April 20, 2020
According to the research report titled ‘Global Automotive Convertible Top Market Size study, by Type (Hard top and soft top), by Application (Premium vehicles and Non-premium vehicles) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, worldwide automotive convertible top market was worth USD 1.22 billion in 2018 and is presumed to expand with a CAGR of 6.70% between 2019 and 2026.
For the record, a convertible roof system is widely used in semi-luxury as well as in luxury vehicles which enables an open-air driving experience and ability to offer a roof when required.
Rising adoption of premium vehicles is a major factor propelling the growth of global automotive convertible top market. According to Statista, worldwide sales of luxury cars reached 28,493 units in 2018 from 17,365 units in 2010. Similarly, Paul Tan’s Automotive News reported that Mercedes-Benz sold around 2.28 million vehicles across the globe and experienced a growth of 9.9% in the year 2017. Shifting consumer preference for convertible roof system in vehicles is further aiding the market expansion. However, introduction of panoramic sunroof technology in automobiles may act as a restraining factor for the overall market growth.
Considering the geographical landscape, North America holds a majority share in the global automotive convertible top industry and is expected to register continuous growth in the forthcoming years. Rising per capita income is augmenting the regional demand.
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Meanwhile, Asia-Pacific automotive convertible top market is projected to record a remunerative growth rate through 2026, primarily due to shifting focus by major automakers towards increasing the sales of luxury vehicles in the region.
Major players in worldwide automotive convertible top market are Valmet Automotive Inc., Standex International Corp., Pininfarina S.p.A., Magna International Inc., HOERBIGER Holding AG, GAHH LLC, Continental AG, ERCA S.p.A., CIE Automotive SA and Aisin Seiki Co. Ltd. among others.