Convertible Vehicles: Introduction
- A convertible vehicle is a passenger vehicle that has a retractable roof. It can be driven with or without the roof and it houses a folding mechanism for retracting the roof cloth.
Key Drivers and Restraints of Global Convertible Vehicles Market
- Rise in the demand of luxury and ultra-luxury vehicles boosts the global convertible vehicles market. Revival of economy and rise in the consumer purchase parity have significantly improved sales of luxury vehicles over the last few years. This factor is anticipated to drive the global convertible vehicles market during the forecast period.
- Growth of the automotive industry in Asia Pacific and Latin America and rising demand for luxury vehicles among youngsters are estimated to boost the convertible vehicles market in these regions during the forecast period
- Earlier, convertibles and luxury vehicles were manufactured primarily in Europe and North America. The onset of domestic production and local assembly of convertibles in various countries has lowered taxes, charges, and production cost. It has also helped increase sales of vehicles, thereby driving the global convertible vehicles market.
- The structure of a convertible compromises on the structural rigidity of the vehicle and significant modifications and design engineering is required to counteract the absence of a rigid roof
Fully Electric Vehicle Segment to Register Maximum Growth Rate
- The growing stringency of regulations on emissions and rising consumer awareness about adoption of eco-friendly vehicles are anticipated to drive the demand for fully electric convertible vehicles in the near future. Automakers such as BMW AG have introduced a convertible model of electric BMW i8. The upcoming 2020 Model S Tesla Roadster is also a convertible four seater. Other renowned automakers such as Mini Cooper have also introduced fully electric options in its convertible variants.
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Retractable Hardtops Witnessing High Demand
- Retractable hardtops are witnessing high demand owing to their robust design. The 2019 BMW 4 series with a retractable hardtop splits in three pieces with a power assist feature to allow easy access to luggage. Other convertibles with retractable hardtops introduced in 2019 are Mercedes-Benz SL and Mercedes-Benz SLC. The detachable hardtops segment holds a considerable share of the global convertible vehicles market. Detachable hardtops allow roof panels to be dismantled and retracted from the vehicle structure and allow a wider open area.
Roadsters Segment Holds a Major Share of Global Convertible Vehicles Market
- The roadsters (two-seaters) segment holds a major share of the global convertible vehicles market. However, four-seaters are gaining more popularity and a large number of automakers, such as BMW, Mercedes, and General Motors, have started offering four-seater convertibles. Semi-convertibles are anticipated to witness rise in the demand as they have a robust design that offers better structural rigidity along with the luxury of open rooftop. Growing focus on safer vehicles and rising consumer awareness about safety is are expected to boost the demand for semi-convertible vehicles during the forecast period.
Europe and North America to Lead Global Convertible Vehicles Market
- In terms of region, the global convertible vehicles market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe and North America hold a major share of the global convertible vehicles market, owing to high purchasing power of consumers and presence of suitable climatic conditions. Asia Pacific and Latin America are slowly gaining market share in the global convertible vehicles market, with increasing demand for luxury vehicles among consumers in these regions.
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Key Manufacturers Operating in Global Market
The global convertible vehicles market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- BMW AG
- Daimler AG
- Ford Motor Company
- Jaguar Land Rover Limited
- Porsche AG
- FCA Italy S.p.A.
- General Motors Company
Global Convertible Vehicles Market, by Drive Type
- IC Engine
- Fully Electric
Global Convertible Vehicles Market, by Roof Type
- Detachable Hardtop
- Retractable Hardtop
Global Convertible Vehicles Market, by Vehicle Type
- Roasters (Two-seaters)
- Four-door Convertibles
Global Convertible Vehicles Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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