Automotive Sunroof Market is Estimated To Witness High Growth Owing To Growing Demand of Premium and Luxury Vehicles
The automotive sunroof market is estimated to be valued at US$ 11326.93 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
An automotive sunroof is an automotive accessory consisting of a panel that opens either fully or partially to admit light and fresh air into the vehicle interior. Sunroofs add aesthetic appeal and luxury to the vehicle and enhance passenger experience and comfort. With increasing demand for premium and luxury vehicles, automotive OEMs are focusing on incorporating advanced features like panoramic sunroofs as a standard fitment.
Market Dynamics:
Increasing demand for luxury and comfort features in vehicles and rising disposable income levels are expected to remain a key driver for automotive sunroof market growth over the forecast period. Consumers today prefer vehicles with advanced connectivity and entertainment features for enhanced riding experience. Panoramic sunroofs are gaining popularity as they significantly improve driver visibility and interior ambiance. Furthermore, key automakers are focusing on product development and incorporating advanced sunroof technologies like power sliding and lift & slide mechanisms, voice-enabled control, and UV protection to appeal to new-age customers. However, high development and installation costs associated with sophisticated sunroof technologies could hamper market growth. But ongoing technological advancements aimed at light weighting sunroofs are expected to offset this impact going ahead.
SWOT Analysis
Strength: The Global Automotive Sunroof Market Size has high demand for sunroofs in luxury vehicles which increases their sales volumes. Automatic sunroofs provide convenience to customers which is attracting more buyers. Advanced technology allows manufacturers to design innovative sunroofs.
Weakness: High maintenance costs of sophisticated automatic sunroofs make them out of budget for some customers. Traditional manual sunroofs require manual efforts to open and close.
Opportunity: Increasing demand for open-air driving experience from young customers is driving the automotive sunroof market. New launches of SUVs and premium vehicles provide new opportunities for sunroof integration.
Threats: Fluctuations in raw material prices can increase the production costs. Strict emission norms can affect the weight added by sunroofs to vehicles.
Key Takeaways
The global automotive sunroof market is expected to witness high growth, exhibiting CAGR of 10.% over the forecast period, due to increasing consumer preference for open driving experience and luxury features in vehicles. Premium and luxury vehicle manufacturers are incorporating sophisticated power sunroofs in newer models to attract customers looking for enhanced features.
Regional analysis:
Europe dominates the automotive sunroof market with the highest share, followed by North America. Countries like Germany, UK, and France have large number of premium and luxury vehicles in circulation with significant proportion equipped with sunroofs. The Asia Pacific region is expected to witness fastest growth in the forecast period with China, Japan and India emerging as major markets. Strong economic growth and rising affordability has been increasing adoption of advanced features in vehicles.
Key players operating in the automotive sunroof market are Magna International Inc., Webasto Roof Systems Inc., Mitsuba Corporation, Inteva Products, Johnan America Inc., Aisin Seiki Co. Ltd., ACS France SaS, Yachiyo Industry Co. Ltd., and Inafla Roof Systems. These key players are focusing on expanding their manufacturing facilities and product portfolios to cater to the increasing global demand. Technology innovations will also continue to drive their research and development activities.
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