Report : Asia Pacific Automotive Sunroof Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Mount Type (Slide-in Sunroof, Slide-out Sunroof, Panoramic Sunroof, Pop-Up); Material (Fabric, Glass); Application (Premium Cars, SUV, Sedan Cars) and Country
Slide-in Sunroof Segment to Dominate Asia Pacific Automotive sunroof Market during 2020–2027
According to The Insight Partners market research study on “Asia Pacific Automotive Sunroof Market to 2027 – Analysis by Mount Type (Slide-in Sunroof, Slide-out Sunroof, Panoramic Sunroof, Pop-Up); Material (Fabric, Glass); Application (Premium Cars, SUV, Sedan Cars)” is expected to reach US$ 1,440.17 billion by 2027 from US$ 1,600.89 billion in 2019. The market is estimated to grow at a CAGR of 6.5% from 2020 to 2027. China accounted for almost 21.4 Million vehicle parc in the year 2019. The country is the largest producer as well as largest market for car sales in the Asia Pacific region. However, the overall car sales fell by 1.9 percent in 2019 as opposed to 2018 but, the demand for premium cars sedans and SUVs increased at an 18.8% and 3.5% respectively as compared to 2018. All major manufacturers of luxury vehicles, including Mercedes-Benz, BMW and Audi, reported positive figures in November 2019. Along with the increase in sales, the market scenario changes rapidly. In the earlier generation, consumers used to purchase premium c vehicles mainly to reflect their social status, but the increasingly sophisticated new generation of buyers is expressing other reasons for buying premium autos for the need of luxury and clever technologies. As per the study conducted by the China Association of Automobile Manufacturers (CAAM), Women are playing an increasingly important role in the premium car market in China. In their survey, it was found that when selecting a vehicle model, women value safety features, exterior styling, and comfort, over the attributes favored by their male counterparts, such as socially recognized premium brands, powertrain technology, and bigger models. The above-mentioned factors are going to drive the demand for sunroof in sedans and SUVs.
The demand for large panoramic sunroof is increasing at a prime growth rate for SUVs. The demand SUVs around the Asia Pacific region is increasing thus aiding the growth of sunroof market. The popularity of SUVs remains to grow in almost every market in the Asia Pacific region. As the global marketplace abates following trade tensions and a slowdown in the Chinese market, car manufacturers look for new ways to expand their market. The shift from sedan or hatchbacks to SUVs started 7 years ago and is still progressing strong. Consumers throughout the Asia Pacific region are sending the advice that SUVs are the vehicles they want to drive.
China counted for almost 35% of SUV global sales in 2019, but sales fell by 2.9% to 10.35 million units. The absence of incentives throughout the last few years is crippling the industry and embeds more restraint on the market. This corresponds with a drop in consumer spending capabilities. There were some significant changes in the Chinese SUV market. For instance, General Motors succumbed from its place as the top-selling brand with the famous Buick and Baojun models, as sales fell by 9%, downgrading them to third place. Geely now occupies the top position. The new SUVs from Lynk&Co and Volvo XC60 and some Geely models boosted sales from 678,800 units in 2017 to 943,000 units in 2018. Other major manufacturers include Hyundai-Kia and VW Group.
Automotive Sunroof Market – By Mount Type
Automotive Sunroof Market – By Material
Automotive Sunroof Market – By Application
Automotive Sunroof Market- By Country