Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive sunroof market stood at US$ 7 billion in 2021 and is projected to reach US$ 18.36 billion in 2031. The global automotive sunroof market is anticipated to expand at a CAGR of 9.6% between 2021 and 2031.
Major OEMs (Original Equipment Manufacturers) should give discretionary notice to car buyers about sunroofs for premium vehicles and SUVs in case sunroof systems face functional problems. A strong inclination toward premium vehicles & SUVs from the millennial and the Generation Z population can be attributed to stable monetary conditions, increment in per capita pay, and decline in bank financing costs. Such trends are driving the market for premium vehicles and SUVs, which is required to push growth of the automotive sunroof market during the forecast period.
Sunroof-enabled vehicles are expensive, as sunroofs are linked with the aesthetic and luxury requirements, which increases the cost to manufacture such vehicles. Furthermore, maintenance of sunroofs is also an expensive component, as it needs periodic maintenance and in case of any failure puts an additional burden on the car owner in terms of cost. Hence, manufacturers are maintaining balanced relationship with suppliers and ecosystem partners to lower development cost of sunroofs.
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The automotive sunroof market is expected to expand due to improvements made in product innovation and sunroof materials, as well as increased preferences for automobile sunroofs as status symbol. For instance, vehicles equipped with UV (Ultraviolet)-reflective or tinted lenses help to keep out undesirable heat and sunshine. Sunroof systems with upgraded features such as advanced electronic control systems and optional rain sensors are being installed by small number of automakers in the market.
Rapid expansion of the pandemic across the globe led to a decline in vehicle production across the world. The COVID-19 pandemic caused a majority of businesses across the globe to crumble, owing to forced shutdown of production and manufacturing activities, which hampered major manufacturing companies across the globe, has created a chaos in the automotive sunroof market.
Key Takeaways of Market Report
- Global automotive sunroof market to generate absolute dollar opportunity worth US$ 18.36 billion until 2031.
- Global automotive sunroof market from 2021 to 2031 is 9.6%
- The global automotive sunroof market is valued at US$ 7 billion in 2021.
- The global automotive sunroof market stood at US$ 6.7 billion in 2020.
Automotive Sunroof Market: Growth Drivers
- The surge in sunroof popularity owes to their ability to enhance sunlight control and visibility inside vehicles, thereby elevating the driving experience. Particularly appealing to younger demographics, sunroofs have prompted automakers to integrate them into various vehicle categories. Additionally, the expected rise in individual income levels worldwide may stimulate vehicle sales, thereby fostering market growth.
- The global automotive sunroof market is projected to expand due to advancements in sunroof materials, product innovation, and the growing perception of sunroofs as status symbols in automobiles. Presently, vehicles are equipped with UV-reflective or tinted panels to regulate heat and sunlight. Furthermore, select automakers are incorporating enhanced features like rain sensors and sophisticated electronic control systems into their sunroof systems.
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Automotive Sunroof Market: Regional Landscape
- Europe led the global automotive sunroof market in 2020. The primary element driving the demand in the region is high response to luxury and premium vehicles. The presence of major manufacturers in countries such as Germany and the U.K. has propelled the region at the forefront in the global automotive sunroofs market.
- Asia Pacific is estimated to lead the global market over the next few years. Demand for premium vehicles in emerging economies, such as India and China, is rising, owing to an increase in disposable income of the populace. Furthermore, automobile production in the region is increasing, as automakers are investing aggressively to expand their production capacities.
Automotive Sunroof Market: Key Players
- CIE Automotive paid US$ 755 Mn for the Inteva roof system. However, continuous advancements to expand the use of sunroofs across multiple vehicle categories, as well as rising passenger car demand and consumer preference for sports utility vehicles are projected to boost the global sunroof market.
The following companies are well-known participants in the global Automotive Sunroof market: Aisin Seiki Co. Ltd., Inalfa Roof Systems Group B.V., Inteva Products, LLC, Yachiyo Industry Co., Webasto SE., Valmet Automotive, Magna International Inc., CIE Automotive, Other Key Players.
Automotive Sunroof Market: Segmentation
Product Type
- In-Built Glass
- Panoramic Glass
- Tilt and Slide Glass
- Top-Mount Glass
- Pop-Up Glass
- Solar Glass
- Foldable Fiber
- Removable Fiber
Material
- Glass Sunroof
- Fiber Sunroof
Vehicle Type
Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Bus & Coaches
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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