The growing trend of concept cars taking on new styling cues is likely to upswing Automotive Sunroof Market. Increasing disposable income of consumers has led to a rise in the purchase power parity, allowing customers to afford luxury cars. Escalating demand for high-end luxury and growing popularity of customized cars with sunroofs is boosting the growth of automotive sunroof industry. As per a report by Global Market Insights, Inc., “Automotive sunroof market is set to witness an annual growth rate of 9.8% over the period of 2015-2022.”
Owing to the growing demand of the product, the automakers are providing the customers with two choices of sun roofing as optional or inbuilt systems for a mid-range or premium range vehicle. Inbuilt glass automotive sunroof industry is estimated to record a CAGR of 7.5% over the period of 2015-2022. Growing aftermarket demand for sunroofs is also positively influencing the market trends.
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Asia Pacific industry is likely to witness a significant surge, owing to changing consumer preferences and rising demand for glass sunroofs. APAC glass sunroof market is expected to grow at a rate of 11% over the period of 2015-2022.
On the product front, the automotive sunroof industry is segmented into glass and fabric type sunroofs. Glass sunroof market is poised to witness a remarkable growth by dominating the product landscape of automotive sunroof industry. Rising preference of the OEMs to achieve high product quality along with safety will spur the industry over the coming five years. Panoramic sunroofs, a sub-type of the glass sunroofs, will also witness high demand. Panoramic sunroof market is projected to grow at a rate of 15% over the period of 2015-2022. Rising demand for foldable models or rag-tops in North America and Europe is the primary factor driving the fabric automotive sunroof industry.
Europe automotive sunroof market dominated the regional landscape in 2014 and is likely to continue its dominance over the coming five years. The growth is subject to significant sales of high-end luxury cars, with UK and Germany being the prominent contributors.
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Leading companies are likely to adopt changing sunroof material trends with intensive R&D activities for product innovation to meet consumer expectations. Key players are tying up with the major automotive OEMs in order to hold their global presence. Manufactures are focusing more in fitting sunroofs for economy class cars, which was earlier limited mostly to high-end luxury cars. Inalfa Roofing Systems, Webasto, and Inteva are the prominent industry participants accumulating significant automotive sunroof market share.
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