The global automotive sunroof market size is expected to reach USD 11.12 billion by 2025
LONDON, May 22, 2018 /PRNewswire/ -- Automotive Sunroof Market Size, Share & Trends Analysis Report By Product (Glass, Fabric), By Vehicle (Premium & Luxury, Mid-Segment), By Region, Competitive Landscape, And Segment Forecasts, 2018 - 2025
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The global automotive sunroof market size is expected to reach USD 11.12 billion by 2025, according to a new study by Grand View Research, Inc., expanding at a CAGR of 6.9% during the forecast period. Initially, the sunroof feature was limited only to luxury vehicles. However, its growing popularity among consumers prompted several automakers to consider it as a differentiating feature. Rising popularity of sunroof feature coupled with continual advancements in glass technology is anticipated to provide a significant boost to the market.
Demand for convertible cars has been plummeting since the past few years owing to factors such as lesser agility and safety and higher costs as compared to hardtop vehicles.When it comes to hardtop vehicles, demand for sport utility vehicles (SUVs) has been rising tremendously owing to benefits they offer, such as improved stability and safety coupled with better utility.
Furthermore, SUVs are increasingly being fitted with sunroofs. This shift in consumer preference is estimated to boost the demand for glass sunroof systems.
Development of glass materials that can safeguard against ultra-violet (UV) rays has allowed automakers to introduce wider glass sunroof systems.Given that glass sunroof systems are now occupying a larger section of roof's surface, they are allowing more light that is natural, thereby better illuminating the interiors of the automobiles and augmenting level of comfort for passengers.
However, concerns regarding glass shattering in events of rollovers or accidents are poised to hinder the growth of the market.
Further key findings from the study suggest:
• The glass sunroof segment dominated the market in 2016 owing to growing popularity of panoramic sunroofs. The segment is likely to command about 87.0% of the overall revenue by 2025.
• While sunroof systems can enhance the aesthetic factor of automobiles, innovations such as solar sunroof systems can open opportunities to harness renewable energy and reduce carbon footprints of automobiles. Such innovations are projected to shape the future of the market
• Sunroofs are being gradually offered in the mid-segment vehicles as an optional feature. The market for mid-segment vehicles is expected to progress at a CAGR of 7.0% during the forecast period.
• Asia Pacific is expected to witness the highest CAGR of 7.8% during the same period. Rising automobile production and increasing demand for premium and luxury vehicles are contributing to the growth of the region.
• Webasto Group; Inalfa Roof Systems Group B.V.; Inteva Products; Magna International Inc.; and AISIN SEIKI Co., Ltd. are some of the leading market players in the automotive sunroof market.
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