The global automotive sunroof market was valued at $4,924.5 million in 2015, and it is expected to grow at a CAGR of 10.9% during 2016 – 2022. The factors driving the growth of the global market includes growing need to control light inside vehicle, growing demand for premium cars, and greater glass surface area in automobiles, including larger sunroofs. Additionally, the development of technology for reducing cost and expanding functionality of sunroof glasses and increasing consumer preference towards automotive sunroof vehicles in developing nations are expected to further propel the global demand of automotive sunroof.
Automotive sunroof refers to any roof opening in vehicle, such as one with a retractable metal panel. Modern sunroof consists of around 200 parts, and vehicle maker now use them and other roof system to help differentiate product offering to customers. Consumers now expect an increasingly high level of comfort in their cars, particularly where air conditioning and sun roof are concerned. Such equipment is no longer the exclusive domain of luxury cars. As the market is becoming increasingly competitive, vehicle makers are using sunroofs and other roof systems to help differentiate the product offering to customers. The demand for sunroof as an after sales market has also contributed to the growth of the global automotive sunroof market. The growing alternative fuel vehicle segments have forced the automotive innovators to develop sunroofs with built-in solar cells, which provide power to vehicles. The preference of car involving a sunroof is a major trend witnessed in the automotive sunroof market during the last few years.
In 2015, Europe held the largest share in the global automotive sunroof market. The automotive sunroof market in the region is anticipated to grow significantly during the forecast period. The major reasons behind the growth of the automotive sunroof market are strict environment regulations, increasing demand for electric vehicles, and growing need to control light inside vehicle. Asia-Pacific held the second largest share in the global market and it is also expected to witness the fastest growth during the forecast period. The demand for automotive sunroof in Asia-Pacific is expected to increase rapidly, owing to growing base of automotive industry, and increasing demand for luxurious and premium cars. Moreover, the governments of emerging economies of China, India, South Korea, and Thailand are providing incentives and industry friendly environment, which is attracting huge investment from automotive manufacturer for setting up new manufacturing plants in the region.
Some of the major companies operating in the global automotive sunroof market include Webasto SE, Johnan America, Inc., Automotive Sunroof Company, Nippon Sheet Glass Co. Ltd., Yachiyo Industry Co., Ltd., Corning Inc., Meritor Inc., Aisin Seiki Co., Ltd., Inteva Products, LLC, and Inalfa Roof Systems Group B.V.
News Courtesy: P&S Market Research