Automotive Sunroof Market Size ($5.13 Billion by 2027) Growth Forecast at 3.2% CAGR During 2020 to 2027 COVID Impact and Global Analysis by The Insight Partners

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Nov 02, 2021, 07:30 ET

NEW YORK, Nov. 2, 2021 /PRNewswire/ -- According to The Insight Partners study on "Automotive Sunroof Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Material, Application, and Geography," the market is projected to reach US$ 5.13 Billion by 2027 from US$ 3.7 Billion in 2019; it is expected to grow at a CAGR of 5.7% during 2020–2027.

Report Coverage	Details
Market Size Value in	US$ 5,104.70 Million in 2019
Market Size Value by	US$ 6,120.00Million by 2027
Growth rate	CAGR of 3.2% from 2020-2027
Forecast Period	2020-2027
Base Year	2019
No. of Pages	211
No. Tables	156
No. of Charts & Figures	90
Historical data available	Yes
Segments covered	Type ; Material ; Application
Regional scope	North America; Europe; Asia Pacific; Latin America; MEA
Country scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Continuous technological advancements, supporting the development of innovative solutions to complement the overall traveling experience, has significantly enhanced the quality of automobiles compared to the ones developed two decades earlier. Automotive manufacturers have introduced several features that augment the aesthetics, ventilation, and efficiency of vehicles, among other performance indicators. Automotive sunroof is a specially designed movable panel installed in vehicle roofs that enables improved ventilation and lighting, thus providing an appeasing experience to passengers. The sunroof products quickly gained prominence, which resulted in their broader adoption among several automotive manufactures globally. in addition to the escalated demand for enhanced aesthetics, a rise in disposable income have significantly drive the automotive sunroof market growth. Furthermore, the growing middle-class income group, especially in several fast-growing economies, also contributes to the market growth.

The semiconductors and automotive industries are among the hardest-hit businesses by the COVID-19 pandemic, and since the start of 2020, these industries have been experiencing declining trend. The imposition of lockdown across countries in North America, Europe, and Asia has shattered the industrial sectors in these countries. The automotive industry requires a significant number of human laborers, and the social restrictions imposed by governments created significant challenges for these industries to continue operations with the same strength of workforce, which led to underperformance of these industries. The low performance of the automotive and semiconductors industries is hindering the automotive sunroof market growth.

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Increasing SUV Sales Worldwide Drives Automotive Sunroof Market Growth

The shift in preference from sedan or hatchbacks to SUVs began 7 years ago and is still progressing rapidly. The SUV manufacturers are emerging as prominent consumers of large panoramic sunroofs. Thus, the growing demand for SUVs across the world is aiding the automotive sunroof market growth.

Automotive Sunroof Market: Material

The global automotive sunroof market, based on material, is segmented into fabric and glass. The glass segment held a larger market share, in terms of revenue and volume, in 2019. Several glass materials manufactures have developed innovative and improved sunroof panels that offer superior protection against UV light, greater energy efficiency and insulation, and enhanced visual appeasement. Moreover, the segment is also expected to register a lucrative CAGR in the automotive sunroof market during forecast period.

Automotive Sunroof Market: Competitive Landscape and Key Developments

Webasto Group, Yachiyo Industry Co. Ltd., ACS France SAS, Aisin Seiki Co. Ltd, Automotive Sunroof-Customcraft (ASC) Inc, Corning Inc, and Inalfa Roof Systems Group B.V are among the key players in the global automotive sunroof market. The leading companies are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2019, Webasto introduced its largest production plant ever in China. The plant located in Wuhan is set to manufacture and supply roofs for Chinese automobiles. Furthermore, the company is poised to ramp up the production capacity of its 11^th plant in China, located in Jiaxing, by the end of 2019. Apart from sunroof, Webasto manufactures electric heating and charging systems in its new facility in Wuhan, which is valued at Euro 50.0 million.

In 2018, CIE Automotive, the parent company of ACS France SAS, acquired a sunroof manufacturer of Inteva Roof Systems to boost its share in the overall automotive sunroof market.

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