The global Automotive Sunroof Market is estimated to be valued at US$ 9,361.1 Mn In 2021 and is expected to exhibit a CAGR of 10.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive sunroof refers to a panel or opening on the roof of a vehicle that allows natural light and fresh air into the cabin. It can either be a manually operated or electronically controlled system. The market for automotive sunroof is witnessing significant growth due to the increasing demand for luxury and premium vehicles. Automotive sunroofs not only enhance the aesthetic appeal of the vehicle but also provide a more enjoyable and comfortable driving experience for the passengers. Additionally, the growing consumer preference for additional features in vehicles and advancements in sunroof technologies are driving the market growth.
Market Key Trends:
One key trend in the Automotive Sunroof Market is the increasing adoption of panoramic sunroofs. Panoramic sunroofs provide a larger opening and a wider view of the sky, creating a more spacious and open feel inside the vehicle. They are typically made of multiple glass panels and are becoming increasingly popular in luxury and premium vehicles. The panoramic sunroof market is driven by factors such as the rising demand for aesthetics, the desire for a more open driving experience, and the growing trend of vehicle personalization. Moreover, advancements in manufacturing technologies have made panoramic sunroofs more affordable and accessible to a wider consumer base.
Overall, the global automotive sunroof market is expected to witness high growth due to the increasing demand for luxury and premium vehicles, and the rising adoption of panoramic sunroofs. This market offers significant opportunities for manufacturers to innovate and cater to the evolving consumer preferences in terms of aesthetics, functionality, and cost-effectiveness.
PEST Analysis:
Political: The political factors influencing the automotive sunroof market include government regulations and policies related to vehicle safety, emissions, and consumer protection. Governments around the world are implementing stricter regulations to improve vehicle safety standards, which could drive the demand for automotive sunroofs.
Economic: The economic factors impacting the market include GDP growth, disposable income, and consumer spending patterns. As the global economy continues to recover from the effects of the COVID-19 pandemic, consumer spending on luxury and premium vehicles, which often feature sunroofs as a desirable feature, is expected to increase.
Social: The social factors influencing the market include changing consumer preferences and lifestyle choices. Consumers are increasingly seeking vehicles that offer a comfortable driving experience and a sense of openness. Sunroofs provide a way to enhance this experience, leading to a growing demand for vehicles with sunroof options.
Technological: The technological factors impacting the automotive sunroof market include advancements in glass technology, motorization, and control systems. Innovative features such as panoramic sunroofs, integrated sunshade systems, and smart sunroofs with sensors and automatic weather control are driving the adoption of sunroofs in vehicles.
Key Takeaways:
The global automotive sunroof market is expected to witness high growth, exhibiting a CAGR of 10.0% over the forecast period of 2022-2030. This growth is primarily attributed to the increasing demand for vehicles with sunroofs, driven by factors such as rising disposable incomes, changing consumer preferences, and advancements in technology.
Regionally, Asia Pacific is projected to be the fastest-growing and dominating region in the automotive sunroof market. The growing economies, rising urbanization, and increasing purchasing power of consumers in countries like China and India are driving the demand for premium vehicles with sunroofs.
Key players operating in the automotive sunroof market include Magna International Inc., Webasto Roof Systems Inc., Mitsuba Corporation, Inteva Products (Acquired by CIE Automotive), Johnan America Inc., Aisin Seiki Co. Ltd., ACS France SaS, Yachiyo Industry Co. Ltd., and Inalfa Roof Systems. These companies are actively engaged in research and development activities to introduce innovative sunroof solutions and gain a competitive edge in the market.
