The global automotive convertible top market is expected to witness a market value of US$ 1.4 billion in 2023 and is expected to accumulate a market value of US$ 1.9 billion by registering a CAGR of 3.6% in the forecast period 2023 to 2033. The market registered a CAGR of 2.0% in the historical period 2018 to 2022. Factors such as increasing demand for high-end and luxury cars, as well as advancements in material technologies, are expected to boost the market growth over the analysis period.
As per Future Market Insights- a market research and competitive intelligence provider, the global market value for automotive convertible tops has been flourished. The increasing demand for convertible cars is one of the major factors that is anticipated to accelerate the growth of the Automotive Convertible Top Market in the near future. Convertible cars are popular among car enthusiasts, as they provide a unique driving experience and offer the freedom of driving with the top down.
Additionally, the market has seen significant technological advancements in recent years. The use of lightweight materials and improved design has led to the development of more efficient and durable convertible tops. Hence, these technological advancements are expected to lead to more advanced and efficient convertible tops. Furthermore, the tourism industry is growing rapidly, and many people are traveling to destinations where convertible cars are popular. This is another major factor that is expected to propel the market growth during the forecast period.
With continually rising environmental concerns, there is a push towards more sustainable and eco-friendly technologies. The use of convertible tops made from eco-friendly materials is expected to grow, as consumers become more conscious of their environmental impact. This in turn is expected to fuel the demand for automotive convertible tops. In addition, many consumers are looking for unique features in their vehicles. This has led to an increase in the demand for customizable convertible tops, which offer a wide range of options for consumers.
On the regional front, the automotive convertible top market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand for luxury cars, growing tourism industry, technological advancements, increasing disposable income, and demand for eco-friendly materials in the region. On the other hand, the automotive convertible top market in Europe is expected to account for a significant share over the forecast period, attributed to the factors such as favorable government regulations, technological advancements, and growing tourism industry in the region.
Besides, the rise in disposable income in many countries has led to an increase in demand for luxury items, including convertible cars. As people have more disposable income, they are more likely to invest in cars that provide a unique driving experience, such as convertibles. This is expected to escalate the growth of the Automotive Convertible Top Market.
Recent developments in technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Automotive Convertible Top are expected to create lucrative opportunities for the market growth over the analysis period. For instance, Haartz Corporation, in November 2021, unveiled its new tonneau roof cover products with the twill-embossed Coverall™ product first shown on Fox Products Razor Top, a line of truck covers with the ability to be raised and lowered.
Subsequently, Webasto, in July 2021, announced that the new BMW 4 Series features a convertible roof from Webasto. The roof can be opened within 18 seconds while driving at the touch of a button. The four roof elements are stacked on top of each other, in a single flowing movement. The top cover opens backward, and the roof elements are stored underneath at the same time.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.4 billion |
| Projected Market Value in 2033 | US$ 1.9 billion |
| Growth Rate (2023 to 2033) | 3.6% CAGR |
These are type of vehicle roofs that can be folded or retracted giving an open- air driving experience to the passengers. The sales have increased due to growing demand of high end and luxury cars and advancement in material technologies for these automotive tops.
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Automotive convertible tops are the removable tops of cars that are seen in some high end models of vehicles. Growing demand of luxury vehicles and increasingly high comfort level of customers in accelerating the growth of convertible tops. Increase in popularity of high end car models like SUVs and hatchback or any different type of luxury car is advancing the growth of the market.
Over the forecast period, the market is likely to grow because of increasing number of luxury and high segment vehicles and also due to increase in technological advancements due to high investment in research & development incurred by the manufacturing companies. BMW which is a luxurious, two- door convertible model, uses power retractable convertible hardtop for classic aesthetic features to the car. These factors are accelerating the growth in the sales of convertible tops.
Convertible tops parts of different car models are available on many online platforms which is further boosting the sales of the automotive component. The popularity of convertible roof systems in SUV car models is creating lucrative opportunities for automotive rooftop manufacturers.
COVID-19 had a major effect on automotive industry as it has affected the manufacturing facilities around the globe. Production of vehicles declined in 2020 as the manufacturing facilities were closed due to lockdown. This also resulted in decline in sales of new passenger cars in this year that impacted the overall market as well.
The aftermarket for convertible tops is increasing due to high availability of these parts on online sales channel like different E- commerce websites. The customers can choose from different options and can also compare prices of different convertible rooftops. Increase in online sales of these parts is also boosting the growth of the market globally.
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USA is one of the most lucrative markets for automotive convertible tops. The USA and Canada have many manufacturers for convertible tops as they try to provide best quality of rooftops and also give warranty to customers for the products. Manufacturers in USA are focusing on developing innovative lightweight products that enhance the performance and aesthetics of the vehicle.
The increasing demand of passenger cars and luxury vehicles. These automotive top manufacturers provide automotive tops in a variety of colors and materials according to customer requirement. Manufacturers like Webasto, Continental AG, Magna International and others are focusing on expanding their business by launching new products and also are adapting the strategy of mergers & acquisitions.
Asia Pacific region saw a decline in automotive production in 2020 due to COVID-19 pandemic as all the manufacturing facilities were closed off due to lockdown. The shutdown of manufacturing units in Asian countries impacted the production as well as sales of vehicles in the region. The automotive convertible top market is forecasted to grow in the region with the growing production and sales of high- end vehicles and SUVs in countries like China and India.
The sales of luxury cars and SUVs are surging in Asian countries with the rising disposable income of the population. Manufacturers are focusing on making variety of tops for small series vehicles and high end models. They are using innovative technologies and materials for car components. The manufacturers in the region produce retractable hardtops and sift- tops for luxury vehicles as well as SUVs convertibles which is enhancing the growth of the market.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Automotive Convertible Top Market
