According to the new research report titled "Automotive Sunroof Market Forecast to 2027 - COVID-19 Impact and Global Analysis,"published by The Insight Partners, the market is expected to reach US$ 6,120.00 million by 2027, registering a CAGR of 3.2% during 2020-2027.
APAC automotive sunroof market to grow at high CAGR during forecast period
China, India, Japan, South Korea, and the Rest of APAC are among the major contributors to the automotive sunroof market in APAC. The region has a strong automotive sector, which is supported by the growing automotive manufacturing industry in countries such as India, China, and South Korea. Moreover, India, China, South Korea, and Japan are among the leading vehicle manufacturing countries in the world. Therefore, a strong automotive manufacturing sector in these countries is expected to support the growth of the automotive sunroof market in the region in the coming years.
APAC has the presence of a few major automotive manufacturers, such as Hyundai-Kia, Suzuki, Mitsubishi, Tata Motors Limited, Lexus, and Toyota. Moreover, a large number of automotive sunroof makers and suppliers, such as Dongfeng Renault, GAC Toyota, Maruti Suzuki, Mahindra & Mahindra, and Audi, are present in the region. Additionally, the governments of various APAC countries are taking initiatives for the development of the automotive sector the respective countries; for instance, under Union Budget 2019-2020, the government of India announced its plans to set up R&D centers at an expenditure of US$ 388.5 million to enable the automotive sector to meet the global standards. Such government initiatives in different countries are likely to generate huge demand for automotive sunroofs in the region.
China is the largest automotive manufacturing country in the world, and the country reported the production of 21,360,193 vehicles in 2019. The country houses major automotive manufacturers such as SAIC Motor, FAW, Dongfeng, and Chang'an. Moreover, various western automakers are focusing on expanding their business in China to cater to a broader set of audiences. For instance, in March 2018, Webasto opened its 10th factory in China, with an annual production capacity of 1.6 million sunroofs. The suppliers and manufacturers of sunroofs present in the country include Aisin Seiki Foshan Body Parts Co., Ltd., Webasto Ltd., GAC Toyota, Dongfeng Renault, and among others. Therefore, the presence of a strong automotive sector and a large number of automotive sunroof manufacturers and suppliers is expected to support the growth of automotive sunroof market in China in the coming years.
Key findings of the study:
In terms of geography, the global automotive sunroof market was dominated by the European region in 2019, which accounted for almost one-third of the total market owing to a higher demand for sunroof driven automobiles compared to the Asian region in the past decade. Factors such as the more extensive adoption of premium cars, sedans, and SUVs among the European population contribute significantly to the region's more significant market share. They are expected to maintain their market leadership during the coming years. However, from a growth perspective, the Asia Pacific region is expected to witness a lucrative growth rate due to the unprecedented rising popularity of sunroofs among its significantly larger middle-income group across its fast-growing economies.
Globally, the automotive sunroof market is dominated by a handful of prominent international market players collectively dominating the global market revenue as well as the volume of sunroof products featuring several leading automotive brands. For instance, market players such as Webasto, Yachico, CIE Automotive (owns ACS France SAS and Inteva Products LLC), and Inalfa Roof Systems Group B.V among few others account for a significant share of the total market resulting in a consolidated automotive sunroof market.
Unlike slide-in and slide-out, the panoramic sunroofs are relatively new owing to their advanced features and multi-panel systems which contributed significantly to their rising popularity especially in the past few years. The panoramic sunroofs generally feature multiple panel that covers larger portion of the sunroofs compared to the slide-in and slide -out sunroofs. As a result, despite a costlier sunroof product type the panoramic sunroof continue to gain prominence among various customer and automotive brands driving their sales volume during the forecast period and is expected to witness the fastest CAGR growth rate between 2020 and 2027 for both revenue and volume.
