Automotive Sunroof Market size to reach $34 Bn by 2027
Published Date: June 15, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
Automotive Sunroof Market size is likely to reach USD 34 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing disposable incomes coupled with the introduction of several new vehicle models across the world will increase passenger vehicle sales, thereby positively influencing the demand for automotive sunroofs. The rising inclination of customers toward SUVs for higher comfort, convenience, and safety will further drive the market expansion.
Automotive manufacturers are launching new models to meet varying product demands. The constant upgrades and modernization provided by automakers on the traditional SUVs will support the market revenue generation. Moreover, the growing demand for sunroofs in cost-effective cars will further drive the automotive sunroof market revenue. Automotive industry participants are increasing the implementation of sunroofs in vehicles.
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Fabric material segment is likely to witness 7% CAGR in through 2027 owing to low manufacturing costs compared to glass variants. The material offers low weight, increased rigidity, design flexibility, and a longer lifespan. These toughened sunroofs help in superior air circulation and also enhances passenger safety. Several manufacturers including Webasto are constantly introducing sunroof fabrics with reinforced outer cover to increase product durability and adaptability in variable weather conditions.
Browse key industry insights spread across 215 pages with 291 market data tables & 12 figures & charts from the report, “Automotive Sunroof Market Size By Material (Glass, Fabric), By Product (Panoramic Sunroof, Built-in, Top Mount/Spoiler, Pop-up, Folding), By Operation (Manually Operated, Automatic), By Distribution Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Comfort and secure nature of built-in sunroofs will fuel the automotive sunroof market growth
Built-in sunroof segment is anticipated to observe significant growth during 2021 to 2027 on account of increasing demand for comfort and security. The popular sunroof panel sliding out of view inside the roof of the car enables open space but is only possible on larger vehicles. Thus, the demand for open, transparent, and spacious built-in glass sunroof is most prominent across SUVs, MVPs, Wagons, Minivans, and Coupe car bodies.
Low maintenance to spur manually operated sunroof demand in entry-level vehicles
Manually operated sunroof segment is estimated to register growth at around 7.5% CAGR till 2021. It operates the glass using a lever or a crank that aids the sliding motion. The demand for manually operated automotive sunroofs is expected to foresee steady growth compared to automated sunroofs owing to low maintenance costs. These sunroofs are easy to access and require less headspace. The increasing implementation of manually operated sunroofs in entry-level vehicle models will enhance product demand in the sector.
Expanding vehicle manufacturing facilities across Asia Pacific to surge market demand
The Asia Pacific automotive sunroof market size is set to grow at 10% CAGR propelled by increasing passenger car production across the region. According to OICA, in 2020, Asia Pacific led by China, Japan, India, South Korea, Indonesia, and Thailand accounted for over 62% of the global passenger car production and around 30 % of the global commercial vehicle production. Expanding vehicle manufacturing facilities owing to cost-effective labor and low production cost coupled with the easy availably of raw materials in the region will support industry growth.
Geographic expansion and mergers to increase market foothold
Key participants in automotive sunroof market include Inteva Products LLC, Webasto SE, Inalfa Roof Systems B.V., Aisin Seiki Co., Ltd., Magna International, Inc., and CIE Automotive. These players are primarily focusing on geographic expansion, mergers, partnerships, and joint ventures to improve their capabilities and proliferate their market size.