The Global Convertible Roof System Market is projected to grow at a CAGR of 6.77%, to reach $2.11 Billion by 2025.
The increasing demand for vehicle aesthetics and innovations in material technology have boosted the demand for convertible roof systems. The convertible roof system market is estimated to witness high growth in developing countries such as Mexico, India, and China. The market growth in these countries can be attributed to a significant increase in the sales of sedan/hatchbacks and SUVs.
The convertible roof system markets in the Asia Pacific and North America are expected to witness significant growth during the forecast period. The market growth in these regions can be attributed to an increase in the demand for luxury vehicles and growing consumer purchasing power. Europe is estimated to account for the largest share of the convertible roof system market, followed by North America, Asia Pacific, and the rest of the world (RoW). The US is estimated to have the largest share of the convertible roof system market globally.
The convertible roof system market ecosystem consists of manufacturers such as Webasto (US), Magna International (Canada), and Valmet Automotive (Finland). Convertible roof systems are supplied to major OEMs in the automotive industry, including Toyota (Japan), General Motors (US), and Honda (Japan).
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The sedan/hatchback car segment is estimated to account for the largest share of the market, in terms of volume. The increasing demand for luxury vehicles will contribute to the growth of the market for sedan/hatchback cars. In the current automotive market, hatchbacks are a popular body type in developing countries such as China, Brazil, and India. The use of SUVs is continuously increasing, especially in the US.
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-around 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 fibres. 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.
Europe is estimated to be the largest market because of the trend of integrating additional features for enhancing comfort and driving experience and the increase in premium vehicle sales. Additionally, the region is a hub for automotive giants and premium vehicles. Germany houses the largest automotive industry in Europe and is home to major automobile manufacturers such as Volkswagen, BMW, Audi, and Daimler.
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