Global Convertible Roof System Market Revenue is Estimated to Reach USD 2.66 billion by 2031, Growing at a CAGR of 6.50%: Straits Research
New York, United States, Jan. 16, 2024 (GLOBE NEWSWIRE) -- In most countries, convertibles are viewed as a hidden feature. This trend has gradually shifted, and manufacturers are investing in R&D to improve convertibles' technological prowess as the number of convertibles across all car categories rises. Technological advancements in material technology, the development of lightweight convertible tops, and rising demand for luxury automobiles are the primary growth drivers of the market. In addition, the increasing prevalence of SUVs in emerging markets will contribute to the market's growth.
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Technological Advancements in Convertible Roof Systems to Drive the Global Convertible Roof System Market
On a global scale, technological advances in glass, increased demand for comfort, safety, and convenience features, and increased desire for the aesthetic appeal of the vehicle's exterior is being observed. In addition, advancements in material technology and rising customer demand for convertible roof systems in developing nations are driving the global market for convertible roof systems.
In response to these factors, automakers are incorporating various enhanced features into their vehicles. In conjunction with improved electronic and sensor technologies, several companies are releasing their most recent product lines, which allow passengers to purchase customizable vehicles and minimize user effort. In July 2021, for instance, Webasto announced several innovations created in collaboration with several startups at the Startup Autobahn exhibition. The company displayed an integrated dynamic lighting concept for automotive roofs that was created in collaboration with designLED, an expert in thin and flexible LED lighting and smart surface solutions. The two companies developed a prototype for a light-tiled, convertible roof element. Webasto declared that the new BMW 4 Series would feature a Webasto convertible roof. The roof can be opened in 18 seconds at the touch of a button while driving. The four roof components are stacked atop one another in a single, fluid motion. Simultaneously, the top cover opens to the rear, and the roof elements are stored underneath. All of these factors contribute to market growth.
Developments and Innovations concerning Convertible Roof Systems to Provide Opportunities for theGlobal Convertible Roof System Market
According to Straits Research, “The global convertible roof system market revenue was valued at USD 1.51 billion in 2022, and it is expected to reach USD 2.66 billion by 2031, registering a CAGR of 6.5% during the forecast period (2022-2031).” As more composites are incorporated into future automobiles, composites will likely replace conventional materials in roof construction. Ceramics offer better design and construction flexibility for roofing systems than other metals. In March 2021, Elix and Polyscope, for instance, announced a partnership to develop thermoplastic solutions for premium automotive components such as roof modules and other structural components. The two companies have collaborated for years on developing specialty compounds for applications with stringent requirements.
Similarly, in March 2019, Netherlands-based Polyscope Polymers BV, Webasto France, and the Groupe Renault in France collaborated to develop a 15% glass-reinforced copolymer, compound of styrene maleic anhydride and acrylonitrile butadiene styrene (SMA-GF) material, dubbed Xian SGH30EB, to produce the roller-blind guide rails on the panoramic sunroof modules installed Using composite material allowed the designers to increase the angle of vision through the glass panel and free up 13 mm of headroom for passengers. In the coming years, such developments and innovations are possible for convertible roof systems, thereby creating potential market opportunities.
Key Highlights
- By roof system components type, the global convertible roof system market is segmented into roof material (polyvinyl chloride (PVC), carbon fiber, other roof materials), roof drive system (motors), other roof system component types (supporting frames, electronic parts, etc.). The roof material segment accounted for the largest market share and is estimated to grow at a CAGR of 3.9% during the forecast period.
- By rooftop type, the global convertible roof system market is segmented into hard top and soft top. The soft top segment accounted for the largest market share and is estimated to grow at a CAGR of 3.8% during the forecast period.
- By vehicle type, the global convertible roof system market is segmented into hatchbacks, sports utility vehicles, and sedan. The sedan segment accounted for the largest market share and is estimated to exhibit a CAGR of 4% during the forecast period.
Regional Insights
By region, the global convertible roof system market is segmented into North America, Europe, Asia Pacific, South America, and the Rest of the World.
Europe accounted for the largest market share and is estimated to grow at a CAGR of 3.8% during the forecast period. The presence of premium and luxury automobile manufacturers in Germany and the concurrent development of convertible roof systems for these models are anticipated to stimulate market demand. 4 Series Cabriolet, Mercedes-Benz E-Class Cabriolet, MC20, T-Roc Cabriolet, Mercedes-AMG GT C Roadster, etc., are some key models operating in the country. Webasto, which is dominant in the German market, is strengthening its presence in Germany through various growth strategies as it supplies convertible roofs to most models operating in Germany. In July 2021, for example, Webasto presented multiple innovations developed in collaboration with multiple startups at the Startup Autobahn exhibition. One such innovation is an integrated dynamic lighting concept for automotive roofs developed in collaboration with design LED, an expert in thin and flexible LED lighting and smart surface solutions. Such developments in the German market are likely to contribute to the market's overall growth during the forecast period.
North America is expected to grow at a CAGR of 3.7%. Due to its extensive domestic production, the United States is one of the largest automotive markets in the world, with the majority of the world's major automakers having production facilities in the country. In addition, the rising demand for luxury and premium vehicles is anticipated to create opportunities for the convertible roof system in the country. In recent years, convertible sales have increased, as have the number of available convertibles. Improvements in materials and technology, which have made these vehicles more popular in new locations, have likely impacted the sales increase. For example, MINI USA announced the availability and US pricing for the new 2021 MINI Sidewalk Edition in March 2020. The most recent MINI convertible model, which is expected to arrive in US dealerships, is a Cooper S model with an anthracite Sidewalk soft top. Webasto announced in May 2019 that it would invest USD 40 million in a new facility in Auburn Hills, Michigan, to expand its engineering and testing capabilities. The consolidation of Michigan locations will foster a productive environment of collaboration and business processes for automotive OEMs requiring roof systems, such as sunroofs, panorama roofs, and convertible roofs. Such robust expansion strategies adopted by market participants and the rising demand for convertibles are indicators of market expansion over the forecast period.
Competitive Landscape
Key global convertible roof system market companies are Webasto Group, Magna International Inc., Valmet Automotive Inc., The Haartz Corporation, Continental AG, Hoerbiger Automotive Komfortsysteme GmbH, U-Shin Ltd, GAHH LLC., Aisin Seiki Co. Ltd.
Market News
- November 2022 - Beginning in January 2023, the top-100 automotive supplier Webasto will produce intelligent fast charging systems, or High-Power Chargers (HPC), for the Munich-based company Charge-V. In mid-October, representatives from both companies signed a four-year agreement.
- October 2022 - Webasto receives a EUR 100 million loan from the European Investment Bank (EIB) to develop traction batteries for electric vehicles. The EIB is thereby funding research and development expenditure for the critical battery systems field of business at the top 100 automotive suppliers.
Global Convertible Roof System Market: Segmentation
By Roof System Components Type
- Roof Material
-
- Polyvinyl Chloride (PVC)
- Carbon Fiber
- Other Roof Materials
- Roof Drive System (Motors)
- Other Roof System Component Types (Supporting Frames, Electronic Parts, etc.)
By Roof Top Type
- Hard Top
- Soft Top
By Vehicle Type
- Hatchback
- Sports Utility Vehicle
- Sedan
By Region
- North America
- Europe
- Asia Pacific
- South America
- Rest of the World
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