growing popularity of suvs is driving the Automotive Sunroof Market
Technavio analyzes that the Automotive Sunroof Market is expected to grow at a CAGR of 11.29% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 11372.4 million.There are various factors that contribute to the growth of the market. The automotive sunroof market is experiencing significant growth, driven primarily by the increasing popularity of Sport Utility Vehicles (SUVs). With consumers showing a preference for these vehicles due to their versatility and enhanced driving experience, sunroofs have become an essential feature in the SUV segment. Manufacturers are responding to this trend by integrating advanced sunroof technologies, such as panoramic and electric sunroofs, to cater to the evolving demands of customers. The sunroof market is poised for continued expansion as the popularity of SUVs continues to rise.
In the luxury automotive market, sunroofs have emerged as a desirable feature in high-end passenger vehicles. Two primary types of sunroofs are gaining popularity: electric and manual. OEMs such as CIE Automotive and Inalfa Roof Systems are key players in this segment, offering advanced solutions like inbuilt sunroofs, spoiler sunroofs, and panoramic sunroofs. The increasing disposposable income of populations in emerging economies and the high net worth of senior citizens in developed countries are fueling the demand for luxury vehicles, which boast a high penetration rate of sophisticated automotive technologies. These innovations, including sunroofs, enhance comfort, safety, and ride quality. OEMs leverage this segment to introduce new technologies, which eventually filter down to mid-size and entry-level vehicle segments due to the low price sensitivity of the target customer base.
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Automotive Sunroof Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Automotive Sunroof Market encompasses various types of sunroofs for Passenger Cars and SUVs, including Inbuilt, Spoiler-type, Panoramic, and Pop-up models. Premium vehicles and Hatchbacks are significant consumers. Original Equipment manufacturers like Glaverbel and Magna Steyr in Graz produce sunroofs for OEMs. Aftermarket sunroofs are also popular. Consumer spending is driven by factors like ventilation, vehicle interiors, and driving experience. Sunroof materials undergo design upgrades and material advancements for weight reduction.
The automotive sunroof market is a significant segment of the larger automotive parts and equipment industry. This market caters to Original Equipment Manufacturers (OEMs) producing sunroofs for passenger cars, premium vehicles, SUVs, and other Internal Combustion Engine (ICE) vehicles. The market size is determined by the combined revenue generated by these manufacturers. Key growth drivers include the increasing demand for advanced sunroof systems in premium vehicles and the expanding SUV market. Electronic components, such as motor controllers and sensors, are increasingly being integrated into sunroofs, further fueling market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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