Automotive Sunroofs Market Size to Escalate at the Healthy CAGR during 2016 - 2024

As stated by Transparency Market Research in a recent research report, the competitive scenario in the global automotive sunroofs market is expected to remain medium to high over the coming years. The leaders of the market will still have to compete with the large number of local players in order to improve their net worth. The global automotive sunroofs market was calculated to be valued at US$4.79 bn by the end of 2016 and is expected to reach US$11.4 bn by 2024, after expanding at a CAGR of 11.5% within a forecast period from 2016 to 2024.

Modern Sunroofs Meet Dual Requirement of Safety and Comfort

“One of the key factors currently driving the global automotive sunroofs market is the increasing demand by consumers for their cars to be safe as well as comfortable. The use of sunroofs has increased significantly over the past few years due to these demands. Consumers are increasingly demanding luxury cars with built-in sunroof features thanks to increasing disposable incomes and exposure to an increasing number of automotive companies. In terms of safety, modern sunroofs can come with the smart glass, which are not only lightweight and can increase the fuel efficiency and reduce power consumption of a vehicle,” states a TMR analyst.

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Another factor expected to drive the global automotive sunroofs market over the coming years is the growing demand for high-end luxury cars, especially from emerging economies. Audi, BMW, Mercedes and the likes are gearing up to be a larger part of the automotive boom in Asia Pacific, where increasing disposable incomes is allowing a large number of consumers to reach for high-end vehicles that can come with sunroofs.

High Susceptibility to Crushing and Increased Automobile Maintenance Costs Deter Buyers

One of the leading factors currently restraining the global automotive sunroofs market is the surprisingly common issue of sunroofs getting crushed. Low-end sunroofs are highly prone to getting crushed in the event of accidents – even minor ones – due to their lower elasticity as compared to plastics or metals. They are also prone to crushing due to bad weather such as storms or hail or even the falling of debris. These safety risks are creating a relatively high negative outlook of consumers against sunroofs for medium or low-end cars, considerably reducing the scope of growth of the global automotive sunroofs market. Additionally, the global automotive sunroofs market is also being restrained by the increase in maintenance costs of cars with sunroofs.

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“Top opportunities for existing players in the global automotive sunroofs market lie in the growing demand for electric and hybrid vehicles. The idea of a sunroof improving the fuel efficiency of a car and helping to manage internal temperatures is creating a high level of appeal among environment conscious consumers, thereby creating the possibility of a higher growth rate for the global automotive sunroofs market in the near future,” adds the analyst.

Nearly 25.5% of the global automotive sunroofs market in 2015 was taken up by the four leading players at the time. Aisin Seiki Co. Ltd., Inalfa Roof Systems Group B.V., and Inteva Products, Inc., held the larger shares in an otherwise extremely fragmented market.

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This release was published on openPR.