The global automotive sunroof market was valued at $4.9 billion in 2015 and is forecast to reach $10.1 billion by 2022, witnessing a CAGR of 10.9% during 2016–2022.
Among all regions, Europe held the largest automotive sunroof market share, of more than 35.0%, in 2015, and it was followed by Asia-Pacific (APAC) and North America. The European market’s growth is propelled by the technological advancements in the automotive industry and increasing concern over carbon emissions.
Factors Governing Automotive Sunroof Market
The key trend being witnessed in the automotive sunroof industry is the development of sunroofs with built-in solar cells. Due to the increase in the number of people owning a vehicle, the global automotive sunroof market is witnessing a major boost. The increasing demand for alternative-fuel vehicles has forced automotive innovators to develop sunroofs with built-in solar cells, which provide power to the vehicles. As the preference for cars with a sunroof has been a major trend since the last few years, the car manufacturers are integrating optional or built-in sunroofs into medium- and premium-range cars.
The growing demand for premium cars is boosting the automotive sunroof market across the globe. The demand for premium cars has increased at an impressive rate in the last decade; the demand rose by over 26%, annually, in the Chinese passenger vehicle market during the same period. Sales of premium cars in China reached 1.25 million in 2012, making it the second biggest market in the world, after the U.S. Premium cars accounted for 9% of all passenger car sales in China in 2012, surpassing Japan (4%) and South Korea (6%).
Consumers’ evolving needs, with respect to premium cars, include the increasing preference for value-added services, sunroofs being one of those. The premium car market has grown more competitive because of the entry of new premium carmakers, and the higher sales targets set by the leading premium car brands. These moves reflect a clear strategic decision to embrace the “new mainstream” consumers as potential markets, by offering additional add-ons. Thus, the increasing demand for premium cars is boosting the automotive sunroof market growth.
Structural Analysis of Automotive Sunroof Market
When segmented on the basis of material type, the glass sunroof category was the larger contributor to the automotive sunroof market in 2015, and it is also expected to witness the faster growth during the forecast period.
Based on vehicle type, the automotive sunroof market generated the highest revenue from premium cars, followed by sports utility vehicles (SUV), in 2015. Over the last few years, the worldwide demand for premium cars has increased substantially, mainly triggered by the strong demand for premium vehicles in China, which, at the moment, is the main battlefield for premium automotive original equipment manufacturers (OEM). The Chinese premium car market grew by 400%, from 2008 to 2012, reaching 1.3 million units in 2012.
Geographical Analysis of Automotive Sunroof Market
In 2015, Europe was the largest automotive sunroof market, with developed countries, such as Germany, the U.K., France, Italy, and Spain, as the major individual markets. Europe is home to one of the largest automotive industries across the world. Its sunroof market growth is boosted by the technological advancements in the automotive industry and growing concern over carbon emissions. The strict environmental and carbon emission laws in the European Union (EU) have boosted the demand for electric and hybrid vehicles. The market for automotive sunroofs in Europe is being driven by the growing sales of alternative-fuel vehicles, which are eco-friendly. The vehicle innovators are inventing sunroofs with built-in solar cells that provide power to vehicles.
Competitive Landscape of Automotive Sunroof Market
Some of the major players operating in the automotive sunroof market are Webasto SE, Inalfa Roof Systems Group B.V, Inteva Products LLC, Aisin Seiki Co. Ltd., Meritor Inc., Corning Inc., Yachiyo Industry Co. Ltd., Nippon Sheet Glass Co. Ltd., Automotive Sunroof Company, and Johnan America Inc.
Recent Strategic Developments of Major Automotive Sunroof Market Players
The players in the automotive sunroof market have taken numerous strategic measures to gain a competitive edge in the industry. For instance, in May 2016, Inteva Products LLC announced the inauguration of a new facility in Oradea, Romania. The new manufacturing site produces roof system components for Inteva’s European customers. This is Inteva’s second manufacturing facility in Romania, with which the company has expanded its footprint in Romania and other Eastern European countries.
Key Questions Addressed/Answered in the Report
What is the current scenario of the automotive sunroof market?
What are the historical and present sizes of the categories within the market segments and their future potential?
What are the major catalysts for the market and their expected impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
Which are the key regions from the investment perspective?
What are the key strategies being adopted by the major players to expand their market share?