Convertible Roof System Market Forecasts to 2028 – Global Analysis By Rooftop Type (Hardtop and Soft Top), Material Type (Aluminum, Polyvinyl Chloride (PVC), Carbon Fiber and Other Material Types), Propulsion Type (Internal Combustion Engine (ICE) and Ele

Convertible Roof System Market Forecasts to 2028 – Global Analysis By Rooftop Type (Hardtop and Soft Top), Material Type (Aluminum, Polyvinyl Chloride (PVC), Carbon Fiber and Other Material Types), Propulsion Type (Internal Combustion Engine (ICE) and Electric Vehicle (EV)), Body Style Type (SUV, Roadster/Sports Car and Sedan/Hatchback), Vehicle Class Type, Electric Vehicle Type and Geography

According to Stratistics MRC, the Global Convertible Roof System Market is accounted for $1422.15 million in 2022 and is expected to reach $1973.22 million by 2028 growing at a CAGR of 5.61% during the forecast period. Luxury and semi-luxury vehicles use convertible roof systems. Convertible roofs give drivers the option of driving in the open air or, if necessary, in a covered space. Depending on the type of vehicle, this system can be handled manually or remotely and comes in a variety of sizes and shapes. The system offers enhanced brightness and illumination during the daytime as well as better air circulation. OEMs have begun offering roofs composed of various materials, including PVC, carbon fibre, and aluminium, which improves the driving experience. The rise in the number of young people who want convertible roofs put in their cars and the rising demand for premium automobiles both have an impact on the convertible roof system market.

Market Dynamics:

Driver:

Technological advancements in convertible roof systems

Demand for comfort, safety, and convenience amenities as well as a greater interest in the aesthetic appeal of the car's exterior have both increased globally. The global market is also being driven by advances in material technology and increased consumer demand for convertible roof systems in developing nations. These factors are motivating automakers to add a number of improved features to their automobiles. A number of businesses are introducing their most recent product lines with improved electronics and sensor technology, enabling customers to customise their vehicles and lowering user effort. For instance, Webasto showcased several technologies developed in collaboration with several entrepreneurs at the Startup Autobahn exhibition. The business showcased an integrated dynamic lighting idea for auto roofs in partnership with design LED, a pioneer in thin and flexible LED lighting and smart surface solutions.

Restraint:

Increasing consumer preference toward sunroofs

Panoramic sunroofs have seen a substantial increase in demand from car owners over time. The significance of a panoramic sunroof exceeds that of a regular sunroof. The benefits of smart glass are prompting the market for automotive panoramic sunroofs to adopt it. Many manufacturers are including panoramic sunroofs in their car models because of the possibilities with them. Limiting the light and heat output of the car's sunroof is made possible by covering the full front and rear of the vehicle. Additionally, because it has fewer components than the convertible roof system, the automobile is roomier. Due to the global car market's increased production and the rising need for comfort, there is currently a sizable demand for vehicle panoramic sunroof products. The demand from China was also much higher because of the fast growth of the Chinese auto industry. The demand for sunroofs will probably increase as a result of the aforementioned considerations, posing challenges for the market for convertible roof systems during the anticipated time frame.

Opportunity:

Developments and innovations concerning convertible roof systems

There is a strong likelihood that composites will replace conventional materials in roof designs as more composites are employed in automobiles going forward. Ceramics offer greater design and construction freedom than other metals for roof systems. Elix and Polyscope, for instance, announced their collaboration to develop thermoplastic solutions for premium vehicle parts including roof modules and other structural components. The businesses have been collaborating for many years to create specialised chemicals for extremely demanding applications.

