New York, October 11, 2021 (GLOBE NEWSWIRE) – Automotive Sunroof Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Automotive Sunroof Market Research report, by type, application, sales channel and region – Forecast to 2028 ” It is expected to be worth $ 39.68 billion by 2028, registering a CAGR of 10.39% during the forecast period (2021 – 2028)., The market was valued at $ 21.25 billion in 2021.
The list of leading companies in the automotive sunroof market includes –
- Inalfa Roof Systems Group BV
- 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 sunroofs market appears fragmented due to the presence of numerous players forming a competitive landscape. These players initiate strategies such as expansion, collaboration, and mergers and acquisitions.
For example, on March 8, 2021, Webasto (Germany), one of the world’s leading manufacturers of auto parts, announced plans to establish a new sunroof manufacturing plant in India. Sunroof businesses in India are growing amid a recovery in the passenger car segment, showing significant demand.
This therefore influenced Webasto’s decision to expand its product line. Webasto has been in India for about a decade, and now with the new facility, the company is expanding its roofing system manufacturing capability while establishing a test center in the country.
Future’s Review Market Research of Automotive Sunroof Market
The market for automotive sunroofs is proliferating, reflecting the growing demand around the world. Stimulating the growth of automotive sectors around the world is a major driving force. The increasing developments of new and diverse technologies are driving the growth of the automotive sunroof market, creating lucrative opportunities in the automotive industry.
With increasing global economic growth, automobile production has continued to grow. In addition, the ever growing population and the number of vehicle owners allow sunroofs to gain popularity, especially among young people. The rapid growth in automobile production is increasing the demand for sunroofs among OEMs.
The increase in research and development initiatives by automakers and the relocation of production bases to advantageous locations for improved short-haul supply and lower overall costs justify the growth of the market. With increasing economic growth, purchasing power of consumers and improving lifestyles, the market is expected to experience significant demand in the coming years.
Browse the In-Depth (185 Pages) Automotive Sunroof Market Research Report
Growing preference for custom sunroof rails is a major trend
The outlook for the automotive sunroof market looks promising due to the major innovation component technologies. In addition, the growing consumer preference for solar power, hybrid power and alternative fuels, along with soaring fuel prices, is influencing the growth of the market.
The rapid developments of sunroofs with integrated solar cells that can power vehicles are positively impacting the growth of the market. Growing technological advancements and growing demand for luxury cars are driving the growth of the market, resulting in custom parts designed according to customers’ requirements.
Lack of awareness of the benefits of the sunroof acts as a major headwind
Moreover, the challenges associated with the design and manufacture of glass sunroofs are significant factors which are expected to hamper the growth of the market. Also, price fluctuations and the gap between supply and demand related to raw materials used to manufacture solar panels are slowing the development of the market. Nonetheless, the growing emphasis of automakers on innovation for their product, providing more efficiency in vehicles, would increase the size of the market throughout the review period.
Impacts of COVID 19 on the market
The COVID 19 disruption has hit the automotive sunroof industry hard. The lockdown is forcing disrupted supply chains, and industry players have faced several challenges, including securing raw materials, attracting labor, and delivering end products. However, the industry is quickly restarting and regaining momentum, witnessing increased demand and exponential growth in automotive sectors around the world.
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The automotive sunroofs market is segmented into types, applications, sales channels, and regions. The type segment is sub-segmented into integrated sunroofs, spoiler sunroofs, panoramic sunroofs, retractable sunroofs and others. Of these, the integrated sunroof segment represents the largest market share.
The application segment is sub-segmented into SUV, sedan, hatchback and others. Likewise, the sales channel segment is sub-segmented into OEM and Aftermarkets. The regional segment is sub-segmented into Americas, Asia-Pacific, Europe and Rest of the World.
Europe accounts for the largest share in terms of the global market value of automotive sunroofs. Factors such as growing demand and consumer preference for vehicle comfort features are increasing the size of the automotive sunroof market. The rapid growth of the economy, along with the presence of well-known automakers, OEMs and sunroof manufacturers, is driving the growth of the regional market.
In addition, increasing investments in product development are boosting the region’s automotive sunroof market share, creating substantial market opportunities. The growing adoption of sunroofs in passenger vehicles across the region is creating a vast market demand. Additional factors that reinforce the rise of the market include rapid urbanization and industrialization and changing lifestyles. Technological advancements that help develop new functionality in sunroofs are influencing the growth of the market.
Market segmentation covered by research:
Automotive Sunroof Market Report: Information by Type (Integrated Sunroof, Spoiler Sunroof, Panorama Sunroof, Retractable Sunroof, Others), Application (SUV, Sedan, Hatchback, Others), Sales Channel (OEM, secondary market) and region – forecast to 2028
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