The expected value of the global convertible roof control unit market is likely to reach USD 781.8 million by 2034. It is estimated to reach USD 290.7 million by 2024. The advancement of the industry is estimated to adhere to a promising CAGR of 10.4% through the forecast period from 2024 to 2034.
To bolster the performance of control systems and sensors of convertible roofs, key automobile firms are emphasizing time reduction to operate these roofs. Tesla’s Roadster model, for instance, is claimed to be capable of operating the roof in 1.9 seconds, even when the vehicle is speeding at 60 mph.
Such innovations have been driving the competitive landscape, improving the efficiency of convertible roofs and leveraging more popularity of these units.
| Attributes | Description |
|---|---|
| Estimated Global Convertible Roof Control Unit Market Size (2024E) | USD 290.7 million |
| Projected Global Convertible Roof Control Unit Market Value (2034F) | USD 781.8 million |
| Value-based CAGR (2024 to 2034) | 10.4% |
Energy efficiency has been prioritized by several leading manufacturers in the automobile industry. To cater to this objective, several organizations have been using novel materials like non-toxic plasticizers that can save the energy required to operate the roof.
The trend of shifting toward energy-efficient solutions is augmenting the use of unique raw materials required to produce control units. Modern electronic control units have been integrated into vehicles, which not only reduces operational time but also improves efficiency.
The consumer inclination toward customizable vehicles has increased. This key trend is responsible for manufacturers to demand for innovative convertible roofs. With this rising demand, the scope of the industry is expanding, thereby driving growth.
The electric vehicle segment is expected to gain high traction through the next decade. Consumers prefer electric vehicles over conventional ones in order to reduce carbon footprints. As per the Society of Manufacturers of Electric Vehicles (SMEV), between 2023 to 2024, around 90432 units of electric four-wheelers were sold in India.
The integration of convertible roofs in such vehicles is convenient and this factor is anticipated to create several opportunities for emerging players. With rising government funding for the electric vehicle segment, prospects for the industry are increasing.
In April 2024, for instance, Honda Motor Co. announced its plan to invest about USD 11 billion in the manufacturing of electric vehicles in Toronto. The company received financial support from Canada’s government for the project.
Pertaining to the changing regulatory policies related to the automotive industry, favorable conditions have been created for key players. Emphasizing the driver’s safety, government agencies have implemented strict policies, which favor the use of superior quality convertible roof control units.
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The advancement of the industry during the period ranging from 2023 to 2033 is set to occur at a CAGR of 10.2% in the initial half (H1), which is followed by a CAGR of 10.4% during the subsequent half (H2) of the period.
| Particular | Value CAGR |
|---|---|
| H1 | 10.2% (2023 to 2033) |
| H2 | 10.4% (2023 to 2033) |
| H1 | 10.3% (2024 to 2034) |
| H2 | 10.5% (2024 to 2034) |
The period ranging from 2024 to 2034 projects the progress of the market at a CAGR of 10.3% during the first half (H1) of the period, which is likely to be followed by a CAGR of 10.5% during the next half (H2) period.
Integration of Sensors in Automotive Roofing Units is a Leading Trend
With ongoing developments in the automotive electronics sector, leading firms in the ecosystem have been able to integrate cutting-edge technology in convertible roofs. The use of AI, IoT, and other bleeding-edge technological innovations has been improving the efficiency of overhead roofs. The inclusion of sensors in these roofs can detect environmental conditions and provide a better consumer experience.
In July 2024, for instance, Webasto, headquartered in Germany, announced its plan to broaden its roof sensor module (RSM) portfolio for passenger cars. The company has created a line of roof modules containing numerous sensor technologies, including LiDAR, radar, and camera. The company recently bagged a new project from a robot taxi manufacturer and would provide RSM for the latter’s vehicles.
Automotive control systems are innovated with the use of the aforementioned technologies. As a result of this integration, the operator can acquire better control over roofs and other related mechanisms. Such trends are likely to augment sales of convertible roof control units.
Increasing Shift toward Luxury and Premium Products to Bolster Sales
The growing urbanization rate has spurred the demand for an efficient transport and communication system. Commercial as well as private vehicles are gaining traction, bolstering the need for the production of such vehicles.
According to Forbes, between 2018 and 2022, commercial and personal vehicle registrations surged by 3.5% in the United States. It shows that citizens of the country place a high importance on vehicle ownership. In 2022, around 91.7% of households in the country had at least one vehicle.
The growing demand for vehicles worldwide is responsible for the rising prospects for the automobile industry. With the growing production of automobiles, the demand for relevant cutting-edge features and specs is anticipated to increase.
The changing consumer mindset and evolving consumer lifestyle are channeling consumer attention toward the adoption of premium and luxury products. This trend is shaping the automotive industry, inducing the demand for convertible roof control units.
