LONDON--(BUSINESS WIRE)--The global automotive convertible roof system market size is expected to grow by USD 571.55 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The demand for utility vehicles including SUVs and crossover vehicles has increased considerably in recent years. Popular OEMs in the large SUV category are offering convertible roof as a standard or optional fitment. In addition, the growing demand for an open-air driving experience among consumers is also fostering the demand for utility vehicles. The aftermarket fitment of automotive convertible roof systems in SUVs including crossover and pickup trucks is also driving market growth. Thus, the growing demand for convertible feature in modern utility vehicles is anticipated to drive the automotive convertible roof system market growth during the forecast period.
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As per Technavio, the development of an innovative panel convertible top will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Convertible Roof System Market: Development of an Innovative Panel Convertible Top
Automakers across the globe are developing and testing advanced technologies for improving the performance of convertible cars. Some of the leading OEMs are developing innovative lightweight convertible panel tops made of magnesium. These convertible roof systems give complete insulation to the occupants when the roof is closed. In addition, the deployment of lightweight convertible roof systems in convertible cars also enhances their performance and visual aesthetics. Thus, the development of innovative panel convertible tops will drive the market growth during the forecast period.
“Growing popularity of convertible roof systems in EVs and the availability of care and protection products for convertible roof system are some other factors that are expected to boost the automotive convertible roof system market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Convertible Roof System Market: Segmentation Analysis
This market research report segments the automotive convertible roof system market by vehicle type (luxury cars and semi-luxury cars), and roof type (soft top and hard top) and geography (APAC, Europe, MEA, North America, and South America).
Europe led the market in 2019, followed by North America, APAC, South America, and MEA respectively due to the increasing demand for luxury cars in Germany, France, Italy, Spain, and the UK.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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