The Automotive Sunroof Market is estimated to be valued at US$ 9,361.1 million in 2021 and is expected to exhibit a CAGR of 10.0% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive sunroofs are roof openings in vehicles that can be operated manually or electrically to allow light and fresh air into the vehicle cabin. They enhance the aesthetics of vehicles and provide a pleasant driving experience for passengers. Automotive sunroofs are available in various types including pop-up, spoiler, top-mount, panoramic, and built-in sunroofs. The demand for automotive sunroofs is increasing due to the rising disposable income of consumers and the growing preference for enhanced aesthetics in vehicles. Moreover, technological advancements in sunroof systems, such as the integration of electric controls and smart features, are further driving market growth.
Market Dynamics:
The automotive sunroof market is driven by two major factors. Firstly, the increasing demand for enhanced aesthetics in vehicles is boosting the market growth. Consumers are increasingly opting for vehicles with sunroofs to enhance the overall appearance and style of their vehicles. Additionally, the rising disposable income of consumers is enabling them to afford luxury features such as automotive sunroofs. Secondly, the growing preference for a pleasant driving experience is also fueling market growth. Sunroofs allow natural light and fresh air into the vehicle cabin, creating a comfortable and enjoyable environment for passengers. Moreover, technological advancements in sunroof systems, such as noise-reducing and heat-insulating features, are further enhancing the driving experience and driving market growth.
SWOT Analysis:
Strength:
– The automotive sunroof market is expected to witness high growth due to the growing demand for enhanced driving experience and luxury features in vehicles.
– The increasing disposable income of consumers and their willingness to spend on added features in cars is another strength for the market.
– Technological advancements such as panoramic sunroofs and smart glass technology are attracting more consumers towards sunroof-equipped vehicles.
Weakness:
– One weakness of the automotive sunroof market is the high cost of installation and maintenance of sunroof systems, which may hinder their adoption in budget-conscious markets.
– Another weakness is the potential safety concerns associated with sunroofs, such as the risk of shattered glass or leakage during heavy rains.
Opportunity:
– The increasing popularity of electric and hybrid vehicles presents an opportunity for the automotive sunroof market. These vehicles often focus on providing a premium driving experience, and a sunroof can be a sought-after feature.
– The emergence of the autonomous vehicle industry also opens up new opportunities for sunroof manufacturers to develop innovative designs and features that cater to the specific needs of autonomous vehicles.
Threats:
– One threat to the automotive sunroof market is the availability of alternatives such as convertible roofs, which provide similar open-air driving experiences.
– The fluctuating prices of raw materials, such as glass and steel, can pose a threat to the market, as they impact the overall manufacturing cost of sunroof systems.
Key Takeaways:
The Global Automotive Sunroof Market Size is expected to witness high growth, exhibiting a CAGR of 10.0% over the forecast period (2023-2030). This growth can be attributed to increasing consumer demand for enhanced driving experiences and luxury features in vehicles.
From a regional analysis perspective, Asia Pacific is expected to be the fastest-growing and dominating region in the market, owing to the increasing sales of premium vehicles and rising disposable incomes in countries like China and India.
Key players operating in the automotive sunroof market include Magna International Inc., Webasto Roof Systems Inc., Mitsuba Corporation, Inteva Products (Acquired by CIE Automotive), Johnan America Inc., Aisin Seiki Co. Ltd., ACS France SaS, Yachiyo Industry Co. Ltd., and Inafla Roof Systems. These key players play a crucial role in the market’s growth by investing in research and development activities, expanding their product portfolios, and adopting strategies like mergers and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it