Power Sunroof Market Overview:
The global power sunroof market is ascending continually. The market growth attributes to the development of new and diversified technologies, creating exciting opportunities within the automotive industry. Automotive production has been growing continually with the rising economic growth, population, and vehicle owning capacity worldwide. The demand for sunroof witnessed a spike over the past few years, garnering popularity, especially among youngsters.
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With the ever-increasing population and economic growth, vehicles' demand is increasing, leading to an increase in automobile production. These factors cumulatively escalate market demand. According to Market Research Future (MRFR), the global power sunroof market is estimated to upsurge at 11% CAGR over the forecast period (2017 – 2023). The growing production of customized sunroof tracks is a major trend, creating substantial market demand. Moreover, rapid industrialization and urbanization worldwide escalate the demand for sunroofs.
Additionally, increasing consumer preference for hybrid power, solar power, and alternative fuel vehicles, alongside the rising fuel prices, influences the market growth. Also, rising developments of sunroofs with built-in solar cells that can power the vehicles push the growth of the market. Growing technological advances and increasing demand for luxury cars foster market growth, bringing about customized parts designed as per the customer requirements.
Significant developments in component materials combined with increasing numbers of factory-installed sunroofs positively impact the market demand. Moreover, growing car production increases the demand for sunroofs among OEMs. Simultaneously, increasing research and development initiatives by automotive manufacturers to shift to advantageous locations for production and short-distance supply to reduce the overall costs substantiate the market growth.
On the other hand, challenges associated with the design and manufacturing glass sunroofs are the major factors projected to impede market growth. Also, fluctuating prices and the demand-supply gap related to the raw materials used manufacturing of solar panels hamper the development of the market. Nevertheless, the rising focus of automakers on innovation for their product, offering more efficiency in vehicles, would increase the Power Sunroof Market size throughout the review period.
Global Power Sunroof Market - Segments
The report is segmented into four dynamics;
By Material : Glass and Fabric.
By Sunroof Type : Top-Mount, Panoramic, Solar, and others.
By Vehicles : Sedan/Hatchback, SUV, and others.
By Regions : North America, Europe, APAC, and Rest of the World.
Global Power Sunroof Market - Regional Analysis
Europe dominates the global power sunroof market. The largest market share attributes to the proliferation of electric and hybrid vehicles. Besides, the presence of several notable players drives the power sunroof market in the region. Moreover, rising fuel prices and new emission standards regulated by the government foster the development of the regional market.
Germany accounts for a significant share in the regional market, followed by the U.K. and France, owing to its leading automakers and smart technologies. The European power sunroof market is projected to retain its dominance throughout the estimated period.
The Asia Pacific region stands second in the global power sunroof market. The market growth is propelled by the rapid increase in vehicle applications of power sunroofs and great demand and production of automobiles. Additionally, the development of automotive manufacturing industries in Japan and South Korea, alongside the continued strong support for solar sunroofs, boosts the regional market growth. The APAC power sunroof market is expected to be the fastest-growing region during the forecast period.
Global Power Sunroof Market - Competitive Analysis
Highly competitive, the power sunroof market looks fragmented with the presence of several well-established and notable players. Matured market players incorporate strategic initiatives such as acquisition, collaboration, expansion, and technology launch to gain a competitive advantage.
In a scenario, especially where the fuel prices and electric vehicle prices are exploding, power sunroof is a viable technology to be rolled out on an industrial scale. Industry players strive to find new ways to utilize their expertise in the automotive industry and explore new energy opportunities.
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Players leading the global power sunroof market include Inalfa Roof Systems (Netherlands), Webasto (U.S.), Inteva (U.S.), Aisin Seiki (Japan), Magna International (Canada), Nippon Sheet Glass Co., Ltd (Japan), Yachiyo Industry Company Ltd. (Japan), Automotive Sunroof Company (Canada), BOS (Germany), and Preh
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