Convertible Roof System Market - Global Forecast to 2025
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 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.
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The convertible roof system market is dominated by global players and a few regional players. Some of the key players in this market are Webasto (US), Magna International (Canada), Valmet Automotive (Finland), and Aisin Seiki (Japan).
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.
The luxury vehicles segment of the convertible roof system market is expected to grow at the highest CAGR, during the forecast period, as the current demand for luxury cars is high in countries such as Germany, Italy, the UK, Spain, and France. Moreover, Germany is a hub for technological innovations, leading to the substantial growth of the luxury vehicles market.
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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