Automotive Sunroof Market is Estimated to Witness High Growth Owing to Opportunity of Rising Adoption of Luxury/Premium Vehicles

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Sachin CMI's picture

The automotive sunroof allows natural light and ventilation inside the vehicle. It improves the internal ambience and also adds aesthetics to the vehicle. Sunroofs are being increasingly incorporated in new vehicles, especially luxury and premium segments, as they enhance the overall vehicle appeal. Luxury vehicles tend to have larger panoramic sunroofs compared to other segments.

The global Automotive Sunroof Market is estimated to be valued at US$ 11326.93 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Rising adoption of luxury/premium vehicles represents a key opportunity for the automotive sunroof market. Over the past few years, there has been rising disposable incomes especially in developing nations such as China, India etc. This has boosted the sales of luxury vehicles. According to various reports, luxury vehicle sales in Asia Pacific are expected to grow at a strong pace in the coming years. As luxury vehicles tend to have panoramic and multi-panel sunroofs as standard features, their rising sales will present lucrative growth opportunities for manufacturers in the automotive sunroof market. Manufacturers are expected to strengthen their presence and customization offerings for the luxury vehicle segment in order to capitalize on this growing opportunity.

Porter’s Analysis

Threat of new entrants: The Global Automotive Sunroof Market Size requires large capital investments and established supply chain networks. Brand loyalty can also be a barrier for new companies to enter this competitive space.

Bargaining power of buyers: Automakers and individual buyers have strong bargaining power due to the availability of a wide range of sunroof options from several suppliers. Buyers can negotiate on price and demand value-added features.

Bargaining power of suppliers: Major sunroof manufacturers like Webasto and Magna hold significant bargaining power over automakers due to their technical expertise and economies of scale. Suppliers can influence pricing and quality standards.

Threat of new substitutes: There are limited product alternatives to sunroofs for rooftop openings. However, panoramic roofs and fixed glass roofs can potentially replace sliding and pop-up sunroofs.

Competitive rivalry: The global market is dominated by a few leading suppliers who compete on technology, design, quality, and after-sales support. Price wars and new innovations regularly shape competitive dynamics.

SWOT Analysis

Strength: Strong brand recognition of top players, diversified product portfolios, large global footprint.

Weakness: High R&D and manufacturing costs, vulnerability to economic cycles, competition from cheaper imports.

Opportunity: Growth in premium and luxury vehicles, demand for multifunctional sunroofs, expansion into emerging markets.

Threats: Trade barriers, rising raw material prices, stringent emissions regulations, shift to fully autonomous cars.

Key Takeaways

The global automotive sunroof market is expected to witness high growth over the forecast period of 2023 to 2030, growing at a CAGR of around 10%.

The North American regional market currently holds the largest share of the global automotive sunroof market revenue. Major factors attributing towards the North America's dominance include the presence of major automobile manufacturers and rising demand for luxury and premium vehicles equipped with advanced sunroof technologies in the region. However, Asia Pacific is anticipated to surpass North America and emerge as the fastest growing regional market during the forecast years. China, India, and Japan are identified as the key high growth markets in Asia Pacific owing to the mounting sales of passenger cars and increasing consumer spending on vehicle customization and comfort features.

Key players operating in the automotive sunroof market are Magna International Inc., Webasto Roof Systems Inc., Mitsuba Corporation, Inteva Products (Acquired by CIE Automotive), Johnan America Inc., Aisin Seiki Co. Ltd., ACS France SaS, Yachiyo Industry Co. Ltd., and Inafla Roof Systems. These players are focusing on new product launches, partnerships, and mergers & acquisitions to strengthen their global presence and gain a competitive edge in the market.

For More Insights, Read- https://www.newswirestats.com/automotive-aftermarket-fuel-additives-market-forecast-outlook-trend-2023-2030-2/