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| Global Automotive Sunroof Market Size |
Automotive sunroofs allow natural light and fresh air into the vehicle interior
while adding an open feel even with the windows closed. They reduce cabin
temperature and provide panoramic views for passengers. Growing consumer
preference for enhanced comfort and premium aesthetics in vehicles is
propelling the automotive sunroof market.
The global
automotive sunroof market is estimated to be valued at US$ 13048.63 Bn in 2023 and
is expected to exhibit a CAGR of 8.4%
over the forecast period 2024 to 2031, as highlighted in a new report published
by Coherent Market Insights.
Market Opportunity:
The increasing demand for luxury vehicles where automotive sunroofs are
considered standard features provides a key growth opportunity for market
players. Over the recent years, higher disposable income and changing
lifestyles have led to increased sales of luxury vehicles across major markets.
Automakers are also focusing on offering customized and feature-rich vehicles
to attract consumers. Since automotive sunroofs enhance the overall feel of a
vehicle, their demand is growing strongly from luxury vehicle buyers. Market
players can tap into this opportunity by collaborating with luxury automakers
to mass produce affordable yet quality sunroofs. They can also target the
aftermarket for luxury vehicles through efficient distribution networks to gain
higher revenues.
Porter’s Analysis
Threat of new entrants: The automotive sunroof market require huge capital
investments and manufacturing facilities, thereby limiting the threat of new
entrants. Bargaining power of buyers: Buyers have moderate bargaining power due
to the availability of alternatives and price sensitivity regarding luxury
features. Bargaining power of suppliers: Suppliers have moderate bargaining
power due to the availability of substitutes and brand loyalty of automakers.
Threat of new substitutes: Substitutes like panoramic glass roofs offer
competition, but sunroofs have strong brand loyalty. Competitive rivalry: The
market is dominated by a few global players operating with strong technical
expertise and brand recognition.
SWOT Analysis
Strength: Strong brand recognition of leading players and well-established
distribution networks. Weakness: High R&D and manufacturing costs for
innovating advanced sunroofs. Opportunity: Growing demand for premium and
luxury vehicles especially in developing nations. Threats: Stiff competition
from substitutes and price fluctuations of raw materials.
Key Takeaways
Global
Automotive Sunroof Market Size is expected to witness high growth over
the forecast period of 2024 to 2031due to rising consumer preference for
open-air driving experiences.
The Asia
Pacific region dominates the market currently with China being the largest
producer and consumer of automobiles globally.
Key players
operating in the automotive sunroof market are Acome, Aricent Inc, Agilent
Technologies, AISIN AW Co Ltd, Analog Devices, Broadcom, Bosch, Daimler AG,
Freescale, Harman, NXP, Renault SA, Renesas, Visteon, Wurth Elektronik, Yazaki
Corporation. Regional analysis focuses on fastest growing markets like India,
ASEAN and Africa expected to fuel future demand. Key players are focusing on
developing lower cost variants, panoramic roofs and integrated control modules
to drive future growth.
Get More Insights On This Topic: https://www.newswirestats.com/automotive-sunroof-market-is-expected-to-be-flourished-by-increasing-demand/