The global market for convertible roof control units is expected to reach approximately USD 697.1 million by 2032, up from USD 238.5 million in 2022. This growth reflects an anticipated expansion over the assessment period, driven by rising consumer preferences for flexible roof systems, particularly in emerging markets.
According to the FMI analysis report, the convertible roof control unit market is projected to grow at a CAGR of around 10.4% from 2022 to 2032. The market’s expansion is attributed to advancements in component technology and increasing global demand for luxury vehicles.
The preference for soft top control units over hard top units is expected to persist, owing to their high durability, ease of installation, and lower maintenance costs. In 2017, soft top control units accounted for over 40% of the global market share, highlighting their popularity among car owners.
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Additionally, the market is likely to benefit from the rising sales of luxury automobiles in emerging economies. In the US, federal initiatives aimed at boosting luxury car sales—including reduced service charges, lowered import duties and taxes, and improved access to loans through banking support are anticipated to further drive market growth in the coming years.
Key Takeaways from Convertible Roof Control Unit Market Study
- In the overall growth of the global convertible roof control unit market is estimated to be around US$ 11.5 Billion over the forecast years through 2032, by experiencing the astounding CAGR of 10.4%.
- Owing to its cheap cost and simple installation procedure, the soft top control units segment commanded over 50% of the overall convertible roof control unit market shares in the previous years. And, this segment is also anticipated to experience rapid growth during the projected period.
- According to FMI, the market for convertible roof control units in North America is expected to grow steadily.
- According to a survey by FMI, Europe is predicted to account for the biggest market share for convertible roof control units throughout the assessment period.
Competitive Landscape for the Global Convertible Roof Control Unit Market
Robert Bosch GmbH, Continental AG, Webasto Thermo & Comfort, and Hoerbiger are a few of the top businesses operating in the worldwide convertible roof control unit market.
Leading companies in the world market are working tirelessly to diversify their operations through technological innovation and the introduction of cutting-edge products. A few other significant players are collaborating with tiny businesses to broaden their regional reach such particularly in emerging economies.
To draw in more consumers, several automakers with major focus on the United States and Canada are integrating a number of cutting-edge technologies into their own models. They are launching new product lines with improved sensor technology and electronics, enabling individuals to buy personalized car and minimizing user effort.
Recent Developments in the Global Convertible Roof Control Unit Market:
In Europe, the market for convertible roof control units will increase due to the high market penetration rate of advanced safety technologies in sedans, such as lane departure warning systems and emergency braking assist features.
Additionally, the growing death rates caused by the increase in traffic collisions are pressuring automakers to develop new safety technologies that would make driving convertibles safer and acceptable in the global market.
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Key Segments Profiled in the Convertible Roof Control Unit Industry Survey
By Hood Type:
- Soft Tops
- Hard Tops
By Vehicle Body Type:
- Semi-luxury Vehicle
- Luxury Vehicle
By Sales Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Vehicle Type:
- Passenger Car
- Compact
- Mid-size
- Luxury
- SUVs
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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