The global automotive roof systems market is expected to grow at a CAGR of above 3% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global automotive roof system market 2017-2021 under their automotive library. (Graphic: Business Wire)
Global automotive roof systems market segmentation by product type and geography
Technavio’s report on the global automotive roof systems market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by product type, including hard top and soft top. As projected in 2016, around 99% of the market share originated from hard top.
Hard top roofs are made of the same material as other parts of BIW which makes it easy to handle at varying temperature coefficients. Manufacturers are developing lightweight materials such as aluminum due to the increasing need for lighter vehicles. The use of hard top has decreased in retractable roof systems, but innovations in the automotive materials market would bring back the hard top roof system for convertible vehicles as well.
Based on geography, the global automotive roof systems market have been segmented into the Americas, APAC, and EMEA. As of 2016, 60% of the market share came from APAC. In countries such as China and India, promising economic growth potential is boosting the number of market opportunities for passenger cars, thereby attracting global automobile manufacturers to this region.
“Players in the market are investing in technology and modern mass production systems. Due to rapid growth in this region, the per-capita income has drastically risen over the past couple of years, which has increased the purchasing power of consumers leading to higher automobile sales,” says Amey Vikram, a lead analyst at Technavio for automotive components research.
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Automotive roof systems market: competitive vendor landscape
The global automotive roof systems market consists of some well-known and established players. To broaden the functionality and capabilities of the vehicle, the vendors in the market are leveraging the latest technologies. Due to the growing demand for high-performance vehicles, the competitive environment in this market is likely to intensify. The growing integration of luxury characteristics with performance parameters to improve the overall in-car experience has led to the growth of the global automotive roof systems market. In addition, the increasing socio-economic conditions of several nations with an improved road network is driving the growth of the market.
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Other topics covered in the report:
Market drivers:
- Decreasing production cost of retractable rooftops
- Increasing automotive sales
Market challenges:
- Increasing margin pressure on automotive OEMs
- High cost of automotive electronic devices
Market trends:
- New technology for faster operation
- Integration of composite materials to increase operability at high speed
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