Threat:

Consequences of sun exposure

The effects of sun exposure on a car's interior may be harmful. Although driving an exposed vehicle might be thrilling, it also hastens the accumulation of mud inside the vehicle. Because soft convertible roof tops are easier to obtain than strengthened sheets of metal, break-ins could be an issue if you choose them. Although improvements in the materials used to keep water out of convertibles have been made, there is no guarantee that they will be effective. This is especially true during periods of intense snowfall and rain. A automobile loses a large amount of its structural support system in the absence of a permanent roof, which can cause ""chassis shudder."" The lack of a roof can result in bumpy rides over potholes, even when a convertible's substructure has been improved. Whether the top is up or down, soft top convertibles are famed for being noisy. If an automobile interior is exposed to the sun, it might suffer.

Covid-19 Impact

The COVID-19 pandemic's effects on the automotive industry were predictable given that auto factories had to close as a result of lockdowns caused by the epidemic. Due to the increase in demand for luxury vehicles, the industry is anticipated to pick up again. The market's growth will also benefit from SUVs' increasing popularity in emerging economies.

The soft top segment is expected to be the largest during the forecast period

The soft top segment is estimated to have a lucrative growth, due to the fabric roof, soft top convertibles are less secure than hard tops. However, soft-top roofs are effective in isolating occupants, and when made of several layers, they can significantly reduce exterior noise when the roof is closed. However, soft tops have simpler systems than hard tops and may be folded up more neatly, taking up less boot space while the roof is open. Demand in the market is anticipated to be driven by these advantages.

The sedan/hatchback segment is expected to have the highest CAGR during the forecast period

The sedan/hatchback segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its utility, fluidity, and aesthetic appeal, sedans are selling significantly better than other types of vehicles in the majority of European and Asia-Pacific nations. It's expected that participants in the convertible market will introduce new goods as a result of the rising sedan market. In addition, several of the major players in the industry have already begun updating their earlier models with these convertible car characteristics in order to keep up with the rising consumer demand for these convertible sedans. To meet the demands of the Indian automotive market, this car is anticipated to have a convertible version.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to its extensive domestic production, where the big international players have their manufacturing facilities. A convertible roof system in the nation is also projected to benefit from the rising popularity of luxury and premium vehicles. Sales of convertibles as well as the variety of ragtops available have increased recently. The most significant increase in drive-in sales is due to the advancements in technology and materials, which have increased the appeal of these cars in new locations. Through the unification of Michigan facilities, automobile OEMs will benefit from a dynamic atmosphere of collaboration and business procedures for roof systems, such as convertible, panorama, and sunroofs. Convertible demand is on the rise, and players' aggressive expansion plans point to active market growth over the projected period.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the presence of premium and luxury automakers in Germany and the concurrent development of convertible roof systems for these models. Among the popular vehicles sold in the nation are the 4 Series Cabriolet, Mercedes-Benz E-Class Cabriolet, MC20, T-Roc Cabriolet, Mercedes-AMG GT C Roadster, etc. As the market leader in Germany, Webasto is expanding its position there through a variety of business initiatives and provides these convertible roofs to the majority of vehicles sold there. Such changes in the German market are probably going to have an impact on how the market as a whole develops throughout the anticipated time.

Key players in the market

Some of the key players profiled in the Convertible Roof System Market include Magna International, Continental AG, GAHH LLC, Aisin Seiki, Valmet Corp., Webasto Group, U-Shin Ltd, Haartz Corporation, Hoerbiger Holding, Pininfarina, Standex International, Kee Auto Top Manufacturing Co., Motherson, BOS Group, Inveta Products, Robbins Auto Top, LLC and Inalfa Roof Systems Group B.V.

Key Developments:

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.

Rooftop Types Covered:
• Hardtop
• Soft Top

Material Types Covered:
• Aluminum
• Polyvinyl Chloride (PVC)
• Carbon Fiber
• Other Material Types

Propulsion Types Covered:
• Internal Combustion Engine (ICE)
• Electric Vehicle (EV)

Body Style Types Covered:
• SUV
• Roadster/Sports Car
• Sedan/Hatchback

Vehicle Class Types Covered:
• Semi-Luxury Vehicles
• Luxury Vehicles

Electric Vehicle Types Covered:
• Plug-In Hybrid Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Fuel Cell Electric Vehicle (FCEV)

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements