(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Nov. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Automotive Sunroof market will attain the value of USD 13.40 Billion by 2031, with a CAGR of 13.4% during the forecast period (2024-2031). Panoramic solar roofs are becoming increasingly popular in vehicles. Another important popular feature of the enhanced driving experience is the spacious feel of the cabin with a panoramic sunroof that offers expansive and unobstructed views of the skyline and solar roof technology. Download a detailed overview:
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Automotive Sunroof Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 5.64 Billion |
| Estimated Value by 2031 | USD 13.40 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Material, Vehicle and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Demand for Electric Vehicles (EVs) |
| Key Market Drivers | Rising Consumer Preference for Premium Features |
Glass Segment to Dominate Due to its Advanced Traits and Customer Preference
The glass segment dominated the market share in 2023, capturing a substantial market share of 63.5%. This phase is expected to maintain its lead, projected to reach a valuation of USD 15.63 billion via 2032. Glass dominates the market, preferred for its advanced traits and customer preference. Glass sunroofs decorate the riding enjoy via imparting an unobstructed view and a spacious experience in the car. Their clarity and sleekness lend a luxurious touch to the car's interior.
Fiber Segment is Growing Due to Increasing Electric Vehicle (EV) Performance
The fiber segment plays an important role in the automotive sunroof market forecast, especially in the manufacture of sunroof materials and designs. Fiber-based materials such as fiberglass and carbon fiber are increasingly being used in solar roof frames. The fiber structure is lightweight yet strong, making it ideal for reducing weight in all types of vehicles. This is especially important for improving fuel efficiency and increasing electric vehicle (EV) performance. The lightweight sunroof panels and fiber frames contribute to the car's efficiency without compromising the integrity of the structure. Fiber materials such as carbon fiber and fiberglass offer the highest strength and durability compared to traditional materials such as steel or aluminum. This makes fiber sunroofs more environmentally resilient, reduces fouling and lasts longer.
North America to Dominate Owing to Enabling Efficient Manufacturing
North America dominates the global automotive sunroof market forecast with revenues of about $1.4 billion in 2023 and about $2.5 billion in 2032. Major manufacturers are in the US, and many vehicles are built with advanced solar roof technology. American consumers need luxury features in their cars, including sunroofs, on-demand driving. U.S. is also a hub for automotive innovation, focusing on the latest solar parking technology. Domestic infrastructure development and efficient supply chain support the market by enabling efficient manufacturing and distribution of solar roofing products.
Asia-Pacific has the largest share in the global automotive sunroof industry owing to the presence of leading automakers, such as Hyundai-Kia, Suzuki, Mitsubishi, Tata Motors Ltd, Lexus and Toyota demand, are some of the major suppliers. Moreover, governments across Asia-Pacific are taking steps to develop the automotive industry, which in turn will boost the corresponding markets. Several government initiatives to increase adoption of electric vehicles and Jan Khanda vehicles offering sunroofs as an increasing option are responsible for the high demand for sunscreens.
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Drivers
Rising Consumer Preference for Premium Features Increased Adoption in Mid-Range Vehicles Technological Advancements in Sunroof Design
Restraints
High Cost of Installation and Maintenance Potential Safety and Structural Concerns Water Leakage and Operational Issues
Prominent Players in Automotive Sunroof Market
The following are the Top Automotive Sunroof Companies
Webasto Group Aisin Corporation Inalfa Roof Systems Yachiyo Industry Inteva Products Yutian Gaunjia (Mobitech) Magna International CIE Automotive BOS GMBH & CO. KG Signature Automotive Products
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Key Questions Answered in Automotive Sunroof Market Report
What is the market share? What are the key restraints of market size? Which is the dominating region in the market? Which is the fastest growing region in the market?
This report provides the following insights:
Analysis of key drivers (rising consumer preference for premium features, increased adoption in mid-range vehicles), restraints (high cost of installation and maintenance, potential safety and structural concerns), opportunities (growing demand for electric vehicles) influencing the growth of automotive sunroof market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the automotive sunroof market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the automotive sunroof market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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