February 23, 2024
Automotive Aftermarket Fuel Additives Market

Automotive Sunroof Market Is Driven By Increasing Consumer Preference For Luxury Features

The automotive sunroof market comprises sliding sunroofs, pop-up sunroofs, and panoramic sunroofs that allow natural light inside vehicles and enhance the internal ambience. Sunroofs add to the style statement and luxury quotient of vehicles. The rising disposable incomes have increased the affordability of vehicles with premium features. Additionally, changing consumer preferences are driving the demand for upmarket interior designs and technologies in vehicles. Manufacturers are increasingly offering sunroofs as standard fittings across various vehicle segments to appeal to consumers.

The global automotive sunroof market is estimated to be valued at US$ 11326.93 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends witnessed in the Global Automotive Sunroof Market Size is the growing popularity of panoramic sunroofs. Panoramic sunroofs offer a larger opening roof area compared to standard or multi-panel sunroofs. They provide an indoor-outdoor feeling inside vehicles. Manufacturers are focusing on new designs such as extending panoramic sunroofs from the front to rear passenger area of vehicles. For instance, the Hyundai Palisade SUV has a panoramic sunroof that extends from the front well into the rear passenger area. Additionally, increasing consumer awareness about vehicle comfort and enhanced interior ambience is fueling the demand for panoramic sunroofs. Furthermore, the mass adoption of electric vehicles presents growth opportunities for glass panel and acrylic-based panoramic sunroofs as they help lower vehicle weight.

Porter’s Analysis

Threat of new entrants: The automotive sunroof industry requires high initial investment and established distribution channels. Manufacturers also require technological expertise and customer loyalty makes entry difficult.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of several key vendors providing automotive sunroof systems. However, differentiated products provide some customer lock-in.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute components and inputs. Suppliers also face high switching costs.

Threat of new substitutes: Substitutes like standard fixed rooftops or folding rooftop act as threat. However, product innovation makes sunroofs irreplaceable.

Competitive rivalry: The industry has major global players competing on technology, quality and pricing.

Key Takeaways

The global automotive sunroof market is expected to witness high growth. The Asia Pacific region dominates the market due to rising automobile production in China, Japan and India. Growing demand for premium vehicles equipped with advanced features drives the regional market.

Key players operating in the automotive sunroof market are Magna International Inc., Webasto Roof Systems Inc., Mitsuba Corporation, Inteva Products (Acquired by CIE Automotive), Johnan America Inc., Aisin Seiki Co. Ltd., ACS France SaS, Yachiyo Industry Co. Ltd., and Inafla Roof Systems. Major players focus on new product launches and strategic collaborations to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it