Asia-Pacific Automotive Sunroof Market to Grow at 12.9% CAGR Through 2025 - Allied Market Research
PORTLAND, Oregon, September 4, 2018 /PRNewswire/ --
Supportive government initiatives to promote environment friendly products and rise in demand for sunroof vehicles in emerging economies would spur growth of the Asia-Pacific automotive sunroof market.
Allied Market Research published a report, titled, Automotive Sunroof Market by Material Type (Glass {Tilt & Slide Sunroof, Panoramic Sunroof, Solar Sunroof, and Pop-up Sunroof} and Fabric) and Vehicle Type (Gasoline Powered Vehicle {Hatchback, Sedan, and Sport Utility Vehicle (SUV)} and Electric Powered Vehicle {Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Vehicle (PHEV)}: Global Opportunity Analysis and Industry Forecast, 2018-2025. The report offers insights on competitive landscape, impact analysis, Porter's five forces analysis, key segments, country-wise analysis, and recent developments of key manufacturers. The report forecasts the global automotive sunroof market to reach $13.5 billion by 2025 from $6.3 billion in 2017, registering a CAGR of 9.7% from 2018 to 2025.
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Growing demand for safety, convenience, and comfort coupled with innovations in glass technology have propelled the growth of the industry. In addition, burgeoning need to enhance the aesthetic value of glass surfaces in automobiles and growing preference for sunroof vehicles across developing countries have supplemented the market growth. On the other hand, high maintenance cost, less demand in low-cost vehicles segment, and increase in accidents of sunroofs shattering would restrain growth the market growth. However, surge in sales of automotive vehicles and increase in penetration of solar sunroofs in electric vehicles would create lucrative opportunities in the future.
Glass to dominate, fabric to grow rapidly
Among glass and fabric sunroofs, the former contributed nearly 95% of the total market share in 2017, and is expected to maintain its dominance by the end of 2025. However, the latter would supersede the glass segment in terms of growth rate, registering the fastest CAGR of 14.2% from 2018 to 2025.
Gasoline-powered vehicles accounted 90% of share in 2017
Gasoline-powered vehicle accounted for nearly 90% of the total market share in 2017 and would remain dominant through 2025. In terms of growth rate, the electric-powered vehicle is projected to register the highest CAGR of 12.3% during the forecast period.
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Asia-Pacific to gallop the fastest by 2025
Geographically, the report divides the global automotive sunroof market into North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The European region contributed more than one-third of the market share in 2017. However, Asia-Pacific region is expected to grow at the fastest CAGR of 12.9% from 2018 to 2025, owing to supportive government initiatives to promote eco-friendly products and rise in demand for sunroof vehicles.
Key leaders of the industry
The key market players active in the global automotive sunroof market include Aisin Seiki Co., Ltd., Webasto Roof Systems, Inc., Inalfa Roof Systems Group B.V., Johnan America, Inc., Inteva Products, LLC., CIE Automotive, Yachiyo Industry Co., Ltd., Automotive Sunroof Company, Inc., BOS GmbH & Co. KG, and Magna International, Inc. Several strategies including partnerships, new product launches, mergers & acquisitions, joint ventures, collaborations, and others have been implemented to sustain their position in the industry.
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