Automotive Roof System Market Segment Analysis- By Type
Based on type segmentation, Convertible Roof System is analysed to grow with the highest CAGR of around 7.4% in the global automotive roof system market during the forecast period 2021-2026. Convertible Roof Systems help in transforming from a roof top model to an open top model due to its capability of having a foldable or removable roof, which had been attributing to its higher adoptability across automotive markets. Since these type of roof systems provide an open air driving experience, with the ability to adjust rooftop as per requirement, they have gained wide popularity towards developing classic, premium or luxury vehicles with an innovative design. In addition, rising demand towards premium vehicles as well as high investments towards foldable or convertible rooftop designs by some of the leading automakers including Mercedes-Benz, Audi, BMW and many others is set to boost the growth of convertible roof systems in the long run. In September 2020, Webasto had revealed about its collaboration with Imagine Intelligent Materials in order to jointly work on an innovation project for a convertible roof system with an integrated anti-pitch protection, showcased at EXPO 8 for the open innovation platform named Startup Autobahn. Development of this roof system was done through covering roof fabric using a graphene layer, which will act as a super sensor capable of ending opening or closing movements immediately. Such innovation projects from leading market vendors of roof systems will further propel the need for convertible roof systems in the coming time.
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Automotive Roof System Market Segment Analysis- By Vehicle Type
Passenger Cars segment is analyzed to account with the highest CAGR of around 6.5% in the global Automotive Roof System market during 2021-2026. Roof top systems within passenger cars such as SUVs, luxury cars, and others play a major role in enhancing the vehicular interior designing standards. Factors such as increasing sales of passenger cars, coupled with upgrading or designing existing vehicles as well as shift towards light weight vehicles can be considered as some of the major drivers impacting the growth of automotive roof systems. Growing investments on implementing attractive and premium look particularly for premium cars, luxury vehicles, and so on from some of the key automotive companies along with increasing demands for sunroof passenger vehicles can also fuel the market growth forward in the coming time. In September 2020, Tata announced about the launch of a new variant of its affordable sunroof car, named Harrier XT+. This development was meant to allow customers to have a massive panoramic sunroof, eliminating the additional need to spend on the top-end variant. Such factors are further set to drive the market growth of automotive roof systems within passenger car vehicles in the long run.
Automotive Roof System Market Segment Analysis- By Geography
APAC region had contributed with the largest market share of around 35% in 2020, and is also analysed to have a significant growth over the forecast period 2021-2026. Factors such as growing demand towards luxury vehicles, rapid urbanization, along with shift towards convertible roof top designed vehicles have attributed to the market growth of automotive roof system across the region. High investments on developing lightweight vehicles, growing shift towards electric vehicles as well as surge in premium cars adoption will further raise its market growth in the coming time. Changing customer preferences, rising focus of automakers towards deploying advanced automotive components or accessories and so on will also help in driving the market growth forward. In October 2020, an Indian key automaker, Mahindra and Mahindra announced about the launch of its iconic SUV, named Thar with a convertible soft top on selected variants for the Indian market. This convertible top can be easily folded or retracted as per user requirement, which is set to fuel the demand for automotive roof systems in the coming time.
Automotive Roof System Market Drivers
Increasing investments from automakers towards convertible/foldable rooftop designed vehicles
Increasing investments from automakers towards convertible/foldable rooftop designed vehicles act as a major driver boosting the market growth of automotive roof systems. Convertible or foldable rooftop designs help the automakers to offer a premium and classy look along with reducing the overall weight of the vehicles. With shift of customers towards innovative designs and attractive featured vehicles, adoption of convertible or foldable rooftops help the automakers to gain new customers as well as sustain the rising market competition overtime. Some of the major automotive manufacturers like BMW, Volkswagen, Mercedes-Benz, Porsche, and others have already started investing on modernizing up their premium, sport cars and related models. In May 2020, Volkswagen announced about the launch of its first convertible SUV, named T-Roc Cabriolet in Germany, incorporated with a fully automatic and electrohydraulic soft top, starting with a price of $ 33.7. Development of this convertible SUV with a soft top, is capable of offering easy control using a central switch or remote control key. Such advancements towards manufacturing convertible or foldable roof top designed vehicles by key automakers can further help in driving the market growth forward in the long run.
