New York, June 14, 2023 (GLOBE NEWSWIRE) -- The automotive sunroof market size is anticipated to surpass USD 20 billion by 2033, as per latest study by Research Nester.
The industry growth is attributed to the increasing ubiquity of automated cars, self-driving cars, and other autonomous vehicles, along with the rising number of installations of sunroofs in vehicles worldwide. The global automotive sunroof sales were found to reach 50 million units in 2021. Additionally, it was found that more than 80 firms were actively testing over 1,400 self-driving cars, trucks, and other vehicles in almost 36 states and Washington, DC, in 2021.
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Growth in demand for luxury cars to boost market growth
The speedily increasing sale of luxury cars as well as the surging demand for lightweight fuel-efficient vehicles globally, along with the demand for better performance, advanced technologies, high-quality interiors, and emergency safety features, are expected to drive the growth of the global automotive sunroof market in the given assessment years. As per research, the share of new vehicles sold by luxury brands in the United States reached approximately 17% in June 2022. Furthermore, the market push can be further attributed to the growing adoption of advanced driving assistance systems (ADAS) features such as airbags, antilock brakes, and panoramic sunroofs, which may act as an alternate escape route in any inevitable road accidents. In a survey conducted in the United States, it was found that ADAS technologies can be helpful in preventing nearly 62% of total traffic deaths, or, otherwise said, they have the potential to prevent 20,800 deaths per year.
Rising automotive sales to drive growth in the Asia Pacific region
The automotive sunroof market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033 owing to the increasing sale of vehicles, especially cars as well as SUVs, along with the surge in demand for car sunroofs among automotive users in addition to the diminishing sunroof price. It was observed that more than 21 million cars were sold in China in 2021, and the demand is persistently increasing every year in the middle-class income group with the rising GDP per capita in the Asia Pacific region. Furthermore, the growing emergence of car sunroof manufacturers in India, as well as statistics such as the fact that over 50% of SUVs sold in India in 2021 had factory-fitted or in-built sunroofs, demonstrate the region's expanding growth opportunities in the market.
Technological innovations to foster industry growth across Europe
The Europe automotive sunroof market is expected to garner the highest CAGR by the end of 2033. The increasing investment in research and development in the automotive industry, as well as the invention of innovative comfort solutions for passenger cars by original equipment manufacturers (OEMs), can be attributed to the regional market growth, owing to its radically increasing demand and rising technological advancements, particularly in glass technology. For example, it was discovered that the European Union's automotive sector spent more than USD 70 billion per year on research and development (R&D) and innovation. Furthermore, the number of passenger cars registered in the EU region increased by 10% since 2015, reaching approximately 260 million in 2020.
Market Segmentation by (Internal Combustion Engine (ICE), Electric)
The electric segment in the automotive sunroof market is anticipated to hold the largest revenue by the end of 2033. The growing electrification of vehicles globally, as well as the increasing number of electric vehicles on the road, along with the increasing technological advancement in electric vehicles and the growth in sales of plug-in electric vehicles globally, are expected to propel the segment growth over the forecast period. For instance, it was found that the total number of electric cars on the road in 2021 accounted for 16.5 million. Additionally, the global sale of plug-in electric vehicles (PEV) was around 6.5 million units in the same year.
Market Segmentation by Material Type (Glass, Fabric)
Automotive sunroof market from the glass segment is poised to register significant growth by 2033, impelled by the increasing installations of sunroofs as well as the key developments in car glass technology together with the rising penetration of smart vehicles owing to the rising preference toward a better driving experience along with the surging innovations in efficient safety features that are highly capable of reflecting harmful ultraviolet rays and improving the functioning of the air-conditioning with a reduction of light influx. For instance, it was found that almost 50% of the vehicles produced in China were equipped with sunroofs in 2022.
Top participants in the global automotive sunroof market are Inalfa Roof Systems Group B.V., AISIN CORPORATION, CIE AUTOMOTIVE SA, Magna International Inc., Webasto Group, Yachiyo Industry Co., Ltd., BOS GmbH & Co. KG, Signature Automotive Products, Automotive Sunroof-Customcraft (ASC) Inc., Corning Incorporated.
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