Convertible Roof System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Convertible Roof System Market has been segmented on the basis of Roof System Component Types (Roof Material, Roof Drive System (Motors), and Other Roof System Component Types), Roof Top Type (Hard Top and Soft Top), Vehicle Type (Hatchback, SUV, and Sedan), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers market size and forecast in value (USD million) for all the above segments.

Market Snapshot

convertible roof system market size
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: Europe
CAGR: >3.6 %
convertible roof system market major players

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Market Overview

The convertible roof system market was valued at USD 1346.61 million in 2021, and it is expected to reach USD 1,663.92 million by 2027, registering a CAGR of about 3.61% during the forecast period.

The impact of the COVID-19 pandemic on the automotive sector was inevitable with the shut down of automotive manufacturing units due to the pandemic-resultant lockdowns. However, the market is expected to regain its momentum owing to the rise in demand for luxury automobiles. The market's developments will be further aided by the rising penetration of SUVs in emerging markets.

Technological advancements in glass, increased demand for comfort, safety, and convenience features, and increased desire for the high aesthetic appeal of the surface in vehicles is being witnessed across the world. Furthermore, innovations in material technology and growing customer desire for convertible roof systems in emerging countries are driving the global convertible roof system market.

Scope of the Report

The global convertible roof system market has been segmented on the basis of roof system components, rooftop types, vehicle types, and geography.

By roof system component types, the market is segmented into roof material, roof drive system (motors), and other roof system component types.

By rooftop type, the market is segmented into hard top and soft top.

By vehicle type, the market is segmented into hatchback, SUV, and sedan.

By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

Roof System Components Type
Roof Material
Polyvinyl Chloride (PVC)
Carbon Fiber
Other Roof Materials
Roof Drive System (Motors)
Other Roof System Component Types (Supporting Frames, etc.)
Roof Top Type
Hard Top
Soft Top
Vehicle Type
Hatchback
SUV
Sedan
Geography
North America
US
Canada
Rest of North America
Europe
Germany
UK
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
Australia
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Auto Manufacturers Increasing Investments in Convertible Roof Systems

Consistent evaluations and innovations have been undertaken to improve ease and comfort in the market studied. For instance,

· Automobile manufacturers are incorporating several enhanced features in their vehicles. Several companies are launching product line-ups with better electronics and sensor technologies, which allow passengers to purchase customizable vehicles and reduce users' effort. For instance,

o In July 2021, Webasto announced multiple innovations developed in collaboration with several startups at the Startup Autobahn exhibition. The company showcased an integrated dynamic lighting concept for automotive roofs developed with designLED, a specialist in thin and flexible LED lighting and smart surface solutions. The two companies completed a prototype for a convertible roof element with light tiles.

Increasing luxury car sales is another factor driving the market growth for convertible roof systems. Asia-Pacific is expected to dominate luxury car sales during the forecast period due to major automotive markets such as China, followed by Japan and India.

Most major luxury brands see China as the fastest-growing market in terms of growth rate. China is the largest auto market globally, but it is disproportionately important to German premium car brands. German luxury car manufacturers, i.e., Mercedes-Benz, BMW, and Audi, posted record sales in 2020 despite the industry's decline over the previous two years. In 2020, Mercedes-Benz reported a Y-o-Y increase of 22.4%, while other carmakers like BMW and Audi witnessed increases of 15.4% and 10.6%, respectively.

Despite the COVID-19 pandemic, China’s luxury vehicle sales in the first 11 months of 2020 exceeded 3 million units with a Y-o-Y increase of 9.3%. This also marked the third consecutive year for luxury brands to register growth in the wake of downward pressure in China's overall automotive market.

convertible roof system market key trends

Emergence of Asia-Pacific as Major Market for Luxury Vehicles

Europe dominated the overall share of the convertible roof system market. However, the Asia-Pacific region is expected to record a significant CAGR during the forecast period.

The convertible market is expected to grow over the forecast period. Countries like the US, Canada, France, the UK, Germany, Spain, and others in the Middle East and Asia-Pacific regions are witnessing growth in luxury car sales. The US is one of the largest automotive markets globally and is home to over 13 major auto manufacturers.

