The UK Automotive Sunroof Market is projected to grow with a CAGR of more than 5 % during the forecast period.
Key Highlights
- Owing to the high demand of automobiles in the region, South Korea is one of the largest markets for automobiles in the world. the presence of leading automobile manufacturers as well as the component manufacturers is driving the growth in the region.
- With the growing pollution levels around the world car makers are looking for light weight components for reducing the fuel consumption and curbing the emission of harmful pollutants into the atmosphere.
- The presence of leading automobile manufacturers as well as the component manufacturers is driving the growth in the region. However, the factors such as Brexit, global slowdown in the automobile industry and the ongoing Covid-19 situation has impactedd the market negatively but these effects are not going to remain forever, these are short term factors and will be overcomed in the near future. Recovery is estimaded from the second half of the year 2021 and after that the markets are expected to witness a high demands.
Key Market Trends
Passenger Vehicle Sales Driving Growth
Despite of a decline in demand for a couple of years in the region, owing to the factors such as the socio-political situation in the country, the Brexit deal and uncertainty over future environmental regulation, the United Kingdom passenger vehicle market remains second largest market in the European Union, standing behind Germany. The market is well diverse with around 350 different models available for end users with different fuel types.
Many Players in the Passenger Car Segment are introducing new and innovative products to increase the safety of the vehicle owner and attract more demand for their product. For instance, in May 2020, Kia introduced new Sorento to the European Market which is equipped with a new type of camera-based display to help solve the issue of blind spots. The system offers a much wider viewing angle than the standard mirrors, improving safety. It'll be offered alongside Blind-Spot Collision-Avoidance Assist, which can take intervening action to pull the car back into lane if it thinks a crash will occur.
Increased Adoption of Sunroofs in Sports Utility Vehicles
A rise in the adoption of sunroofs in vehicle rooftops, globally, is expected to augment the automotive sunroof market during the forecast period. The rise in the use of sunroofs from the aftermarket is also significantly driving the demand for the automotive sunroof system.
SUVs (Sports Utility Vehicles) are big cars, ideal for rough surfaces and off-road. These cars can accommodate about five to seven people. The automotive sunroof market for SUV includes the scope for the multi-utility vehicle (MUV).
With the traditional markets in Europe and the Americas experiencing a decline in the demand after the recent global financial crisis, support to the automotive industry came from developing economies of Asia-Pacific, over the past three years. The impact of the global financial crisis in India and China was relatively mild, and therefore, the automotive industry in these countries remained buoyant compared to their western counterparts.
Sport utility vehicles constitute one of the most popular automotive segments due to a wide range of vehicles of unmatched versatility in range, power output, and features. In the United States, SUVs are expected to dominate the light vehicle market with a share of 40% by the end of 2020. It is an appropriate choice for its consumers due to the ability of the vehicle to accommodate big families, carry large amounts of cargo, and handle adverse road conditions. Ford, Toyota, and Chevrolet have been the prominent and leading SUV brands that are affecting the sales of SUV in the global market.
Audi Q3, Audi Q7, Acura RDX, and BMW X3, X5, X6 are some of the popular and new SUV models fitted with panoramic sunroofs, which are expected to dominate the SUV market and drive the growth rate of the automotive sunroof in SUVs.
Competitive Landscape
The automotive sunroof market have players, such as Webasto Group, Inalfa Roof Systems Group BV, and Inteva Products LLC in the market. Due to the high profitability of the market, these major players focus on the acquisition of small regional players for a higher penetration into the regional markets.
Inalfa Roof Systems has been the most active sunroof player over the last four years. Inalfa opened new facilities in Shanghai, Cherokee, Poland, Chongqing, and South Korea. The company also extended its Slovakian facility and opened a new technical center in the United States.
Inteva opened new facilities in Romania and China. The company also relocated a facility to Solingen, Germany. It opened new manufacturing facilities in China and South Korea and acquired ArvinMeritor’s body systems business.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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