The global automotive sunroof market is currently being driven by the rising consumer demand for safety and comfort. Increasing disposable incomes are allowing a greater number of consumers to afford high-end luxury cars, while technological advancements in architecture and materials is allowing lower range cars to be optionally fitted with quality sunroofs.
Both factors are likely to provide a substantial impetus to the global automotive sunroof market over the coming years. The global automotive sunroof market is also being propelled by the increasing development of passenger cars in general. However, the market is currently being stifled by utility issues such as the crushing of sunroofs during accidents or due to manufacturing defects. The installation of sunroofs also increases the overall maintenance cost of a car, making it an unwanted feature for low-end car buyers.
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The overall global automotive sunroof market was calculated at US$4.3 bn in 2015 and is projected to reach US$11.4 bn by the end of 2024, after expanding at a CAGR of 11.5% within a forecast period from 2016 to 2024.
Europe Leads Demand for Automotive Sunroofs
The automotive sunroofs market across the globe is currently driven by its exceptionally high volume of demand in the European region. Europe also holds a high potential demand for premium vehicles and along with increasing consumer’s demand for comfort systems, the adoption of sunroofs in all passenger vehicles has increased over the forecast period in Europe. Glass sunroofs are adopted in approximately 60% of the vehicles using sunroof systems in Europe.
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Asia Pacific occupies the second position in terms of demand in the global automotive sunroof market, after Europe. A majority of the car buyers as well as manufacturers treat sunroofs as an after-sales market in Asia Pacific, allowing a massive scope of entry for all levels of players in this region.
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The complementing growth of the automobile sector in Asia Pacific is expected to further drive the market for sunroofs in India, China, and Japan. Governments from Asia Pacific, MEA, and Latin America are providing incentives to environment friendly industries, of which the global automotive sunroof market can be a part of. This has in turn helped in draw in huge investments from leading global companies of automotive sunroofs providers for setting up new facility manufacturing units in these regions.