Global Automotive Sunroofs Market: Snapshot
Automotive sunroofs are operable or fixed roof openings with a retractable glass or fiber panel that permits air and light to penetrate the passenger compartment. Automotive sunroofs, which are either manually operated or motor driven, have witnessed vast developments in the past few years and have moved on from being mere a styling feature in premium cars to becoming accessories with numerous applications; rooftops housing solar panels, for instance, are increasingly making appearance in electric and hybrid cars, complementing rechargeable batteries to give vehicles more power to cover extra miles.
Rising income levels of consumers across emerging economies such as India and China have increased the spending capacity of automobile buyers, which is compelling automobile manufacturers to introduce vehicles with an additional aesthetic value. Transparency Market Research estimates that the global automotive sunroofs market was valued at US$4,796.0 mn, in terms of revenue, in 2016. The market is projected to expand at a CAGR of 11.8% during the period between 2017 and 2025 and reach US$12,935.1 mn by 2025.
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In-Built Sunroofs to Remain Dominant Contributor of Revenue
In terms of the most popular types of sunroof fitted in automobiles, the report segments the global automotive sunroof market into in-built sunroof, tilt and slide sunroof, panoramic sunroof, top-mount sunroof, pop-up sunroof, and solar sunroof. Of these, the segment of in-built sunroof is presently the leading contributor of revenue to the global market. The segment had a revenue valuation of US$1,588.2 mn in 2016 and is expected to retain its position as the leading revenue contributor to the global market throughout the forecast period, exhibiting a promising 11.8% CAGR from 2017 to 2025.
However, the segment of panoramic sunroofs is expected to dominate in terms of growth rate over the forecast period. The rising consumer preference to luxury cars with wider panoramic view will bolster the demand for panoramic sunroofs in the next few years. The segment is expected to exhibit a 13.5% CAGR over the forecast period and reach a valuation of US$2,607.1 mn by 2025.
Asia Pacific to Emerge as Most Promising Regional Market
Europe, being world’s leading producer of vehicles, held the position of the dominant regional market for automotive sunroofs in terms of revenue in 2016. The region accounted for a massive 33% of the overall market in 2016 and witnessed high demand for a variety of sunroofs in the U.K. and Germany. Although the market in Europe will continue to be the leading contributor of revenue to the global market throughout the forecast period, it will suffer slowdown owing to weak economies and the steadily shifting manufacturing bases to Asia Pacific.
Following Europe, the Asia Pacific market for automotive sunroofs accounted for over 26% of the overall market and is region is expected to dominate the global market in terms of rate of growth over the forecast period. The regional market for automotive sunroofs will expand at a promising CAGR of 12.6% from 2017 to 2025, with emerging economies such as India and China emerging as the most lucrative markets.
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The automobile sector in the North America region is expected to witness steady growth, on account of which the automotive sunroofs market is also expected to record steady growth during the forecast period. Middle East is estimated to witness an exuberant growth in the automobile sector, with car sales in the region expected to outnumber that of North America by 2024. This is expected to drive the demand for sunroof market in the Middle East.
The global market for automotive sunroofs features a large number of public and private players. Some of the leading players operating in the market profiled in the report are Aisin Seiki Co Ltd., Inalfa Roof Systems Group B.V., Inteva Products, LLC, Webasto SE, Mitsuba Corporation, Valmet Automotive Inc., NSG Pilkington Group, Johnan America Inc., and Yachiyo Industry Co.Ltd.
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