The Global Convertible Roof System Market is estimated to reach USD 1.7 Billion by 2025 at a CAGR of 6.7 %, predicts forencis research (FSR). The convertible roof system is the type of vehicle tops, which can be folded or retracted in parts and step resulting in an open-air driving experience to the passengers. This system adds stylishness to the vehicle and is mostly used in premium and luxury cars. Convertible cars are versatile which can be used in enclosed and open-air mode. This system can be operated automatically or manually with the help of electrical actuators or hydraulic. Hard tops and soft-tops are two types of convertible roof system, wherein, hardtops roofs are made of Polyvinyl chloride (PVC), aluminum, steel, and carbon fiber composites or other rigid materials and Soft-top roofs are made of canvas rubber, vinyl or other textile materials.
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Convertible Roof System Market: Drivers & Restraints
· Rising Demand for Luxury Vehicles
Automotive manufacturers are engaged in developing innovative technologies that would add more style and comfort to the vehicles and can provide better connectivity solutions. The development of innovative technologies is an outcome of the growing demand for luxurious and smart vehicles. The demand for the premium and luxurious vehicles are growing on account of rise in per capita income results with inclination of the potential population towards better lifestyle. Also, the demand in further increased owing to higher investment to boost look and feel of the automotive vehicles.
Thus, the rising demand for luxury vehicles has boosted the demand for convertible roof systems during the forecast period.
· Increase in R&D Activities for Convertible Roof System
Vehicle manufacturers are implementing new technologies that are leading research and development into innovative convertible tops. The demand for more efficient vehicles results in an investment of R&D by prominent players. Some of the key players are increasing investment on research and development activities for better outcome, is soaring the market demand. For instance, in 2018 Webasto Group company has continuously invested in the expenditure of research and development and the main focus was on mechatronics, electro mobility, and advanced engineering. Which includes production, sales and development of sunroofs, convertible roofs, parking heaters, and panoramic roofs.
Hence, the increase in R&D activities for the convertible roof system is anticipated to boost the market during the forecast period.
· Rising Adoption of Panoramic Sunroof System
The panoramic sunroof is one of the most popular options as it opens above the front and rear seats instead of being a fixed glass panel. Owing to its high popularity it is highly adopted in mass-market vehicles. In addition to this, the cost of panoramic sunroof systems is relatively low as compared to cost of convertible roof system and due to this, it is also installed in mid prized vehicles. Thus, rising adoption of panoramic sunroof system impacts the growth of the convertible roof system market.
Convertible Roof System Market: Key Segments
· Based on Roof Type: Hardtop Convertible Roofs and Soft-Top Convertible Roofs
· By Material Type: Polyvinyl chloride (PVC), Aluminum, steel, Carbon Fiber Composites, Rubber, and
· By Vehicle Body Structure: Sport Utility Vehicle (SUV), Sedan, Hatchback, Sports car, and
· Based on Vehicle-Category: Semi- Luxury Vehicles and Luxury Vehicles.
· By Vehicle Type: Internal Combustion Engine (ICE), Electric Vehicles and
· Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
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Convertible Roof System Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Convertible Roof System Market, by Roof Type
· Hardtop Convertible Roofs
· Soft-Top Convertible Roofs
Convertible Roof System Market, by Material Type
· Polyvinyl chloride (PVC)
· Carbon Fiber Composites
Convertible Roof System Market, by Vehicle Body Structure
· Sport Utility Vehicle (SUV)
· Sports car
Convertible Roof System Market, by Vehicle-Category
· Semi- Luxury Vehicles
· Luxury Vehicles
Convertible Roof System Market, by Vehicle Type
· Internal Combustion Engine (ICE)
· Electric Vehicles
Convertible Roof System Market, by Region
· South Korea
· Rest of Asia-Pacific
· North America
· Rest of Europe
· Middle East & Africa
· Saudi Arabia
· Rest of Middle East & Africa
· South America
· Rest of South America
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