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Automotive Roof System Market Drivers Increasing Investments from Automakers Towards Convertible/Foldable Rooftop Designed Vehicles

HYDERABAD, TELANGANA, INDIA, December 22, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Automotive Roof System Market size is forecast to reach $42.9 billion by 2026, growing at a CAGR of 7.9% from 2021 to 2026. Owing to various advancements in the automotive roof systems, sunroof systems, panorama roof system and others have gained wide popularity across various end use applications. Adoption of new materials such as glass fibre and fibre plastic composites have also paved the growth of automotive roof systems overtime owing to serving light weight construction of vehicles. Growing advancement towards solar powered roof systems along with high investments from automakers on designing convertible or foldable rooftop integrated vehicles have also emerged as some of the major factors analyzed to drive the market growth of automotive roof systems in the long run. Rising deployment of convertible roof tops within various automotive models coupled with growing demand for premium, luxury cars and others are also set to influence the growth of automotive roof system in the coming years. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. Growing advancements towards solar powered roof system as well as increasing investments from automakers towards convertible/foldable rooftop designed vehicles is analysed to significantly drive the Automotive Roof System market during the forecast period 2021-2026.

2. Passenger Cars segment is anticipated to grow with the highest CAGR during 2021-2026, attributing to factors including increasing sales, growing demand for sunroofs in passenger vehicles and many others.

3. APAC Automotive Roof System Market held the largest share in 2020, owing to increasing demand for luxury and premium vehicles with others.

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Segmental Analysis:

1. Convertible Roof System is analysed to grow with the highest CAGR of around 7.4% in the global automotive roof system market during the forecast period 2021-2026.

2. APAC region had contributed with the largest market share of around 35% in 2020, and is also analysed to have a significant growth over the forecast period 2021-2026. Factors such as growing demand towards luxury vehicles, rapid urbanization, along with shift towards convertible roof top designed vehicles have attributed to the market growth of automotive roof system across the region.

3. In October 2020, an Indian key automaker, Mahindra and Mahindra announced about the launch of its iconic SUV, named Thar with a convertible soft top on selected variants for the Indian market. This convertible top can be easily folded or retracted as per user requirement, which is set to fuel the demand for automotive roof systems in the coming time.

4. Passenger Cars segment is analyzed to account with the highest CAGR of around 6.5% in the global Automotive Roof System market during 2021-2026. Roof top systems within passenger cars such as SUVs, luxury cars, and others play a major role in enhancing the vehicular interior designing standards.

Competitive Landscape:

The top 5 players in the Automotive Roof System industry are -

1. Magna International Inc.

2. Webasto Group

3. Covestro AG

4. Valmet Automotive Inc.

5. AAS Automotive

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https://www.industryarc.com/Report/15157/electrocoating-market.html

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