Automotive sunroof market to register 8.96% CAGR during the forecast period.
Market Research Future (MRFR) expects the Automotive Sunroof Market 2020 to record a decent growth rate of 8.96% between 2018 and 2023 (assessment period). By 2023-end, the global market can reach USD 12,447.0 million, confirms MRFR. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
The renowned Global Automotive Sunroof Industry vendors outlined in the MRFR study are Wuxi Ming Fang AutoMobile Parts Industry Co., Ltd, Yachiyo Industry Co. Ltd, Zhejiang Wanchao Electric Co., Ltd., Aisin Seiki Co. Ltd, Webasto Group, Inteva Products, Inalfa Roof Systems Group B.V., Ltd, Magna International Inc., Wuhu Mosentek Automobile Technology Co., Johnan Manufacturing Inc., to mention a few.
Top Boosters and Key Challenges
The Automotive Sunroof Market growth has been significantly affected by the COVID-19 outbreak, and the situation has only worsened given the increasing spread of the pandemic. The well-established production and manufacturing units of leading companies in Wuhan, China, witnessed a sharp drop in the production level of sunroof products. Also, the consequent worldwide lockdown post the widespread SARS-CoV-2 disrupted the global supply chains and the production capacity activities, which resulted in a weakened demand from a number of automotive customers as well as manufacturers.
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Since the shutting down of a majority of the manufacturing units across the globe, the automotive as well as the semiconductor industries have come to a halt, thereby slowing down the growth of the Automotive Sunroof Market. However, despite the COVID-19 impact, the escalating demand for impact-resistant and lightweight sunroof can boost innovations by the prominent manufacturers. Manufacturers including Inteva Products, Inalfa Roof Systems Group B.V. and Webasto Group are spending considerably on extensive research and development of advanced sunroof technologies, which can help reverse the negative impact of the novel coronavirus.
The market for sport utility vehicle/SUV has been observing substantial sales, thanks to their high affordability as well as low cost of ownership, which can also benefit the market, since most of the SUVs have sunroofs. Further, manufacturers and leading brands are launching latest car models that have advanced sunroof to cater to the increasing consumer demand worldwide.
For instance, in July 2020, Honda launched its latest car, WR-V in the Indian market. Honda WR-V is a sub-compact SUV that has a sunroof on the VX MT trim. The sunroof size is standard and can be electrically used by just pressing a button.
The Automotive Sunroof Market Trends can be considered with respect to type, application as well as sales channel.
The key types of automotive sunroof listed in the study are spoiler sunroof, inbuilt sunroof, pop-up sunroof, panoramic sunroof, and others. Between these, the market for inbuilt sunroof observed the best growth in 2017 and it is anticipated to witness better growth in the coming years. The surge in technical innovations in inbuilt sunroofs, such as venting, press and hold operation, auto-retract system, auto-close system and soft touch operations has led to the growth in the popularity of inbuilt sunroofs.
The applications of automotive sunroof are sedan, SUV, hatchback and more.
In terms of the sales channel, the market caters to original equipment manufacturers/OEMs and aftermarket.
Automotive sunroof industry can be geographically dissected into Europe, North America, APAC/Asia Pacific and RoW/the rest of the world.
With a 33.40% share in the global market, Europe is the current leader, followed by APAC and North America with respective shares of 28.36% and 28.26%.
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In 2017, European market was led by Germany, where the value accounted to USD 1,263 million. The Automotive Sunroof Market Share in the region is expanding vigorously on account of skyrocketing sales of premium vehicles combined with the rising consumer inclination towards luxury features. The sales of these vehicles are also favored by the strong financial conditions of the region, with people demanding luxury and comfort features in almost every vehicle. The demand for the smart glass technology integrated with sunroof has shot up significantly in recent years, since they have more control on key aspects such as heat and light emissions, and also help bring down the use of HVAC units for inner temperature maintenance in the vehicle.
Thanks to the mounting demand for wind deflectors in vehicles and the rising use of sunroofs in sedans, hatchbacks and SUVs, APAC has gained the second spot in the automotive sunroofs market. Many of the manufacturing firms in the region are spending massively on the development activities to bring down the weight and boost the overall strength to innovate the standard automotive sunroof.
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