The convertible roof system market is projected to grow at a CAGR of 6.77%, from 2018 to 2025, to reach a market size of USD 2.11 Billion by 2025 from 1.33 billion in 2018. The major factors driving the growth of the convertible roof system market are the growing demand for premium vehicles and innovations in materials.
Hardtop-A high growth market
The global convertible roof system market, by rooftop type, is expected to be dominated by the soft top segment. Soft tops are mostly preferred by consumers since they offer all-round visibility and maximum ventilation. The hardtop segment is projected to grow at the highest CAGR, during the forecast period, as these systems provide increased structural rigidity over soft tops. Convertible roof system manufacturers have also started working on material technology to reduce fuel consumption and carbon emissions by vehicles. The lightweight technology from Webasto features polyurethane (PU) composite material. The core of the material consists of paper honeycombs which are covered by a mixture of PU and reinforcing fibers. Its further advantages are its excellent 3-D moldability and good acoustic and heat-insulating properties. It also weighs 50% less than steel and, thus, increases the fuel efficiency of vehicles.
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Sedan/Hatchback-Promising segments for convertible roof system manufacturers
Sedan and hatchback cars have been grouped together in this study of the convertible roof system market. This body style segment is the most promising market for convertible roof systems as it is the largest segment of the automotive industry and convertibles roofs are mostly used in these vehicles to provide a stylish look. Automakers provide convertible roof systems in 1 or 2 variants of models based on which the price of the vehicle increases or decreases. For example, in the US, the Audi A5 model has 8 variants but convertible roof systems are offered in only 3 variants.
Europe: Largest market for convertible roof systems
Europe is estimated to account for the largest share, by value and volume, of the convertible roof system market in 2018. In terms of growth, the market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Developing economies such as China and India are expected to play a major role in the increase in vehicle production. Also, the increasing installation of convertible roof systems in vehicles such as sedans/hatchbacks and SUVs driving the market in Asia Pacific.
Key Market Players
The report profiles all the major players in the convertible roof system market including Webasto (US), Magna International (Canada), Valmet Automotive (Finland), and Aisin Seiki (Japan). The report also covers a comprehensive study of the key vendors operating in the convertible roof system market. These vendors have been evaluated by considering various factors such as product developments, R&D expenditure, business strategies, and product revenues.
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