The convertible roof system market is projected to grow at a CAGR of 6.77%, from 2018 to 2025, to reach a market size of USD 2.11 Billion by 2025 from 1.33 Billion in 2018. The market for convertible roof systems is expanding as a result of rising premium car demand and material advancements.
Hardtop-A high growth market
The soft top market is anticipated to rule the convertible roof system industry globally, by rooftop type. Customers tend to favor soft tops more than hard tops because they provide the most airflow and all-around visibility. Due to their higher structural stiffness than soft tops, hardtop systems are expected to expand at the highest CAGR during the projection period. Manufacturers of convertible roof systems have also been developing new materials to decrease fuel consumption and carbon emissions from cars. Webasto’s lightweight technology uses composite polyurethane (PU) materials. A blend of PU and reinforcing fibers covers the paper honeycombs that make up the material’s core. Additional benefits include its great 3-D moldability and good heat- and sound-insulating qualities. Additionally, it weighs 50% less than steel, improving vehicle fuel efficiency.
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Sedan/Hatchback-Promising segments for convertible roof system manufacturers
In this market research of convertible roof systems, sedan and hatchback vehicles have been combined. Because it makes up the greatest portion of the automobile industry and convertible roofs are typically employed in these vehicles to offer an attractive appearance, this body style category is the most promising market for convertible roof systems. Convertible roof systems are offered by automakers in one or two model types, with the price of the car varying accordingly. For instance, the Audi A5 model is available in the US in 8 variations, however there are only 3 models that feature flexible roof systems.
Europe: Largest market for convertible roof systems
In terms of volume and value, the convertible roof system market is anticipated to be dominated by Europe in 2018. The market in Asia Pacific is anticipated to expand at the highest CAGR over the forecast period in terms of growth. A significant portion of the increase in car production is anticipated to come from emerging economies like China and India. The market in Asia Pacific is also being driven by the growing installation of convertible roof systems in automobiles including sedans/hatchbacks and SUVs.
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Key Market Players
The report profiles all the major players in the convertible roof system market including Webasto (US), Magna International (Canada), Valmet Automotive (Finland), and Aisin Seiki (Japan). The report also covers a comprehensive study of the key vendors operating in the convertible roof system market. These vendors have been evaluated by considering various factors such as product developments, R&D expenditure, business strategies, and product revenues.
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