Automotive Convertible Top Market Overview
According to study, the convertible top market is projected to witness growth of over 6% CAGR during the forecast period 2021- 2031. These are type of vehicle roofs that can be folded or retracted giving an open- air driving experience to the passengers.
The sales have increased due to growing demand of high end and luxury cars and advancement in material technologies for these automotive tops.
What is Driving Demand for Automotive Convertible Top?
Automotive convertible tops are the removable tops of cars that are seen in some high end models of vehicles. Growing demand of luxury vehicles and increasingly high comfort level of customers in accelerating the growth of convertible tops. Increase in popularity of high end car models like SUVs and hatchback or any different type of luxury car is advancing the growth of the market.
Over the forecast period, the market is likely to grow because of increasing number of luxury and high segment vehicles and also due to increase in technological advancements due to high investment in research & development incurred by the manufacturing companies. BMW which is a luxurious, two- door convertible model, uses power retractable convertible hardtop for classic aesthetic features to the car. These factors are accelerating the growth in the sales of convertible tops.
Convertible tops parts of different car models are available on many online platforms which is further boosting the sales of the automotive component. The popularity of convertible roof system in SUV car models is creating lucrative opportunities for automotive rooftop manufacturers.
Aftermarket Likely to Expand Automotive Convertible Top Sales
COVID-19 had a major effect on automotive industry as it has affected the manufacturing facilities around the globe. Production of vehicles declined in 2020 as the manufacturing facilities were closed due to lockdown. This also resulted in decline in sales of new passenger cars in this year that impacted the overall market as well.
The aftermarket for convertible tops is increasing due to high availability of these parts on online sales channel like different E- commerce websites. The customers can choose from different options and can also compare prices of different convertible rooftops. Increase in online sales of these parts is also boosting the growth of the market globally.
US and Canada Automotive Convertible Top Market Outlook
US is one of the most lucrative markets for automotive convertible tops. The US and Canada have many manufacturers for convertible tops as they try to provide best quality of rooftops and also give warranty to customers for the products. Manufacturers in US are focusing on developing innovative lightweight products that enhance the performance and aesthetics of the vehicle.
The increasing demand of passenger cars and luxury vehicles. These automotive top manufacturers provide automotive tops in a variety of colors and materials according to customer requirement. Manufacturers like Webasto, Continental AG, Magna International and others are focusing on expanding their business by launching new products and also are adapting the strategy of mergers & acquisitions.
Asia Pacific Demand Outlook for Automotive Convertible Top
Asia Pacific region saw a decline in automotive production in 2020 due to COVID-19 pandemic as all the manufacturing facilities were closed off due to lockdown. The shutdown of manufacturing units in Asian countries impacted the production as well as sales of vehicles in the region. The automotive convertible top market is forecasted to grow in the region with the growing production and sales of high- end vehicles and SUVs in countries like China and India.
The sales of luxury cars and SUVs are surging in Asian countries with the rising disposable income of the population. Manufacturers are focusing on making variety of tops for small series vehicles and high end models. They are using innovative technologies and materials for car components. The manufacturers in the region produce retractable hardtops and sift- tops for luxury vehicles as well as SUVs convertibles which is enhancing the growth of the market.
Who are the Key Manufacturers and Suppliers of Automotive Convertible Top?
Some of the leading manufacturers and suppliers include
- Continental AG
- BOS GmbH
- Magna International Inc.
- Standex International Corporation
- Inalfa Roof Systems Group B.V
- CIE Automotive and others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
By Rooftop Type:
- Soft top
By Material Type:
- Carbon Fiber
By Vehicle Type:
- Passenger Car
- Sedan/ Hatchback
- Electric vehicles
- North America
- Latin America
- South Asia Pacific
- ASEAN countries
- East Asia
- South Korea
- Middle East & Africa
- South Africa
- North Africa