Surging Use of Lightweight Materials to Create Novel Growth Avenues
With the growing support for research and development, several key players are able to innovate in terms of the design and structure of convertible roof control units. The use of lightweight materials in the production of roofs is reducing the costs of manufacturing, thereby improving the profitability of convertible roof manufacturing.
Researchers from the University of Tennessee, Oak Ridge National Laboratory (ORNL), and the University of Maine System recently teamed up to work on a unique project. They are focusing on extracting fibers from banana trunks or stems to transform the production of lightweight components for vehicles. Bananas are set to be explored to discover new materials to strengthen composite materials utilized in auto parts.
The strength of materials with the use of similar synthetic fibers and carbonated compounds can be maintained by reducing the bulky component structure. This trend is set to create several prospects for expansion processes into the market, offering lucrative opportunities for leading firms.
Low-earning Classes to Steer Clear of Premium Roof Control Units
Due to the inclusion of cutting-edge technologies and high-end materials, roofs might require higher costs for production. The accessibility of these units might be reduced, hampering the reach of the industry.
Cost-sensitive sectors and low-earning classes might not prefer premium as well as luxury products. It is further estimated to affect the expansion of the industry, hampering the overall growth rate.
Principal Consultant
The growth of the global convertible roof control unit market ensured that the ecosystem reached USD 263.3 million by 2023. It was valued at USD 193.2 million in 2019, which was pushed through the historical period at a CAGR of 6.4%, creating prospects for several leading players in the industry.
The lower progress rate of the competitive landscape during the historical era compared to the forecast period is attributed to the ruptured supply chains due to various global events. These include the COVID-19 pandemic and the war between Russia and Ukraine.
The demand for vehicles, however, in emerging countries surged during that era, owing to rising consumer preference for premium models. The accelerated urbanization induced the necessity of efficient commutation choices, boosting the ecosystem.
The support for research and development activities during the historical period upheld sales of convertible roof control units. Due to the growing adoption of automation, along with the use of modern technology, better features could be integrated. This fueled the growth of the industry in the historical period.
The forecast period, on the other hand, is projected to be governed by the growing demand for sustainable and energy-efficient solutions. With the growth of the electronics and semiconductor industry, obtaining such solutions has become possible. This factor augments market verticals, creating opportunities for key organizations worldwide.
Owing to better technological infrastructure, businesses operating in the Tier 1 category can govern a larger landscape. The reach of such firms is also better, compared to other organizations. Constant cash flow in these organizations depicts their efficient resource acquisition capacity.
Such vital benefits have been fruitful for these firms, and therefore, their reach across the world is greater. Large-scale organizations can mitigate the rapidly changing consumer trends, as the augmentation of processes can be possible with the least deviation in the output. Continental AG, Hoerbiger, Webasto Thermo & Comfort, Robert Bosch GmbH, and Magna International are a few Tier 1 players.
Tier 2 companies, on the other hand, have a limited global reach. These firms are often mid-sized and have limited resource acquisition capacity. Valmet Automotive and HiRain Technologies are a couple of key Tier 2 companies.
Organizations operating in local markets are integral parts of the Tier 3 category. Such businesses can sway with changing local consumer choices. Due to a better understanding of the local consumer sector, these firms can identify the demands of their consumers effectively and augment processes suitably.
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With the rising technological infrastructure in North America, better prospects are generated for key players in the United States. Owing to a wide landscape for expansion, such firms can expand more freely in the country.
The rising trend for premiumization and customizable products is augmenting the size of the industry in Europe. Growth of the automotive industry and the rising per capita income levels are key driving forces for the convertible roof control unit market to grow in Asia Pacific.
| Countries | CAGR 2024 to 2034 |
|---|---|
| United Kingdom | 4.1% |
| United States | 5.8% |
| Spain | 7.8% |
| China | 11.6% |
| India | 15.5% |
The United States possesses a culture of innovation, which supports the growth of the automobile industry. The rising use of semiconductors and electronic devices to foster innovation is also set to drive growth in the country. The convertible roof control unit market is likely to propagate through the forecast period at a CAGR of 5.8%.
As per the International Trade Administration, sales of light vehicles in the United States went up to 14.5 million units in 2020. The country is considered one of the most significant hubs for vehicle production and sales.
The country exported about 108,754 new heavy and medium trucks as well as 1.4 million light vehicles to more than 200 industries worldwide in 2020. The combined value of the total exports was more than USD 52 billion. Automotive parts worth USD 66.7 billion were also exported. Hence, access to unique infrastructure, the presence of an open investment policy, and government-backed incentives are projected to bolster demand in the United States.
With better prospects in the United Kingdom, the convertible roof control unit industry can traverse decently through the forecast period, adhering to a CAGR of 4.1%. As the country has been emphasizing the reduction of carbon footprints, the demand for eco-friendly materials and sustainable products is expected to rise.
