The global convertible roof system market was valued at USD 1346. 61 million in 2021, and it is expected to reach USD 1,663. 92 million by 2027, registering a CAGR of about 3. 61% during the forecast period.
New York, Jan. 07, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Convertible Roof System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06195690/?utm_source=GNW
The Impact of the COVID-19 pandemic on the automotive industry is inevitable due to shut down of automotive manufacturing units due to lockdowns. However, the market is expected to regain its momentum owing to the rise in demand for luxury automobiles. In addition, the market’s development will be aided by the rising penetration of SUVs in emerging markets.
Technological advancements in glass, increased demand for comfort, safety, and convenience features, and increased desire for the aesthetic appeal of the car surface in vehicles is being witnessed across the world. Furthermore, innovations in material technology and rising customer desire for convertible roof systems in emerging countries are driving the worldwide convertible roof system market.
Key Market Trends
Auto Manufacturers are Increasing Investments in Convertible Roof Systems
There have been consistent evaluations and innovations in the market studied, which were undertaken to improve ease and comfort. For instance,
Driven by these factors, automobile manufacturers are incorporating several enhanced features in their vehicles. Combined with better electronics and sensor technologies, several companies are launching their recent product line-up, which allow passengers to purchase customizable vehicles and reduce users’ effort. For instance,
In July 2021, Webasto announced multiple innovations developed in collaboration with several startups at the Startup Autobahn exhibition. The company showcased an integrated dynamic lighting concept for automotive roofs developed in cooperation with designLED, a specialist in thin and flexible LED lighting and smart surface solutions. The two companies completed a prototype for a convertible roof element with light tiles.
Increasing luxury car sales is another factor that is driving the market growth for convertible roof systems. Asia-Pacific is expected to dominate the luxury car sales during the forecast period owing to major automotive markets in the region such as China, followed by Japan and India.
Most major luxury brands see China as the fastest-growing market in terms of growth rate. China is the largest auto market globally, but it is disproportionately important to German premium car brands. The German luxury car manufacturers, i.e., Mercedes-Benz, BMW, and Audi have posted record sales last year despite the industry faced a decline in the past two years. Mercedes-Benz reported a year-on-year increase of 22.4%, while other carmakers like BMW and Audi witnessed an increase of 15.4% and 10.6%, respectively.
Despite the COVID-19 pandemic, China’s luxury vehicle sales in the first 11 months of the year 2020 exceeded 3 million units with a year-on-year increase of 9.3%. This also marked the third consecutive year for luxury brands to register growth in the wake of downward pressure in China’s overall automotive market.
Emergence of Asia-Pacific as Major Market for Luxury Vehicles
Europe dominated the overall share of the convertible roof system market. During the forecast period, the Asia-Pacific region is expected to grow at a significant CAGR
The convertible market is expected to grow over the forecast period. Countries like the United States, Canada, France, the United Kingdom, Germany, Spain, and others in the Middle East and Asia-Pacific are witnessing growth in luxury car sales. The United States is one of the largest automotive markets in the world and is home to over 13 major auto manufacturers.
With an average of 8 million passenger vehicle production units per annum and growing consumer popularity of luxury and premium cars, prospects for the convertible roof industry in the country are high. The convertible roof system industry is highly dependent on the sales of luxury and premium cars, which are, in turn, dependent on the per capita income levels.
Additionally, China and Germany are the major hubs for technological advancement in automotive, leading to a significant expansion of the luxury vehicles market. The growing youth population is yet another contributing factor for the growth of luxury car sales in the APAC region. India is another important market for luxury cars. The Indian government is also taking initiatives to recover the sales of luxury cars in the country by reducing GST, import duties, registration taxes on (luxury) cars, and providing support by banks/NBFCs to offer easy access to loans for dealers and customers, which will help expand the market and boost the overall industry.
The convertible roof system market is majorly dominated by Webasto, Magna International, The Haartz Corporation, U-Shin Ltd., and Continental AG, among others. The companies are expanding their businesses by launching new products and innovations. For instance:
In July 2021, Webasto announced that the new BMW 4 Series features convertible roof from Webasto. The roof can be opened within 18 seconds while driving – at the touch of a button. In a single flowing movement, the four roof elements are stacked on top of each other. At the same time, the top cover opens rearwards, and the roof elements are stored underneath.
In December 2020, Webasto developed the new, custom-made two-part retractable hardtop (RHT) for the re-imagined Stingray, with a total of six electric motors fitted in the roof in place of a hydraulic system.
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