LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive retractable roof top (ARRT) market to grow at a CAGR of almost 10% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ARRT market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers.
The North American and European economies are experiencing growing convertible sales volume, and thus, drives the retractable roof top market. The growing competitiveness in motorsports with growing investments and partnerships among organizations of the motor racing events is further leading to the growing interests in the sports car market. The increased portfolio of convertible offerings by the leading automakers, such as Mercedes-Benz, Mazda Motor Corporation, Audi, BMW, Peugeot, and Volkswagen, in addition to sports car manufacturers are further fueling the retractable roof top market.
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global ARRT market:
Decreasing cost of production and improving reliability leading to increased popularity
The global ARRT market is becoming more popular year-on-year with automakers, increasing the product portfolio of vehicles with retractable roof tops. The roof designs have become much more dynamic and flexible, which is leading to the growing visual appeal of an automobile in the automotive market. There are some driving factors that have led to the growing market penetration of retractable roof tops such as declining cost of production with the advance in technology and increasing reliability.
Praveen Kumar, a lead automotive manufacturing research analyst at Technavio, says, “The competition in the global ARRT market is growing rapidly with system designers and manufacturers developing new technology and using their market expertise and capabilities in the development of convertible roof designs. With the advent of new technology, the cost of retractable roof tops has gone down significantly.”
Electrification of retractable roof top systems leading to superior performance at variable speeds
Since the late 21st century, automotive innovation is primarily driven by government regulations. As the automotive industry is a major contributor to environmental pollution, various governing bodies across the world have directed regulations to make vehicles more safe and efficient in their functionality and purpose.
“The advent of advanced electronic systems in the automotive market is witnessing rapid growth due to automotive industry shifts toward electrification. Also, special features are the only way to showcase product differentiation from the carmaker's perspective,” adds Praveen.
Stringent fuel emission norms pushing adoption of aerodynamics-enhancing system in vehicles
The global automotive industry is now witnessing the implementation of strict rules and regulations, wherein the automotive governing councils and institutions have already laid their regulatory frameworks for automobiles. Regions with developed automotive industries, such as the EU, North America, and Japan, have strict fuel emission norms.
The developed economies are catching up by working on the implementation of strict emission norms in response to the environmental and health concerns. Reducing automotive emissions and the fuel consumption rate are the main objectives behind setting tougher emission norms. The market for automotive active aerodynamics is driven by the implementation of emission norms.
- Magna International
- Inalfa Roof Systems
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