Automotive Sunroof Market worth USD 39.68 billion by 2028, registering a CAGR of 10.39% – Report by Market Research Future (MRFR)
New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Automotive Sunroof Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Sunroof Market Research Report, by Type, Application, Sales Channel and Region – Forecast till 2028” the is projected to be worth USD 39.68 billion by 2028, registering a CAGR of 10.39% during the forecast period (2021 – 2028)., The market was valued at USD 21.25 billion in 2021.
Competitive Landscape
List of the leading companies in the automotive sunroof market include –
- Inalfa Roof Systems Group B.V.
- Webasto Group
- Inteva Products
- Magna International Inc.
- Yachiyo Industry Co. Ltd
- Wuhu Mosentek Automobile Technology Co. Ltd
- Johnan Manufacturing Inc.
- Aisin Seiki Co. Ltd
- Zhejiang Wanchao Electric Co. Ltd.
- Wuxi Ming Fang AutoMobile Parts Industry Co. Ltd
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Fiercely competitive, the automotive sunroof market appears fragmented due to the presence of numerous players forming a competitive landscape. These players initiate strategies such as expansion, collaboration, and merger & acquisitions.
For instance, on March 08, 2021, Webasto (Germany), a leading global auto parts manufacturer, announced its plans to set up a new sunroof manufacturing facility in India. Sunroof businesses in India are overgrowing amidst a revival in the passenger car segment, witnessing significant demand.
This, as a result, influenced Webasto’s decision to expand its product line. Webasto has a presence in India for around a decade, and now with the new facility, the company is extending its capacity to manufacture roof systems while also establishing a testing center in the country.
Market Research Future’s Review on Automotive Sunroof Market
The automotive sunroof market is proliferating, witnessing the rising demand worldwide. Spurring rise in automotive sectors worldwide is a major driving force. Rising developments of new and diversified technologies boost automotive sunroof market growth, creating lucrative opportunities in the automotive industry.
With the rising economic growth worldwide, automotive production has been growing continually. Besides, the ever-increasing population and vehicle ownerships allow sunroofs to garner popularity, especially among youngsters. Rapid growth in car production increases the demand for sunroofs among OEMs.
Increasing research & development initiatives by automotive manufacturers and shifting production bases to advantageous locations for enhanced short-distance supply and reduce the overall costs substantiate the market growth. With the increasing economic growth, consumer purchasing power, and improving lifestyles, the market is projected to witness significant demand during the next few years.
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Growing Preference for Customized Sunroof Tracks is a Major Trend
The automotive sunroof market outlook appears promising due to major innovations component technologies. Additionally, increasing consumer preference for solar power, hybrid power, and alternative fuel, alongside the spurting fuel prices, influences the market growth.
Rapid developments of sunroofs with built-in solar cells that can power the vehicles impact the market growth positively. Growing technological advancements and increasing demand for luxury cars foster market growth, bringing about customized parts designed per customer requirements.
Lack of Awareness for Sunroof Benefits acts as a Major Headwind
Additionally, challenges associated with the design and manufacturing of glass sunroofs are significant factors projected to impede market growth. Also, fluctuating prices and the demand-supply gap related to the raw materials used to manufacture solar panels hamper the development of the market. Nevertheless, the rising focus of automakers on innovation for their product, offering more efficiency in vehicles, would increase the market size throughout the review period.
COVID 19 Impacts in the Market
The COVID 19 disruptions hit the automotive sunroof industry severely. Lockdown mandates disturbed supply chains, and industry players faced several challenges, including obtaining raw materials, attracting workforces, and delivering end products. However, the industry is rapidly rebooting and regaining its momentum, witnessing augmented demand and exponential growth in the automotive sectors worldwide.
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Segmentation
The automotive sunroof market is segmented into types, applications, sales channels, and regions. The type segment is sub-segmented into inbuilt sunroofs, spoiler sunroofs, panoramic sunroofs, pop-up sunroofs, and others. Among these, the inbuilt sunroof segment accounts for the largest market share.
The application segment is sub-segmented into SUV, Sedan, Hatchback, and others. Similarly, the sales channel segment is sub-segmented into OEMs and Aftermarkets. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.
Regional Analysis
Europe accounts for the largest share in terms of the global automotive sunroof market value. Factors such as the increasing demand and consumer preference for comfort features in vehicles boost the automotive sunroof market size. The rapid growth in the economy, alongside the presence of well-known automotive manufacturers, OEMs, and automotive sunroof manufacturers, drives the regional market growth.
Besides, the increasing investments in product developments foster the region’s automotive sunroof market share, creating substantial market opportunities. The rising adoption of sunroofs in passenger vehicles across the region creates vast market demand. Additional factors bolstering the market rise include Rapid urbanization & industrialization and changing lifestyles. Technological advances that help develop novel functionalities in sunroofs influence market growth.
Segmentation of Market covered in the research:
Automotive Sunroof Market Report: Information by Type (Inbuilt Sunroof, Spoiler Sunroof, Panoramic Sunroof, Pop-Up Sunroof, others), Application (SUV, Sedan, Hatchback, others), Sales Channel (OEMs, Aftermarket) and Region – Forecast till 2028
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