The Global Automotive Sunroof Market is anticipated to grow at a CAGR of around 9.5% during the forecast period 2021 to 2028 and to reach around US$ 38.3Bn by 2028.
LONDON, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The market in Asia Pacific is expected to account for major revenue share in the Global Automotive Sunroof Market due to rising number of passenger vehicle sale in the countries such as China and India. High consumer spending on vehicles and rapid advancements in vehicle designs aid in flourishing the automotive sector. Increasing consumer’s interest in vehicle aesthetic is increasing demand for new features and design were sunroof is among one. Favorable business policies by the government and increasing vehicle production are factors expected to augment the growth of regional market. Major Player’s inclination towards enhancing the business in developing countries and shift the production line to emerging economies due to easy availability of raw material and low cost labor is expected to boost the target market growth. Automotive manufacturers such as Maruti Suzuki, Toyota, etc. are focused on introducing new vehicles with advanced solutions. In May 2021, South Asian countries recorded sale of around 2.71 million passenger cars. Increasing government inclination, spending and adoption of electric vehicles with new policies is expected to increase demand for vehicles with new designs further driving the market growth. In 2021, the government of India introduced the incentive to companies making electric vehicles this scheme is expected to attract investment of US$ 14 Bn in the next five years.
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The market North America is expected to account for significant revenue share in the market due to rising demand for luxury vehicles. Consumers demand for luxury vehicles is increasing and sunroof gaining popularity car manufacturers are introducing vehicles with one that are safe and easy functional. According to Ward’s Auto, in 2017, about seven million cars and light trucks sold in the United States came with a sunroof which is high as compared to previous years. Enterprises approach towards enhancing the business through acquisitions and partnership is expected to support the growth of target market.
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Flourishing automotive sector across the globe, increasing consumer spending capacity, and rising preference of aesthetic looks in vehicles is expected to increasing demand for sunroof further expected to drive the growth of global automotive sunroof market. In addition, rising passenger vehicle sale in the developing countries is expected to support the growth of target market. Factors such as high cost of vehicles and life-threatening situations due to sunroof are expected to hamper the growth of global automotive sunroof market.
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In addition, economic downfall is expected to impact the automotive sector further challenging the growth of target market. However, increasing investment by major players, rising electric vehicle sale and introduction of new, safer, and light weight sunroof are factors expected to create new opportunities for players operating in the automotive sunroof market over the forecast period. In addition, players approach towards enhancing the business through strategic partnership is expected to support the revenue transaction of the target market.
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The global automotive sunroof market is segment into material, product, operation, and distribution channel. The material segment is divided into glass and fabric. Among material the fabric segment is expected to account for major revenue share in the global automotive sunroof market. The product segment is bifurcated into panoramic, built-in, top mount/spoiler, pop-up, and folding. Among product the panoramic segment is expected to witness faster growth in the target market. Players operating in the global automotive sunroof market are Inteva Products LLC, Webasto SE, Aisin Seiki Co., Ltd., Magna International, Inc., Inalfa Roof Systems B.V., and CIE Automotive.
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