Wilmington, Delaware, United States, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for automotive roof system was estimated to be worth a market valuation around US$ 29.3 billion in 2021. The market is anticipated to register a 5.1% CAGR from 2022 to 2031 and by 2031, the market is likely to reach US$ 48.3 billion.
The automobile industry is seeing a significant growth in demand for premium vehicles due to rising disposable income levels and a surge in consumer desire for luxury goods.
Audi, Mercedes-Benz, and BMW are among the high-end automakers who are incorporating convertible and folding rooftop designs into their automobiles. This should accelerate market expansion in the near future.
The market for automotive roofs is expected to increase as passenger car sales rise. Vehicle owners spend a lot of money updating and changing the look of their vehicles. To save on gasoline, they are also using lightweight vehicle roofing. In the upcoming years, it is predicted that these variables would increase the market value for vehicle roof systems.
Reduced interest rates for auto loans, the simplicity of obtaining financing with specialized plans, and an increase in consumer per capita income are projected to present profitable prospects for makers of car roof systems. To enhance their market, share for automobile roof systems, major manufacturers are concentrating on providing innovative foldable hardtop solutions.
Request Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]): https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=43772
“Connect with our team of research specialists and unlock the optimal solution for driving your business growth”
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 29.3 Bn | |
| Estimated Value | US$ 48.3 Bn | |
| Growth Rate - CAGR | 5.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 210 Pages | |
| Market Segmentation | By Type, Material, Passenger Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | AAS Automotive s.r.o., Aisin Corporation, ALUPROF Aluminiumprofile GmbH, BOS Group, CIE Automotive, Covestro AG, GAHH, LLC, Inalfa Roof Systems Group B.V., Inteva Products, JAC Products, Magna International Inc., The Haartz Corporation, Valmet Automotive, Webasto Group | |
Key Findings of Market Report
- Polycarbonate is an excellent material for front coverings for electric or self-driving automobiles.
- Solar-powered automobiles are increasingly using solar roofs.
- In the near future, it is anticipated that an increase in SUV launches would accelerate market growth.
Market Trends for Automotive Roof Systems
- During the projected period, the sedan passenger car type segment is anticipated to rule the market. Compared to other vehicle types like hatchbacks along with utility vehicles, sedan demand is higher. Owners of sedans are increasingly embracing sunroofs. These roof designs let more air and light into the vehicle.
- The need for vehicle roof systems has increased due to developments in the sector of light-reactive glass. Players in the automotive roof system market are concentrating on implementing light regulation technology to manage the amount of light entering a car. For the purpose of attracting more customers, they are providing multipurpose roof systems.
- Vendors place a strong emphasis on little noise production, aesthetic attractiveness, and easy roof folding adjustment. The aesthetics, safety, and efficiency of roof systems are improved by technological developments in the materials used in them. Market figures will probably increase as a result in the next years.
For In-depth Competitive Analysis, Buy Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=43772<ype=S
Automotive Roof System Regional Market Outlook
- During the projection period, Europe is predicted to have the biggest share. In the next years, market growth in the area is expected to be fueled by rising luxury vehicle sales and increased attempts to improve comfort and driving.
- It is anticipated that throughout the projected period, the production of high-end and passenger cars will increase, as will the need for roof systems. Mahindra & Mahindra debuted Thar, a vintage SUV with a retractable rooftop on some models, in October 2020. As needed by the owner, the convertible roofing may be folded as well as retracted.
Global Automotive Roof System Market: Key Players
To provide solid goods and increase their income streams, the majority of businesses are using newer, lighter components. To expand their regional influence, they are also using a variety of techniques, including collaborations, partnerships, and mergers and acquisitions.
Several significant companies that operate in this market include AAS Automotive s.r.o., Aisin Corporation, ALUPROF Aluminiumprofile GmbH, BOS Group, CIE Automotive, Covestro AG, GAHH, LLC, Inalfa Roof Systems Group B.V., Inteva Products, JAC Products, Magna International Inc., The Haartz Corporation, Valmet Automotive, and Webasto Group.
Some developments by the key players in the global market for automotive roof system are:
- The 2020 Corvette Stingray, developed in partnership with Chevrolet and due for release in November 2020, will include a retractable hardtop convertible.
- In order to concentrate on electric car battery systems as well as roof and kinematic systems, Valmet Automotive concluded the sale of its Engineering Services company to Mutares SE & Co. KGaA in November 2020.
If You want to Purchase Specific Insights by Segment/Region/Competitor, Request for Customization: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=43772
Global Automotive Roof System Market Segmentation
- Type
- Panorama Roof System
- Sunroof System
- Multi-optional Roof System
- Solar Roof System
- Convertible Roof System
- Plain Roof System
- Material
- Aluminum
- Steel
- Polycarbonate
- Others
- Passenger Vehicle Type
- Hatchback
- Sedan
- Utility Vehicle
- Sales Channel
- OEM
- Aftermarket
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
