Convertible Roof System Market by Rooftop (Hardtop, Soft Top), Vehicle Class (Luxury, Semi-Luxury), Body (Sedan, SUV, Roadster), EV (BEV, HEV, PHEV, FCEV), Material (PVC, Carbon Fiber, Aluminum), Propulsion (ICE, EV), and Region - Global Forecast to 2025
“Increasing sales of premium vehicles in developed regions and the growing demand for electric and hybrid vehicles across the globe to fuel the convertible roof system market.”
The global convertible roof system market is projected to grow at a CAGR of 6.77%, from 2018 to 2025, to reach USD 2.11 billion by 2025 from USD 1.33 billion in 2018. The major factors driving the growth of the market include advances in material technology and increasing consumer preference for convertible roof systems. On the other hand, difficulty in meeting government fuel efficiency norms and high costs of regular maintenance may pose challenges to the growth of the convertible roof system market.
“The SUV segment is estimated to grow at the fastest pace.”
The convertible roof system market for SUVs, by volume, is estimated to grow at the highest rate during the forecast period. The growth of the convertible roof system market can be attributed to the increased production and demand for SUVs across the globe.
“Increasing demand for premium vehicles and comfort features would drive the convertible roof system market in Europe.”
Europe is estimated to account for the largest share, by value and volume, of the convertible roof system market in 2018. Also, in terms of growth, the market in Asia Pacific is projected to grow at the highest CAGR, during the forecast period. Developing economies such as China and India are expected to play a major role in the increase in vehicle production in the region. Also, the increasing installation of convertible roof systems in vehicles such as SUVs and sedans/hatchbacks would drive the demand for convertible roof systems.
The study contains insights of various industry experts, ranging from component suppliers to tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company Type: Tier 1- 42%, Tier 2- 40%, OEM- 18%
By Designation: C-level- 57%, D-level- 29%, Others- 14%
By Region: North America- 28%, Europe- 27%, Asia Pacific- 34%, RoW- 11%
The major players profiled in the report are:
Magna International (Canada)
Valmet Automotive (Finland)
Aisin Seiki (Japan)
Standex International (US)
GAHH Automotive (US)
The report segments the convertible roof system market and forecasts its size, by volume and value, on the basis of region (Asia Pacific, Europe, North America, and RoW), electric vehicle type (BEV, HEV, PHEV, and FCEV), body style type (sedan/hatchback, SUV, and roadster/sports car), material type (PVC, carbon fiber, aluminum, and others), vehicle class type (luxury vehicles and semi-luxury vehicles), roof top type (hardtop and soft top), and propulsion type (ICE and EV).
Reasons to Buy the Report:
This report contains various levels of analyses, including industry analyses, competitive leadership mapping, and company profiles, which together offer the basic views on the emerging and high-growth segments of the convertible roof system market; high-growth regions and countries; government initiatives; and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants and smaller firms as well as established firms to understand the market better to help them acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their positions in the market.
The report provides insights into the following points:
Market Penetration: The report offers comprehensive information about the convertible roof system market and the top 10 players in the market.
Product Development/Innovation: The report provides detailed insights into upcoming technologies and new product launches in the convertible roof system market.
Market Development: The report analyzes the market for convertible roof systems across regions and provides comprehensive information about lucrative emerging markets.
Market Diversification: The report provides exhaustive information about new products, untapped regional markets, recent developments, and investments in the convertible roof system market.