Growing advancements towards solar powered roof system drives the market forward:
Growing advancements towards solar powered roof system can also be considered as a major factor driving the growth of Automotive Roof System market. Shift towards ongoing trends in the automotive industry related to fuel consumption reduction, limiting the extent of harmful vehicle C02 emissions and many others, have eventually created a significant rise on the adoption of solar technology overtime. Leveraging environment friendly solar power technology within roof systems can help the end use customers to utilize charging functionality for electric vehicle range, which in turn attributes to its market growth. Moreover, owing to governmental regulations regarding vehicular emissions or using clean fuel alternatives along with increasing support towards developing electric vehicles overtime is set to fuel the demand for solar powered roof tops in the coming time. In August 2019, Hyundai Motor announced about the launch of its first car equipped with a solar charging system, named Sonata Hybrid. This development was a part of improving fuel efficiency, preventing battery discharge problems with CO2 emission reduction, alongside promoting battery charging during driving conditions and increasing drivers travelling distance by 1300 km annually. With this, the company had also revealed its plans of rolling out this eco-friendly technology for its other vehicle range as well in the coming years, advancing towards a sustainable future.
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Automotive Roof System Market Challenges
High Costs:
High costs related to installation, maintenance or repair can be considered as one of the major factors impeding the market growth of automotive roof system. Compared to previous or older models, where rooftops were operated manually have been replaced with electric operated ones nowadays, creating the high complexities related to wear and tear issues, regular maintenance and operational costs. Installation or integration processes related to electrically operated rooftops incurs use of additional electric components including sensors, motors, mechanical assemblies and so on, which eventually adds up to the overall manufacturing costs for the automotive manufacturers. In addition, rooftops made up of glass materials have a limited serviceability as they can break or crack after long term use, which creates the need for expensive replacement or repair expenses, thereby slowing down its adoption in the end use markets. Furthermore, advancements such as usage of expensive materials towards designing rooftops along with its higher deployment across premium and luxury vehicles, owing to high price constraints will further hamper its market growth in the long run.
Automotive Roof System Market Landscape
Product launches, collaborations, and R&D activities are key strategies adopted by players in the Automotive Roof System market. Automotive Roof System top 10 companies include Magna International Inc., Webasto Group, Covestro AG, Valmet Automotive Inc., AAS Automotive, Inalfa Roof Systems Group, Haartz Corporation, Aisin Seiki, CIE Automotive and Inteva Products LLC among others.
Acquisitions/Technology Launches/Partnerships
In November 2020, Valmet Automotive announced about its sale of its engineering services business Mutares SE & Co. KGaA, in order to focus on roof and kinematic systems as well as manufacturing engineering vehicle products.
In November 2020, Webasto announced about its collaboration with Chevrolet in order to support the launch of iconic 2020 Corvette Stingray with their retractable hardtop convertible roof system. This collaboration was done as a part of enhancing the vehicles bold exterior styling feature, resulting to an industry breakthrough for its customers.
Key Takeaways
Growing advancements towards solar powered roof system as well as increasing investments from automakers towards convertible/foldable rooftop designed vehicles is analysed to significantly drive the Automotive Roof System market during the forecast period 2021-2026.
Passenger Cars segment is anticipated to grow with the highest CAGR during 2021-2026, attributing to factors including increasing sales, growing demand for sunroofs in passenger vehicles and many others.
APAC Automotive Roof System Market held the largest share in 2020, owing to increasing demand for luxury and premium vehicles with others.
Related Reports
A.Global Car Roof Racks Market
https://www.industryarc.com/Research/Global-Car-Roof-Racks-Market-Research-512383
B.Convertible Roof System Market
https://www.industryarc.com/Research/Convertible-Roof-System-Market-Research-510175
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