Convertible Roof System Market Size, Share & Industry Analysis, By Rooftop Type (Hardtop, Soft Top), By Material Type (Aluminum., Carbon Fibre., PVC.), By Body Type (Sedan., Sport Utility Vehicle. (SUV), Roadster.), By Vehicle Class (Luxury Vehicles., Semi-Luxury Vehicles.) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
The convertible roof system is implemented in luxury vehicles to provide comfort, composed of convertible parts. It also enables the cars to switch between the open and closed rooftop as per the necessity. These rooftops can be converted either electronically or manually. It is widely used to provide the vehicle a classic as well as sporty design. Convertible rooftops are generally made of aluminum, PVC, and carbon fiber due to their lightweight and high durability.
The rapid rise in material technology, development in lightweight convertible tops, and rise in demand for luxury vehicles are some of the major factors driving the growth of the market. Additionally, the increasing penetration of SUVs in emerging countries will boost the growth of the market. However, factors such as the low adoption of convertible rooftops in mid-range vehicles, the introduction of panoramic sunroofs, and the high cost associated with the system are expected to hamper the growth of the market.
Key Market Driver -
The rapid rise in material technology, development in lightweight convertible tops and rise in demand of luxury vehicles are some of the major factors driving the growth of the market.
Key Market Restraint -
The factors such as low adoption of convertible rooftops in mid ranged vehicles, introduction of panoramic sunroofs are expected to hamper the growth of the market.
Market Segmentation:
The global convertible roof system market is segmented by material type, body type, rooftop type, vehicle class, and geography. Based on material type, the market is segmented into aluminum, carbon fiber, and PVC. The PVC segment accounted for the largest share of the market in 2020. Features such as comparatively high durability, corrosion-free, improved rigidity, and lighter weight of PVC are expected to drive the growth of the segment. Based on body type, the market is segmented into sedan, sport utility vehicle (SUV), and roadster. The sedan segment is expected to dominate the market during the forecast period. Factors such as the rise in trend of hatchback body types in developing countries such as Brazil, China, and India and increased sales of luxury vehicles are expected to drive the growth of the segment. Based on vehicle class, the market is segmented into luxury vehicles and semi-luxury vehicles. The luxury vehicles segment held the largest share of the market in 2020. Factors such as the rise in demand for luxury vehicles in the countries such as the UK, Spain, France, and Germany with increased disposable income of the consumers will drive the growth of this segment. By rooftop type, the market is segmented into hardtop and soft top. The hardtop segment held the largest share of the market in 2020 as they are more solid, durable, and can withstand considerable damage without requiring much maintenance.
Key Players:
Major players operating in the global convertible roof system market include Buhler AG, Agrati-AEE Srl, Dynacast, Italpresse Gauss, Idra srl, Toshiba Machine Co., Ltd, Oskar Frech GmbH +Co. KG, UBE, Toyo Machinery & Metal Co., Ltd, and Zitai Precision Machinery Co., Ltd., among others.
Key Insights
- New Advancements in Convertible Roof System Market.
- Number of Products, Key Countries, 2020
- New Product Launches, Key Players
Regional Analysis:
Geographically, the global convertible roof system market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe held the largest share of the market in 2020. The rise in sales of luxury cars in the region and the trend of providing several optional features for increased comfort and a better driving experience is expected to drive the growth of the market in this region. Asia Pacific is anticipated to show significant growth in the market during the forecast period. Factors such as the rise in demand for premium vehicles and increased adoption of hatchbacks body types in luxury vehicles are expected to drive the growth of the market in this region. North America will exhibit rapid growth in the market during the forecast period. Increased demand for lightweight convertible tops, rise in demand for aesthetic luxury vehicles in the region and increased disposable income of the consumers are expected to drive the growth of the market.
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Segmentation
ATTRIBUTES | DETAILS |
By Rooftop Type |
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By Material Type |
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By Body Type |
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By Vehicle Class |
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By Geography |
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- Ongoing
- 2023
- 2019-2022
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