Automotive Sunroof Market attaining a CAGR of 8.96% till 2023
Summary
Global Automotive Sunroof Market Report: Information by Type (Inbuilt Sunroof, Spoiler Sunroof, Panoramic Sunroof, Pop-Up Sunroof, Others), Application (SUV, Sedan, Hatchback, Others), Sales Channel (OEMs, Aftermarket), and Region – Forecast till 2023
Automotive Sunroof Market Overview
The rapid expansion of the global automotive sunroof market can be attributed to benefits offered by it. Noise prevention and protection from UV rays are significant advantages of sunroof. Automotive sunroof market is likely to capitalize on these advantages. Manufacturers are incorporating sunroof in their automobile design as the demand for smart and more comfortable vehicles surge. This is casting a positive impact on the market. The increase in sales of automobiles due to rapid industrialization and expansion of urban populace are other reasons that are likely to promote the global automotive market growth. Cash-rich companies are making hefty investment in adding features to sunroof that highlight their ability to provide more comfort and incorporation of the latest technologies are anticipated to surge the market.
The automotive sunroof market is anticipated to surpass a valuation of USD 12,447.0 million, attaining a CAGR of 8.96% during the forecast period (2018-2023), Market Research Future (MRFR) asserts in the latest report.
Competitive Dashboard
The key players dominating the global automotive sunroof market includes Inalfa Roof Systems Group B.V., Webasto Group, Yachiyo Industry Co. Ltd, Inteva Products, Johnan Manufacturing Inc., Magna International Inc., Aisin Seiki Co. Ltd, Wuhu Mosentek Automobile Technology Co., Ltd, Zhejiang Wanchao Electric Co., Ltd., and Wuxi Ming Fang AutoMobile Parts Industry Co., Ltd.
Global Automotive Sunroof Market: Segmental Analysis
The automotive sunroof market is segmented on the basis of type, sales channel, application.
By type, the automotive sunroof market is segmented into spoiler sunroof, inbuilt sunroof, pop-up sunroof, panoramic sunroof, and others. Of these, the inbuilt sunroof segment is predicted to dominate the market. Technological advancements in inbuilt sunroof like venting, press and hold operation, soft touch operations, and auto-retract system are likely to augment its popularity in the coming years.
By application, the automotive sunroof market is segmented into sedan, SUV, hatchback, and others. Of these, the SUV segment is predicted to dominate the market, mainly due to the rising inclination of automotive OEMs towards the sale of SUVs. Moreover, technological advancements made in sunroof is likely to propel the market growth in the SUV segment.
By the sales channel, the market is segmented into aftermarket and OEM. Of these, the OEM segment is predicted to dominate the market due to surging demand for new vehicles that are equipped with a sunroof.
Regional Frontiers
Geographically, the automotive sunroof market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, Europe is anticipated to acquire the lion’s share with 33.40%. Germany was identified as the largest market and touched a valuation of USD 1,263 million in 2017. The growth can be credited to the soaring demand for high-end vehicles, coupled with the surging consumer preference towards comfort features. This has resulted in the surging adoption of sunroofs in passenger cars. The presence of industry bigshots in the U.K., Germany, and France is benefiting the market growth. Consistent growth in vehicle production is further estimated to boost the market growth in the coming years. Production and sales of SUVs and premium vehicles are further fueling the market in Germany. Germany resonates strong opportunities for growth due to the growing emphasis on the overall appearance of the vehicle by the consumers and mounting demand for comfortable driving.
The market in the Asia Pacific region is likely to expand at a rapid pace due to the soaring production and sales of passenger vehicles. Also, the surging preference for sunroof, especially among the younger generation is likely to trigger the demand from the market in the coming years.
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