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Convertible Roof System Market

Convertible Roof System Market: By Roof Top (Hard Top and Soft Top), By Vehicle Class (Luxury Class and Semi-Luxury Class), By Body Type (Sedan, SUV and Roadster), And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031

Published on: May-2023
Report Code: FG AU 01472
No. of Pages: 170-350
Report Format: PDF

Product Overview

Convertible Roof System to surpass USD 2.6 billion by 2031 from USD 1.5 billion in 2021 at a CAGR of 5.8% in the coming years, i.e., 2021-31

Luxury & semi-luxury vehicles use convertible roof systems. Convertible roofs offer an open-air driving experience with the option of adding a roof to the vehicle's top as needed. Depending upon the nature of vehicle, this system can be handled manually or electronically and comes in a variety of shapes and sizes. During the day, the system provides greater air circulation as well as superior brightness and illumination. OEMs have begun to offer roofs made of various materials such as Polyvinyl chloride, carbon fiber, and aluminum, which improve the driver's experience. The rise in demand for luxury automobiles and the rise in the number of young people who prefer convertible roof in their vehicles are driving the Convertible Roof Systems Market.

Market Highlights

Global Convertible Roof System market is expected to project a notable CAGR of 5.8% in 2031.

Global Convertible Roof System to surpass USD 2.6 billion by 2031 from USD 1.5 billion in 2021 at a CAGR of 5.8% in the coming years, i.e., 2021-31. Increased Developments in sensor technology impact consumers, and continuous material technology improvements are projected to fuel the worldwide convertible roofs system market. Furthermore, rising customer preference for convertible roof systems in automobiles in emerging countries throughout the world is expected to drive demand for convertible roofs systems in the worldwide convertible roof systems market.

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Global Convertible Roof System: Segments

Sport Utility Vehicle segment to grow with the highest CAGR during 2021-31

On the basis of body type the global Convertible roof system is segmented into Sedans, SUVs, and roadsters. The worldwide convertible roof systems industry is likely to be dominated by the sport utility vehicles (SUV) category. Demand for sport vehicles is predicted to rise as the demand of sports utility vehicle grows in the United States. The development of sport vehicles has been aided by a number of factors. Typically, a sport utility vehicle is said to sacrifice a wide range of qualities such as power, performance, luggage space, improved sightlines, usefulness, luxury, and safety. During the projection period, rising disposable incomes, the earning capacity of the younger generation, and changing demands of the young are likely to boost need for sport utility vehicles.

Luxury Vehicles segment to grow with the highest CAGR during 2021-31

The global Convertible roof system is divided into luxury and semi-luxury automobiles based on vehicle class. During the forecast period, the luxury vehicles sector of the worldwide convertible roof system market demand is anticipated to rise at a highest CAGR. Luxury car demand has risen in recent years in countries such as Germany, Italy, the United Kingdom, Spain, and France. Furthermore, Germany is a hotbed of technological innovation, which is expected to propel the luxury vehicle industry to new heights.

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Market Dynamics

Drivers

Rise in demand for Premium vehicles

Increased market for premium vehicles, as well as advances in materials to drive the convertible roofs system, are driving the market expansion of the convertible roof system. Furthermore, the market for convertible roof systems is projected to be hampered by the penetration of panoramic sunroofs and reduced prevalence of convertible roof systems in mid-segment automobiles. However, the growing popularity of convertible roof systems in SUVs, as well as the growing popularity of convertible roof systems vehicles among teenagers, is likely to boost revenue for participants in the convertible roof system industry.

Increasing stringent fuel emissions regulation

Factors expected to dominate the growth convertible roof system market include increasing stringent fuel emissions regulations linked to acquiescence of even improvement systems, changing lifestyles of people coupled with increasing disposable income as well as demand for best cars, and changing lifestyles of people. With the stroke of a button, many convertibles may be changed back in a sedan / car, making them extremely adaptable. Growing automotive industries, together with rising demand for the best cars, are among the key factors projected to propel the target market forward.

Restraint

Expensive cost of system

However, obstacles such as the poor adoption of convertible roofing in mid-range vehicles, the emergence of panoramic sun roofs, and the expensive cost of the system are expected to stifle market growth.

Global Convertible Roof System Market:

Key Players

  • Webasto

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

  • Magna International
  •  Valmet Automotive
  •  Aisin Seiki
  •  Continental
  •  Pininfarina
  •  Standex International
  •  Hoerbiger
  •  Haartz
  • Gahh Automotive
  • Other Prominent Players

Global Convertible Roof System Market: Regions

Global Convertible Roof System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America has the greatest share and is expected to be the fastest-growing region during the projected period. The rapid growth of the MUV and SUV markets, combined with an increase in this type of convertible roof system in SUV's, particularly in the United States, is likely to drive the worldwide convertible roofs system market in the area. Another element driving market expansion in the region is increased demand for lightest convertible tops and rising desire for attractive luxury automobiles.

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Impact of Covid-19 on Convertible Roof System Market

With the closing of auto manufacturing units owing to pandemic-related lockdowns, the effect of the COVID-19 outbreak on the automobile sector was unavoidable. The market, however, is anticipated to regain its speed as demand for premium autos rises. The market's growth will be supported even further by the growing popularity of SUVs in developing markets. Globally, technological developments in glass, rising need for comfort, safety, & convenience features, and a growing desire for the high visual appeal of the surface in automobiles are all being observed.

Global Convertible Roof System is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Global Convertible Roof System Market report also contains analysis on:

Convertible Roof System Market Segments:

  • By Roof Top
  • Hard Top
  • Soft Top

 

  • By Vehicle Class
  • Luxury Class
  • Semi-luxury Class

 

  • By Body Type
  • Sedan
  • SUV
  • Roadster

 

  • Convertible Roof System Market Dynamics
  • Convertible Roof System Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

Convertible Roof System Market Report Scope and Segmentation

Report Attribute

 

Details

 

Market size value in 2021

USD 1.5 billion

Revenue forecast in 2031

USD 2.6 billion

Growth Rate

 

CAGR of 5.8% from 2021 to 2031

 

Base year for estimation

2020

 

Quantitative units

 

Revenue in USD million and CAGR from 2021 to 2031

 

Report coverage

 

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

Segments covered

 

Vehicle class, body Type,  Roof Top  and Region

 

Regional scope

 

North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

 

Key companies profiled

 

Webasto, Magna International, Valmet Automotive, Aisin Seiki, Continental, Pininfarina, Standex International, Hoerbiger, Haartz, Gahh Automotive and Other Prominent Players.

 

 

Frequently Asked Questions (FAQ):

Convertible Roof System market size was estimated at USD 1.5 billion in 2021 and is expected to reach USD 2.6 billion in 2031.

Luxury & semi-luxury vehicles use convertible roof systems. Convertible roofs offer an open-air driving experience with the option of adding a roof to the vehicle's top as needed. Depending upon the nature of vehicle, this system can be handled manually or electronically and comes in a variety of shapes and sizes.

Luxury Vehicles and Sport Utility Vehicle segment accounted for the largest Convertible Roof System market share.

Key players: Webasto, Magna International, Valmet Automotive, Aisin Seiki, Continental, Pininfarina, Standex International, Hoerbiger, Haartz, Gahh Automotive are the key players in the Convertible Roof System market.

The industry's growth is being fueled by the Rise in demand for Premium vehicles and Increasing stringent fuel emissions regulation.

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