Automotive Sunroof Market Size Worth $6.12 Bn, Globally, by 2027 | Exclusive Report by The Insight Partners
Automotive Sunroof Market is growing at a CAGR of 3.2% from 2019 to 2027.
Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Automotive Sunroof Market Forecast to 2027– COVID-19 Impact and Global Analysis by Type (Slide-in Sunroof, Slide-out, Sunroof Panoramic Sunroof, Pop-Up); Material (Fabric and Glass); Application (Premium Cars, SUVs and Sedan Cars); and Geography,” the market was valued at US$ 5.10 billion in 2019 and is projected to reach US$ 6.12 billion by 2027; it is expected to grow at a CAGR of 3.2% from 2019 to 2027.
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Automotive Sunroofs Market: Competitive Landscape and Key Developments
Currently, the automotive sunroof market constitutes prominent market players such as Webasto Group, Yachiyo Industry Co. Ltd., ACS France SAS, Aisin Seiki Co. Ltd, Automotive Sunroof-Customcraft (ASC) Inc, Corning Inc, Inalfa Roof Systems Group B.V among few others who dominate the market globally. Based on the sunroof-based business offerings of various market players, the global automotive sunroof market is briefly further segmented into type, materials, application and geography. By type, the global market is broadly classified into slide-in sunroof, slide-out sunroof, panoramic sunroof and pop-up. Whereas, based on materials the market is bifurcated into glass and fabric. Finally, based on application, the global market is divided into premium cars, sedan, and SUVs. Geographically, the major regions considered are North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Middle East & Africa (Saudi Arabia, UAE, South Africa and Rest of Middle East & Africa) and South America (Brazil, Argentina, and Rest of South America) regions.
The market players present in the market have adopted various strategies such as acquisition, business expansion and strategic alliance or partnership. The companies adopt the strategies to pursue their short-term goals or to sustain market competitiveness Some the major recent development relate to the automotive sunroof market are listed in the table below.
In 2019, Webasto introduced its new plant in Irapuato (Mexico) for producing roofs for various automotive manufacturer in the U.S. and Brazil. The plant inclusion boosted the company’s sunroof panoramic roof production capacities in the region.
In 2019, Webasto introduced its largest production plant ever in China’s Wuhan and manufacturers roof for Chinese automobiles. Furthermore, the company is poised to increase the production in its eleventh plant in China’s Jiaxing by the end of 2019. Apart from sunroof, Webasto to manufacture electric heating system and charging system in its new €50.0 million Euros facility in Wuhan.
In 2019, Webasto purchased ten percent stake in its South Korean joint venture Webasto Donghee based in Ulsan South Korea and specializes in production and sale sunroof and panorama roofs.
In 2018, In pursuant of its presence in the Chinese market, Webasto introduced its new plant in Guangzhou (China) in 2018 and continues to witness an increase in its product popularity in Chinese market since entering the country in 2006. Previously, the company had set up two plants in China’s Wuhan (Central China) and Shenyang (Northeast China) and investment around €6.6 million Euros or the same in 2014.
In 2018, CIE Automotive, the parent company of ACS France SAS acquired another sunroof manufacture of Inteva Roof Systems to boost its market capture in the overall automotive sunroof market.
Global Automotive Sunroof Market Scope:
|Market Size Value in||USD 5.10 Billion in 2019|
|Market Size Value by||USD 6.12 billion by 2027|
|Growth rate||CAGR of 3.2% from 2020 to 2027|
|Segments covered||Type, Material, Application|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Globally, the automotive sunroof market is dominated by a handful of prominent international market players collectively dominating the global market revenue as well as the volume of sunroof products featuring several leading automotive brands. For instance, market players such as Webasto, Yachico, CIE Automotive (owns ACS France SAS and Inteva Products LLC), and Inalfa Roof Systems Group B.V among a few others account for a significant share of the total automotive sunroof market resulting in a consolidated automotive sunroof market. In 2019, the global automotive sunroof market witnessed a considerable decline owing to the outbreak of COVID-19 in China and subsequently turning into a global pandemic by early 2020. The strong presence of manufacturing and production facilities of various market players in China’s central province Wuhan, especially Webasto, which has multiple production facilities around the city, witnessed a decline in its production of sunroof products. Additionally, the subsequent nation-wide lockdown following the widespread outbreak of the virus disease disrupted the automotive production capabilities and supply chain activities globally, virtually halting the demand from various automotive manufacturers and customers.
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Key findings of the study:
In terms of geography, the global automotive sunroof market was dominated by the European region in 2019, which accounted for almost one-third of the total market owing to a higher demand for sunroof driven automobiles compared to the Asian region in the past decade. Factors such as the more extensive adoption of premium cars, sedans, and SUVs among the European population contribute significantly to the region’s more significant market share. They are expected to maintain their market leadership during the coming years. However, from a growth perspective, the Asia Pacific region is expected to witness a lucrative growth rate due to the unprecedented rising popularity of sunroofs among its significantly larger middle-income group across its fast-growing economies.
Globally, the automotive sunroof market is dominated by a handful of prominent international market players collectively dominating the global market revenue as well as the volume of sunroof products featuring several leading automotive brands. For instance, market players such as Webasto, Yachico, CIE Automotive (owns ACS France SAS and Inteva Products LLC), and Inalfa Roof Systems Group B.V among few others account for a significant share of the total market resulting in a consolidated automotive sunroof market.
Unlike slide-in and slide-out, the panoramic sunroofs are relatively new owing to their advanced features and multi-panel systems which contributed significantly to their rising popularity especially in the past few years. The panoramic sunroofs generally feature multiple panel that covers larger portion of the sunroofs compared to the slide-in and slide -out sunroofs. As a result, despite a costlier sunroof product type the panoramic sunroof continue to gain prominence among various customer and automotive brands driving their sales volume during the forecast period and is expected to witness the fastest CAGR growth rate between 2020 and 2027 for both revenue and volume.
Go through further research published by The Insight Partners:
Automotive Roof System Market– Global Analysis and Forecast to 2030
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