Northbrook, IL -- (SBWIRE) -- 06/08/2021 -- The Global Convertible Roof System Market is projected to grow at a CAGR of 6.77%, to reach $2.11 Billion by 2025 from an estimated USD 1.33 Billion in 2018.

The increasing demand for vehicle aesthetics and innovations in material technology have boosted the demand for convertible roof systems. The convertible roof system market is estimated to witness high growth in developing countries such as Mexico, India, and China. The market growth in these countries can be attributed to a significant increase in the sales of sedan/hatchbacks and SUVs.

The convertible roof system markets in the Asia Pacific and North America are expected to witness significant growth during the forecast period. The market growth in these regions can be attributed to an increase in the demand for luxury vehicles and growing consumer purchasing power. Europe is estimated to account for the largest share of the convertible roof system market, followed by North America, Asia Pacific, and the rest of the world (RoW). The US is estimated to have the largest share of the convertible roof system market globally.

The convertible roof system market ecosystem consists of manufacturers such as Webasto (US), Magna International (Canada), and Valmet Automotive (Finland). Convertible roof systems are supplied to major OEMs in the automotive industry, including Toyota (Japan), General Motors (US), and Honda (Japan).

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The soft top segment is estimated to be the leading rooftop type segment, in terms of both volume and value, as these systems offer all-round visibility and maximum ventilation.

The luxury vehicles segment of the convertible roof system market is expected to grow at the highest CAGR, during the forecast period, as the current demand for luxury cars is high in countries such as Germany, Italy, the UK, Spain, and France. Moreover, Germany is a hub for technological innovations, leading to the substantial growth of the luxury vehicles market.

The sedan/hatchback car segment is estimated to account for the largest share of the market, in terms of volume. The increasing demand for luxury vehicles will contribute to the growth of the market for sedan/hatchback cars. In the current automotive market, hatchbacks are a popular body type in developing countries such as China, Brazil, and India. The use of SUVs is continuously increasing, especially in the US.

Europe is estimated to account for the largest share, by value and volume, of the convertible roof system market in 2018. In terms of growth, the market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period. Developing economies such as China and India are expected to play a major role in the increase in vehicle production. Also, the increasing installation of convertible roof systems in vehicles such as sedans/hatchbacks and SUVs driving the market in the Asia Pacific.

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Target Audience:

1. Convertible roof system suppliers
2. Raw material suppliers
3. Automotive OEMs
4. Distributors and suppliers of convertible roof systems
5. Industry associations and experts