NEWARK, Del, Nov. 08, 2023 (GLOBE NEWSWIRE) -- The automotive sunroof market is likely to hold a valuation of US$ 21.09 billion by 2033. As of 2023, the market value is US$ 7.42 billion. As the automobile industry grows, the automotive sunroof market is expected to expand at a CAGR of 11% from 2023 to 2033.
By the end of 2023, more than 18 billion cars will be running on the road, thanks to the post-pandemic rejuvenation of the automobile sector. With this exponential global growth, the market for automotive sunroofs is very likely to foresee a substantial surge in the upcoming years. Sunroofs offer a unique driving experience, allowing the occupants to connect with the outdoors without compromising safety or convenience.
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Another factor driving the demand for automotive sunroofs is the desire for customization. People want their cars to reflect their personality and style, and a sunroof comes with a lot of scope for that. Car owners can customize the sunroofs per their material, style, and graphics preferences, making them a sought-after feature in the automotive market. Along with this, sunroofs have also been preferred by the populations where people crave sunlight due to the long winter seasons.
The growing desire for a more enjoyable driving experience has also contributed to the demand for automotive sunroofs. Sunroofs provide a sense of openness and freedom, creating a more pleasant and relaxing environment inside the vehicle. Apart from this, sunroofs can also be fitted with solar panels that can power the nominal functioning of vehicles, thus enhancing the vehicle's energy efficiency.
“The automotive sunroof market has reached a saturation level and demands a revolutionary change from key industry players. Most automobile manufacturing companies have already implemented sustainable and lightweight materials in the production of sunroofs. Technological integration with smart vehicular systems is the current focus of players in the lucrative automotive sunroof market”" - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Automotive Sunroof Market Report
- The automotive sunroof market is expected to grow at an 11% CAGR over the forecast period from 2023 to 2033.
- Electric sunroofs dominate the global automotive sunroof market, with an overall revenue share of 90%.
- When it comes to type, in-built sunroofs capture a significant share of 60% of the global automotive sunroof market.
- India is the leading market for automotive sunroofs, with a remarkable growth rate of 13.30% from 2023 to 2033.
- India is followed by Australia and New Zealand (11.80%), China (11.90%), and Spain (11.00%) in terms of automotive sunroof market growth.
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Competitive Analysis of the Automotive Sunroof Market
In the competitive landscape of the global automotive sunroof market, key players are focusing on technological integration and sustainability. These companies recognize the importance of incorporating advanced features and eco-friendly solutions to meet consumer demands. Due to the presence of numerous international players, the market for automotive sunroofs remains a challenging environment for smaller players to navigate and establish themselves.
Key Companies in the Automotive Sunroof Market
- Webasto Group
- Aisin Corporation
- Inalfa Roof Systems
- Yachiyo Industry
- Inteva Products
- Yutani Gaunjia (Mobitech)
- Magna International
- CIE Automotive
- BOS GMBH & CO. KG
- Signature Automotive Product
Recent Developments in the Automotive Sunroof Market
- Strengthening its position as a leading supplier of automotive sunroof systems, Magna International acquired the automotive sunroof business of Valeo in 2021.
- In order to broaden its market presence and product line, Webasto Group purchased Inalfa Roof Systems' vehicle sunroof business in 2022.
- Faurecia diversified its product offerings in the automotive industry by acquiring the automotive sunroof business of HELLA in 2020.
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Key Segments in the Automotive Sunroof Industry
By Sunroof Type:
- In-Built
- Panoramic
- Folding
- Pop-Up
- Others
By Operation Type:
- Electric
- Manual
By Material Type:
- Glass
- Fabric
By Vehicle Type:
- Passenger Car
- Compact Car
- Mid-Sized Car
- Luxury Car
- SUVs
- Light Commercial Vehicle
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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