to 2024 (forecast period).
The use of smart glass in vehicles is anticipated to impel industry growth in
the coming years. Rising vehicle owners and worldwide population have
contributed to added market sales. Growing popularity of automotive sunroofs
has also contributed to overall demand. Furthermore, the after-sales trend in
the Asia Pacific region has furthered market growth.
Consumers expect more
comfort in their cars, with such a roofing system. They opt for sunroofs &
other luxurious features for their economy-class vehicles. Around half of all
new cars sold will be fitted with sunroof systems in the years to come. These
would include convertibles, full glass sliding, and retractable hardtops. Alternate
fuel vehicles may encourage car manufacturers to make ‘built-in solar cell’
sunroofs, powering vehicles. Technological developments in solar roofs for EVs
(Electric Vehicles) can propel the global Automotive Sunroof Market in the
forecast period.
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The Automotive Sunroof
Market is divided into applications, products, and geographies. Products
include fabric and glass. It is expected that the glass segment may continue to
dominate the global market from 2016 to 2024. Glass is further divided into
pop-up, inbuilt, spoiler or tilt & slide, top mount, and panoramic. The
panoramic or the vista roof segment can grow at a CAGR exceeding 15% in the
forthcoming years. Greater preference for bigger sunroofs contributes to its
demand.
Fabric sunroofs include
foldable or rag-tops and removable sunroofs. The fabric sunroof industry in
Europe and North America is mainly driven by demand for foldable sunroofs. Most
vehicle manufacturers provide either inbuilt or optional systems, in their mid
to premium range of cars. The inbuilt glass car sunroof industry contributed to
more than 40% of the total market shares in 2014. This industry may expand at
over 7% CAGR till 2024. Increasing aftermarket & factory-installed product
demand could stimulate the Automotive Sunroof Market.
On the basis of
applications, the industry is divided into hatchback, premium cars, sedan cars,
and others. The premium cars segment is popular in regions, like India, South
Korea, China, and Thailand. Rising demand for luxury cars in these markets is
attributed to rising disposable incomes.
Geographies in the global
Automotive Sunroof Market include North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa (MEA). North America and Europe may
exhibit significant growth from 2016 to 2024. The Europe sunroof industry was
estimated at around USD 1.7 billion in 2014. It is projected to grow at nearly
9.5% CAGR in the coming years. A key factor driving this market is the demand
for luxury vehicles in the U.K. and Germany.
The Asia Pacific sunroof
market can witness a growth of over 11% CAGR till 2024. Emerging automotive
manufacturing hubs in countries, like India, China, and Japan can contribute to
the demand in this region.
Key players in the global
Automotive Sunroof Market are Webasto, Inalfa Roof Systems, Johnan America
Incorporated, Mitsuba Corp, and Inteva Products. Partnerships, new product
development, and research & development, are the main business expansion
strategies adopted by these companies.
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