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.
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The convertible roof system market ecosystem consists of manufacturers such as Webasto (US), Magna International (Canada), and Valmet Automotive (Finland). Convertible roof systems are supplied to major OEMs in the automotive industry, including Toyota (Japan), General Motors (US), and Honda (Japan).
The report’s target audience includes:
- Paralleling switchgear manufacturing companies
- Consulting companies in the end-user sector
- Process and manufacturing plants
- Government and research organizations
- Paralleling switchgear and equipment manufacturers
- State- or government-owned corporations
Sedan/hatchback car segment estimated to account for largest share of 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.
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Europe estimated to be largest convertible roof system market because of trend of integrating additional features for enhancing comfort and driving experience & increase in premium vehicle sales. Additionally, region a hub for automotive giants and premium vehicles.
Germany houses largest automotive industry in Europe & is home to major automobile manufacturers such as Volkswagen, BMW, Audi, & Daimler.
Convertible Roof System Market, By Body Style Type
3 Sport Utility Vehicle (SUV)
Convertible Roof System Market, By Electric Vehicle Type
2 Battery Electric Vehicle (BEV)
3 Fuel Cell Electric Vehicle (FCEV)
4 Hybrid Electric Vehicle (HEV)
5 Plug-In Hybrid Vehicle (PHEV)
Luxury vehicles segment of 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 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 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).
Convertible Roof System market 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.
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