The increasing demand for vehicle aesthetics and innovations in material technology have boosted the demand for convertible roof systems. The convertible roof system market is estimated to witness high growth in developing countries such as Mexico, India, and China. The market growth in these countries can be attributed to a significant increase in the sales of sedan/hatchbacks and SUVs.
The global convertible roof system market is projected to grow at a CAGR of 6.77%, from 2018 to 2025, to reach USD 2.11 Billion by 2025 from an estimated USD 1.33 Billion in 2018. The convertible roof system markets in Asia Pacific and North America are expected to witness significant growth during the forecast period. The market growth in these regions can be attributed to an increase in the demand for luxury vehicles and growing consumer purchasing power. Europe is estimated to account for the largest share of the convertible roof system market, followed by North America, Asia Pacific, and the rest of the world (RoW). The US is estimated to have the largest share of the convertible roof system market globally.
The convertible roof system market is dominated by global players and a few regional players. Some of the key players in this market are Webasto (US), Magna International (Canada), Valmet Automotive (Finland), and Aisin Seiki (Japan).
Webasto, headquartered in the US, is one of the leading manufacturers of convertible roof systems. The company develops and produces a complete range of convertible roof systems for cars. In 2015, Webasto developed a convertible roof for the new BMW 2 Series using the advanced tension bow roof design concept which features outstanding acoustic insulation. In 2017, Webasto developed an innovative top for the Audi A5 Cabriolet that combines sophisticated technology and state-of-the-art materials with emotional design. Additionally, in the same year, the company developed the current fourth-generation MX-5 reinterpreted as a retractable fastback, which provides sporty elegance and improves driving and riding comfort.
Magna International, headquartered in Canada, is one of the leading vehicle roof system manufacturers. It was founded in 1957. The dynamic product mix of the company includes body and chassis systems, powertrain systems, exterior, seating, vision systems, closures, roof systems, electronics and vehicle engineering, and contract manufacturing. As part of its roof system division, the company manufactures soft tops, retractable hardtops, modular tops, and hardtops.
Another key market player is Valmet Automotive, which is one of the largest suppliers of convertible roof systems. Its roof systems expertise lies in innovative design, reliable manufacturing, and long-standing and loyal partnerships. Valmet Automotive has long and extensive traditions in convertible roof system manufacturing.
The major players in the convertible roof system market are focusing on enhancing their product portfolios related to convertible roofs to achieve continuous and sustainable growth in the market. Additionally, many players across the automobile ecosystem are manufacturing retractable hardtop systems that offer beautiful styling, silence in the vehicle, and comfortable head-room when the top is closed.
Convertible Roof System Market by Rooftop (Hardtop, Soft Top), Vehicle Class (Luxury, Semi-Luxury), Body (Sedan, SUV, Roadster), EV (BEV, HEV, PHEV, FCEV), Material (PVC, Carbon Fiber, Aluminum), Propulsion (ICE, EV), and Region - Global Forecast to 2025
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