The Office for National Statistics mentioned that greenhouse gas emissions (GHGs) in the United Kingdom are mainly measured in terms of 3 bases, namely, footprint, residence, and territorial. Compared to 1990, emissions on all three bases have reduced significantly. Territorial emissions in 2023 declined by 52% since 1990.
Owing to such trends, the automobile industry is following a new path, which can create opportunities for several allied industries. This changing perspective is set to create a niche in the adoption of sustainable materials in the production of convertible roofs.
The automobile industry in India is proliferating. Due to growing urbanization and changing lifestyles, consumer preference for automobiles has changed, which is estimated to boost production. The projected progress of the convertible roof control unit market in India is likely to be the most prominent, adhering to a CAGR of 15.5% through the forecast period.
According to the India Brand Equity Foundation (IBEF), around 23,28,329 units of quadricycles, two-wheelers, three-wheelers, and passenger vehicles were produced in India in January 2024 alone. In April 2024, the number went up to 23,58,041 units.
The country’s government has also planned to increase sales of vehicles in the country with several initiatives. It aims to surge sales of electric vehicles by 30% by 2030. Between April 2000 and September 2023, the country’s automotive industry bagged a cumulative equity FDI inflow of USD 35.40 billion.
The country’s government recently teamed up with automotive manufacturers to introduce the Automotive Mission Plan 2016 to 2026. It focuses on boosting development in the country. Such significant initiatives and high sales of vehicles are estimated to create new growth avenues in India.
With the changing manufacturing practices and marketing techniques, luxury or premium vehicles have been regularized by leading firms. This regularization is responsible for high consumer demand for convertible roof control units for vehicles. The growing per capita income is another supporting factor, which is likely to fuel growth.
| Segment | Luxury Vehicle (Vehicle Body Type) |
|---|---|
| Value Share (2024) | 60% |
With the changing definitions of comfort, consumer expectations are evolving rapidly. Pertaining to new features embedded in convertible roof control units, several consumers have been demanding speed sensitivity and high durability.
Such growing expectations are leading to increased customization of products. Several consumers have been inclined toward designing products according to specific needs. This trend is augmenting the demand for luxury vehicles. In July 2024, Audi collaborated with Major League Soccer (MLS) to launch novel MLS themes for soccer enthusiasts in the United States.
The themes are available for a few 2023 to 2025 Audi models and coincide with the 2024 All-Star Game in Columbus Hence, the rising trend for premiumization of vehicles, including roofs, owing to the growing consumer expenditure on luxurious goods, is a crucial driver for the segment.
| Segment | Luxury (Vehicle Type) |
|---|---|
| Value Share (2024) | 45% |
The changing competitive landscape of automotive has transformed marketing policies and practices employed by leading manufacturers. Several firms have been relying more on better brand positioning through the differentiation of goods.
To gain more traction in the industry, a few producers have started to integrate convertible roof control units into vehicles, aiming to promote luxurious products. This brand positioning technique is surging the demand for luxury vehicles. Rising disposable income levels of consumers also govern the growing demand for the said segment.
With the rising competition in the industry, the competitive landscape is being cluttered with the presence of several large-scale automotive manufacturers. A key threat for such players is the fierce competitive force and the growing entry of emerging players.
Several strategic initiatives can be taken to consolidate the positions of these firms in the ecosystem. Among the existing competitors, a few firms have been using collaborations, partnerships, mergers and acquisitions, and product launches as main tools to penetrate the global landscape.
Innovation can be fostered with the availability of technological resources and capabilities, mitigating the rapidly changing consumer trends in the automobile industry.
Emerging players, on the other hand, have limited access to the global canvas. The local reach of such players, however, is observed to be better. To target the worldwide pockets in the industry, these firms can opt for the formation of a strategic alliance, product differentiation, and effective branding. The collective system of new entrants and existing players is projected to fuel the competitive space.
Industry Updates
Based on Rooftop Type, the convertible roof control unit market is segmented Hard Top, and Soft Top.
The Based on Material Type, the convertible roof control unit market is segmented into PVC, Carbon Fiber, Aluminum, and Other materials.
Based on Vehicle Type, the convertible roof control unit market is segmented into ICE (Sedan, Hatchback, SUV, Luxury), and EV (Sedan, Hatchback, SUV, Luxury).
Based on Distribution Channel, the convertible roof control unit market is segmented into OEM, and Retrofitment.
North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, and the Middle East and Africa are the key contributing regions.
The market is set to advance at a CAGR of 10.4% through 2034.
The industry is likely to reach USD 781.8 million by 2034.
The market is set to reach USD 290.7 million in 2024.
The luxury vehicle segment is likely to remain dominant in 2024.
The United States is set to progress at a CAGR of 5.8% through 2034.
Regular cleaning every couple of weeks is needed to maintain the convertible roof.
There is a gear on each side of the car connected to the lifting mechanism.
A lamp will be lit when the roof is either closing or opening.
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Convertible Roof Control Unit Market
