The Convertible Roof System Market is projected to grow at a CAGR of 6.77%, from 2018 to 2025, to reach USD 2.11 billion by 2025 from USD 1.33 billion in 2018. The major factors driving the growth of the market include advances in material technology and increasing consumer preference for convertible roof systems. On the other hand, difficulty in meeting government fuel efficiency norms and high costs of regular maintenance may pose challenges to the growth of the convertible roof system market.
The SUV segment is estimated to grow at the fastest pace.
The convertible roof system market for SUVs, by volume, is estimated to grow at the highest rate during the forecast period. The growth of the convertible roof system market can be attributed to the increased production and demand for SUVs across the globe.
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Increasing demand for premium vehicles and comfort features would drive the convertible roof system market in Europe.
Europe is estimated to account for the largest share, by value and volume, of the convertible roof system market in 2018. Also, in terms of growth, the market in the Asia Pacific is projected to grow at the highest CAGR, during the forecast period. Developing economies such as China and India are expected to play a major role in the increase in vehicle production in the region. Also, the increasing installation of convertible roof systems in vehicles such as SUVs and sedans/hatchbacks would drive the demand for convertible roof systems.
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The report profiles all the major players in the convertible roof system market including Webasto (US), Magna International (Canada), Valmet Automotive (Finland), and Aisin Seiki (Japan).
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