According to a new market research report published by Credence Research “Automotive Sunroof Market (Product Type – Pop-up, Spoiler, Panoramic, Solar; Operation Type – Manually Operated and Electrically Operated; Material Type – Glass and Fabric; Vehicle Type – Gasoline Powered Vehicle and Electric Powered Vehicle; Distribution Channel – Original Equipment Manufacturers (OEMs) and Aftermarket) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global automotive sunroof market was valued at US$ 6.10 Bn in 2017 and will be growing at a CAGR of 9.5% during the forecast period from 2018 to 2026.
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Market Insights
The automotive sunroof market was valued at US$ 6.10 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 9.5% during the forecast period from 2018 to 2026. Increasing worldwide motor vehicle production is one of the most prominent factor complimenting the automotive sunroof market growth. The demand for automotive sunroof is growing owing to the various benefit it renders such as allowing light and/or air to enter the passenger compartment and enhancing the visual aesthetics of cars. Moreover, the concept of automotive sunroof has gained significant popularity among the young population. This segment of the population focuses a great deal on the visual appearance of cars. Further, automotive sunroofs are commonly found in luxury and premium cars and the fact that the demand for such cars are increasing further expected to fuel the market growth.
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Europe stood as the largest market for automotive sunroofs in 2017 and expected to remain an important market for investment in coming years. The region occupied a share of more than 35% of the overall market value in 2017. The presence of a large number of automobile manufacturers such BMW AG, Daimler AG and Volkswagen Group in the region has been an important factor supporting the automotive sunroof market. Moreover, luxury and premium cars are extremely popular in Europe, a factor further influencing the automotive sunroof market growth in the region positively. Asia Pacific expected to witness the fastest growth during the forecast period from 2018 to 2026. Rise in net disposable income coupled with availability of affordable cars are two important factors supporting the aforementioned sentence. Countries such as China and India are expected to remain markets in the region. The Asia Pacific region has also witnesses a significant increase in automobile production as a result of increasing investment on the part of automakers to expand their production capacity.
Some of the major players operating in the automotive sunroof market include Inalfa Roof Systems, AISIN SEIKI Co., Ltd., Inteva Products, Magna International, Meritor, Inc., BOS Group, Yachiyo, Signature Automotive Products, Intensa, Johnan Manufacturing, Inc., Webasto Group, Advantech Plastics LLC, Whitehall Industries and Hyundai Mobis among others. Increase in production capacity coupled with expansion of product portfolio are two common strategies adopted by the manufacturers of automotive sunroofs. For instance, recently Webasto introduced a new convertible roof system for two Mercedes-AMG models, GT and GT C Roadster.
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