The convertible roof system market is projected to grow at a CAGR of 6.77%, during the forecast period, and is projected to reach USD 2.11 Billion by 2025 from USD 1.33 Billion in 2018. The growth of the convertible roof system market can be attributed to the growing demand for premium vehicles. Additionally, advances in material technology and increasing consumer preference for convertible roof systems in developing nations are further boosting the convertible roof system market globally.
The soft top segment is estimated to be the leading rooftop type segment, in terms of both volume and value, as these systems offer all-round visibility and maximum ventilation.
The luxury vehicles segment of the convertible roof system market is expected to grow at the highest CAGR, during the forecast period, as the current demand for luxury cars is high in countries such as Germany, Italy, the UK, Spain, and France. Moreover, Germany is a hub for technological innovations, leading to the substantial growth of the luxury vehicles market.
The sedan/hatchback car segment is estimated to account for the largest share of the convertible roof system market, in terms of volume. The increasing demand for luxury vehicles will contribute to the growth of the convertible roof system market for sedan/hatchback cars. In the current automotive market, hatchbacks are a popular body type in developing countries such as China, Brazil, and India. The use of SUVs is continuously increasing, especially in the US.
The HEV segment is estimated to be the leading segment, by electric vehicle type, in terms of both volume and value. Hybrid electric vehicles mostly come equipped with soft tops which provide all-round visibility and maximum ventilation. The Toyota RAV 4 XLE is the latest model of HEV equipped with a convertible soft top roof system which costs around USD 24,550.
Market Dynamics
Drivers
- Increased Demand for Premium Segment Vehicles to Drive the Demand for Convertible Roof System
- Innovations in Materials to Drive the Convertible Roof System Market
Restraints
- Increasing Penetration of Panoramic Sunroof
- Low Penetration of Convertible Roof System in Mid Segment Vehicles
Opportunities
- Increasing Penetration of Convertible Roof System in SUV Across the Globe
Challenges
- High Cost of Regular Maintenance
- Difficulty in Coping Up With Government Fuel Efficiency Norms
Companies Profiled
- Webasto (US)
- Magna International (Canada)
- Valmet Automotive (Finland)
- Aisin Seiki (Japan)
- Continental (Germany)
- Pininfarina (Italy)
- Standex International (US)
- Hoerbiger (Switzerland)
- Haartz (US)
- GAHH Automotive (US)
For more information about this report visit https://www.researchandmarkets.com/research/2wlf2x/convertible_roof?w=4
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Electric and Hybrid Vehicles, Automotive Body, Trim and Glass
