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
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.
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.
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.
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.
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.
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.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
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.
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.
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. |
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.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT