Automotive sunroof market size forecast to reach USD 9.76 billion by 2022
Published Date: March 24, 2016 Author: Global Market Insights, Inc.
Automotive sunroof market size is estimated to be valued at USD 9.76 billion by 2022; as per a new research report by Global Market Insights, Inc. Innovation in component materials coupled with rising number of factory-installed sunroofs is expected to drive industry demand over the forecast period. In addition, increased aftermarket demand is also anticipated to fuel growth.
Surging use of these products by automotive manufacturers in concept cars to make the interiors look luxurious is predicted to boost demand over the forecast period. Escalating consumers’ preference for vehicles equipped with larger sunroof is expected to propel panoramic sunroof market growth over the next few years.
Inbuilt automotive sunroof market accounted for majority of the overall revenue in 2014, since these are a popular factory installed variant. Commonly known as moonroofs, inbuilt models are expected to grow at a CAGR of over 7% from 2015 to 2022.
High cost and regular maintenance are estimated to pose a challenge to the automotive sunroof market size. As these systems have drains and holes, it may cause clogging and leakage of water into the car. Hence, regular maintenance is required and thus involves high maintenance cost.
Growing alternative fuel vehicle segment is likely to drive the demand for solar roofs, which is expected to present a growth opportunity to key industry participants.
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Key insights from the report include:
- Glass sunroof market size accounted for majority of the overall share in 2014. The segment is expected to continue dominating demand over the forecast period. OEMs look to achieve high product quality and passenger safety amid growing product complexity, such as the use of toughened glazing with ceramic coating. There exist design challenges in glass sunroofs, since increased weight on the top changes the center of gravity, and companies need to meet stringent safety standards on roof crush.
- Europe automotive sunroof market share was valued at USD 1.69 billion in 2014; it is expected to grow at a CAGR of 9.4% from 2015 to 2022 on account of considerable presence of luxury vehicles in the region. The UK and Germany are the key contributors to this growth.
- Asia Pacific aftermarket automotive sunroof market demand is on the increase, driven by growing consumer preference to install these products and enhancing the overall aesthetic appeal of the vehicle.
- Key industry players capturing significant automotive sunroof market share are Webasto, Inteva, and Inalfa. Webasto’s logistics strategy is based on the Webasto Production System (WPS), with which it aims to provide high product quality and superior delivery service. The company focuses heavily on maintaining quality in order to achieve competitive differentiation.