Convertible Roof System market is anticipated to grow at a significant CAGR of 3.9% during the forecast period. One of the crucial factors that are fueling the market is the growing technology and its demands. Technology has been growing exponentially over the years, and in the past few years, competitiveness in the market has fuelled it a lot to attract customers. Market players in the vehicle industries, which were once given only basic features, are offering advanced features such as ADAS, sunroof, navigation, and others. This indicates the potential growth in the convertible roof system market in the upcoming year as the market players have started to offer a convertible roof to the consumers at a reasonable price to have an edge over other market players. For instance, in June 2021, BMW launched three new cars in India including MINI Convertible at $59,043 in the Indian vehicle market.
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Impact of COVID-19 Pandemic on Global Convertible Roof System Market
The COVID-19 pandemic had impacted most industries owing to the contagiousness of the virus. This led most of the governments to implement the nationwide lockdown to spread the virus. This restricted most of the industries' productions including convertible roof systems. For instance, as per the 2020 annual report of the Webasto SE, sales of the company reduced to $3,734.4 million which was $4,187 million in 2019. But as the situation became normal the company’s sales grew exponentially. As per the company’s report in May 2021, the first quarter of 2021 was the strongest in comparison to the previous five years' sales.
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Segmental Outlook
The global convertible roof system market is segmented based on the roof top type, roof material, and vehicle type. Based on the roof top type, the market is segmented into hard top, and soft top. Based on the roof material, the market is sub-segmented into polyvinyl chloride (PVC), carbon fiber, and aluminum. Based on the vehicle type, the market is segmented into hatchback, sedan, and sports utility vehicle (SUV). Based on material type, PVC holds the major share in the market owing to its properties such as good shock absorption, fire retardant, rigidity, and others which makes it very useful for the company.
by Roof Top Type (Hard Top, and Soft Top),
by Roof Material, ( Polyvinyl Chloride, Carbon Fiber, and Aluminum), and
by Vehicle Type (Hatchback, Sedan, and Sports Utility Vehicle)
Market Players Outlook
The major companies serving the global Convertible Roof System market include Continental Automotive GmbH, Magna International Inc., THE HAARTZ CORP., U-Shin Ltd., Webasto SE, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2021, Webasto SE announced its new convertible roof features for BMW 4 Series which can be opened within 18 seconds by touching a button while driving. At the same time, the back covers open to store the convertible roof underneath.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global convertible roof system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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