Market Scope
Market Research Future (MRFR) reveals that the global automotive sunroof market is expected to expand at a CAGR of around 8.96% over the forecast period of 2018 to 2023. In 2017, the market valued at USD 7,475.6 million. MRFR states the global automotive sunroof market is set to touch a valuation of USD 12,447.0 million by 2023. The rise in comfort threshold of people is likely to drive the global automotive sunroof market growth across the review period.
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Market Insights
The rapid expansion of the global automotive sunroof market can be attributed to benefits offered by it. Noise prevention and protection from UV rays are significant advantages of sunroof. Automotive sunroof market is likely to capitalize on these advantages. Manufacturers are incorporating sunroof in their automobile design as the demand for smart and more comfortable vehicles surge. This is casting a positive impact on the market. The increase in sales of automobiles due to rapid industrialization and expansion of urban populace are other reasons that are likely to promote the global automotive market growth. Cash-rich companies are making hefty investment in adding features to sunroof that highlight their ability to provide more comfort and incorporation of the latest technologies are anticipated to surge the market.
Components of sunroof include unbreakable glass panels, console controller, rain sensor, and others which are relatively expensive. High manufacturing cost of sunroofs is increasing the overall cost of an automobile. This expected to limit the expansion of the global automotive sunroof. However, the initial sluggish growth of the market can scale-up owing to the launch of effective solutions, in which strong but affordable raw materials are used in the production of sunroofs.
Segmental Overview
The global market of automotive sunroof market has been segmented by type, sales channel, and application.
By type, the market is classified into spoiler sunroof, inbuilt sunroof, pop-up sunroof, panoramic sunroof, and others. The inbuilt sunroof segment is expected to draw high revenue for the global automotive sunroof market. Integration of technologies such as auto-close system, venting, press and hold operation, soft touch operations, and auto-retract system is popularizing in-built sunroof, which is expected to boost the growth of the global market. By application, the market has been segmented into sedan, SUV, hatchback , and others. Sedans are more likely to possess sunroof. The growing inclination of people towards luxurious and smart cars is expected to propel the market. By sales channel, the market is divided into OEM and aftermarket. The increase in number of original equipment manufacturers is likely to surge the market over the evaluation period.
Key Players
Wuxi Ming Fang AutoMobile Parts Industry Co., Ltd, Inalfa Roof Systems Group B.V., Webasto Group, Yachiyo Industry Co. Ltd, Aisin Seiki Co. Ltd, Inteva Products, Magna International Inc., Wuhu Mosentek Automobile Technology Co., Ltd, Johnan Manufacturing Inc., and Zhejiang Wanchao Electric Co., Ltd.
Regional Outlook
Asia-Pacific, North America, Europe, and the Rest of the World (RoW) are regional segments of the automotive sunroof market.
Europe accounted for the major share of the global automotive sunroof market. It is likely to hold 33.40% share of the global market. Germany to be the lead contributor to the fast-paced regional market expansion. In Europe, the surge in demand for premium vehicles and the change in preferences of customers are surging the sales of automobiles that provide more comfort. Hence, sunroofs automobiles are expected to register higher sales. Asia-Pacific and North America is likely to settle for 28.36% and 28.26%, respectively. Europe is expected to value at
Industry News
September 2019
Tata Motors, an Indian multinational automobile developer, launched offers on Harrier, Nexon, Hexa, Tibor and Tiago. Harrier’s PRO package includes automatic sunroof.
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