· With an average production of 8 million passenger vehicle units per annum and the growing popularity of luxury and premium cars with consumers, prospects for the convertible roof industry in the country are high. The convertible roof system industry is highly dependent on the sales of luxury and premium cars, which are, in turn, dependent on the per capita income levels of the population.

Additionally, China and Germany are the major hubs for technological advancements in the automotive sector, leading to a significant expansion of the luxury vehicles market. The growing youth population is yet another contributing factor for the growth of luxury car sales in the APAC region. India is another important market for luxury cars. The Indian government is also taking initiatives to recover the sales of luxury cars in the country by reducing GST, import duties, registration taxes on (luxury) cars, and providing support from banks/NBFCs to offer easy access to loans for dealers and customers, which will help expand the market and boost the overall sector.

convertible roof system market analysis

Competitive Landscape

The convertible roof system market is majorly dominated by Webasto, Magna International, The Haartz Corporation, U-Shin Ltd, and Continental AG, among others. The companies are expanding their businesses by launching new products and innovations. For instance:

· In July 2021, Webasto announced that the new BMW 4 Series features a convertible roof from Webasto. The roof can be opened within 18 seconds while driving at the touch of a button. In a single flowing movement, the four roof elements are stacked on top of each other. At the same time, the top cover opens backward, and the roof elements are stored underneath.

· In December 2020, Webasto developed the new, custom-made two-part retractable hard top (RHT) for the re-imagined Stingray, with a total of six electric motors fitted in the roof in place of a hydraulic system.

Recent Developments

· In November 2021, Haartz Corporation showcased its new tonneau roof cover products at the SEMA trade show with the twill-embossed Coverall™ product first shown on Fox Products Razor Top, a line of truck covers with the ability to be raised and lowered.

· In April 2021, RoboSense and Webasto announced cooperation on the Smart Roof Sensor Module that integrated with RoboSense automotive-grade MEMS LiDAR RS-LiDAR-M1 for Level 3 to Level 5 autonomous driving vehicles. Through this strategic cooperation, Webasto is committed to seamlessly embedding the RoboSense M1, camera, and other sensor systems to the panoramic roof of vehicles to provide safer and more reliable environment perception information while occupying the least possible space on the roof.

· In November 2020, at the third China International Import Export (CIIE), Webasto SE (Webasto) showcased an innovative folding roof system and an intelligent front-end module, through which an ordinary vehicle may become a convertible. Compared with a conventional glass roof, the whole roof device with this design may fold back to the greatest extent to almost expose the full roof space, allowing full lighting and ventilation into the vehicle.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Roof System Components Type

      1. 5.1.1 Roof Material

        1. 5.1.1.1 Polyvinyl Chloride (PVC)

        2. 5.1.1.2 Carbon Fiber

        3. 5.1.1.3 Other Roof Materials

      2. 5.1.2 Roof Drive System (Motors)

      3. 5.1.3 Other Roof System Component Types (Supporting Frames, etc.)

    2. 5.2 Roof Top Type

      1. 5.2.1 Hard Top

      2. 5.2.2 Soft Top

    3. 5.3 Vehicle Type

      1. 5.3.1 Hatchback

      2. 5.3.2 SUV

      3. 5.3.3 Sedan

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 US

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 UK

        3. 5.4.2.3 France

        4. 5.4.2.4 Spain

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 Australia

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Webasto Group

      2. 6.2.2 Magna International

      3. 6.2.3 Valmet Corp.

      4. 6.2.4 Haartz Corporation

      5. 6.2.5 Continental AG

      6. 6.2.6 Hoerbiger Holding

      7. 6.2.7 U-Shin Ltd

      8. 6.2.8 GAHH LLC

      9. 6.2.9 Aisin Seiki

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Convertible Roof System Market market is studied from 2018 - 2027.

The Convertible Roof System Market is growing at a CAGR of >3.6% over the next 5 years.

The Convertible Roof System Market is valued at 1343 Million USD in 2018.

The Convertible Roof System Market is valued at 1663 Million USD in 2027.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2021.

Webasto Group, Magna International Inc., THE HAARTZ CORPORATION, Continental AG, U-Shin Ltd are the major companies operating in Convertible Roof System Market.

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