Convertible Roof System Market To Reach USD 1.7 Billion In 2025 | CAGR 6.7% - Forencis Research

Convertible Roof System Market Size, Share, Trends, Growth, Analysis, Research

Global Convertible Roof System Market: Key Highlights

  • According to the new market research report Convertible Roof System Market by Roof Type (Hardtop Convertible Roofs and Soft-Top Convertible Roofs) by Material Type (Polyvinyl chloride (PVC), Aluminum, steel, Carbon Fiber Composites, Rubber, and Others) by Vehicle Body Structure (Sport Utility Vehicle (SUV), Sedan, Hatchback, Sports car, and Others) by Vehicle-Category (Semi- Luxury Vehicles and Luxury Vehicles) by Vehicle Type (Internal Combustion Engine (ICE), Electric Vehicles and Others) by Region (Asia Pacific, North America, Europe, Middle East & Africa and South America) – Global Forecast from 2020 To 2025”, the global Convertible Roof system market is estimated to reach USD 1.7 Billion in 2025 at a CAGR of 6.7% during forecast period 2020-2025.
  • The rising demand for luxury vehicles has boosted the demand for convertible roof systems during the forecast period.
  • However, the rising adoption of a panoramic sunroof system is expected to restrain the market during the forecast period.

Convertible Roof System Market

Global Convertible Roof System Market: Key Market Dynamics

  • Rising per capita income results in a better lifestyle of people which generates high demand for luxury vehicles. Thus, the rising demand for luxury vehicles has boosted the Convertible Roof system market during the forecast period.
  • Vehicle manufacturers are implementing new technologies that is pushing the research and development towards development of innovative convertible tops. This results in higher focus of the key players towards R&D. Therefore, increase in R&D Activities for convertible roof system is anticipated to boost the market during the forecast period.
  • The cost of panoramic sunroof systems is relatively low and due to this, it is also installed in mid prized vehicles. Thus, the rising adoption of a panoramic sunroof system impacts the growth of the convertible roof system market.
  • Rising demand for convertible roofs in sport utility vehicles (SUVs) is expected to open up new growth avenues for the Convertible Roof system market in the near future.
  • High maintenance cost is likely to act as a challenge for market growth.

Global Convertible Roof System Market: Regional Overview

  • Asia-Pacific

The Asia-Pacific is projected to gain fast growth for the convertible roof system market owing to the growing automotive sector. The growth of the automotive sector in Asian countries is mainly due to the rising per capita income and increased vehicle production offering convenience and comfort. China is one of the prominent destinations for the automotive market, which has resulted in demand of luxury vehicles. This is further projected to drive the market growth.

  • Europe           

The automotive sector plays a vital role in boosting the European economy. The rising demand for automotive vehicles in the region and increasing premium vehicle sales are expected to grow the convertible roof system market. According to European vehicle market statistics, in 2017, 4.3 million sport utility vehicle (SUV) sales took place which was 6 times higher than 15 years ago which further boost the installation of convertible roof system market. The presence of prominent automobile players like BMW, Daimler and Audi are likely to grow the convertible roof system market.

Global Convertible Roof System Market: Key Players Overview

  • Webasto Group:

Webasto Group is a German-based company that manufactures automotive components. The company operates through manufacturing convertible roof systems, sunroofs, and mirrors for cars, heating and cooling systems, commercial vehicles, marine, and heavy-duty vehicles. This company produces safe and comfortable modern convertibles. With constant innovation and R&D activities, the company has developed front bow of convertible roof system for BMW i8 Roadster.

  • Aisin Seiki Co Ltd:

Aisin Seiki Co Ltd is a Japan-based company that produces and develops systems and components like clutches, transmissions, ABS, disc brakes, oil pumps, suspensions, power door locks and power windows for the automotive industry. The company offers sunroof, frame molding, roof rail, rear spoiler and other components used for the convertible roof system.

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Published : 2020-01-27