Convertible Roof System Market Size, Share and Trends 2024 to 2034

Convertible Roof System Market Size and Forecast 2024 to 2034

The global convertible roof system market size is calculated at USD 14.12 billion in 2024 and is projected to surpass around USD 21.42 billion by 2034, expanding at a CAGR of 4.26% from 2024 to 2034. The convertible roof system market growth is attributed to the increasing consumer preference for stylish and versatile vehicles that offer enhanced driving experiences and advanced technological features.

Convertible Roof System Market Key Takeaways

• By region, Europe dominated the convertible roof system market in 2023.
• By region, Asia Pacific is projected to host the fastest-growing market in the coming years.
• By rooftop type, the hardtop segment held a dominant presence in the market in 2023.
• By rooftop, the soft top segment is expected to grow at the fastest rate in the market during the forecast period of 2024 to 2034.
• By material type, the PVC segment accounted for a considerable share of the market in 2023.
• By material type, the carbon fiber segment is anticipated to grow with the highest CAGR in the market during the studied years.
• By propulsion type, in 2023, the ICE segment led the global market.
• By propulsion type, the EVs segment is projected to expand rapidly in the market in the coming years.
• By body style type, the sedan/hatchback segment dominated the global market in 2023.
• By body style type, the roadster/sports car segment is projected to grow at the fastest rate in the market in the future years.
• By vehicle class type, the luxury vehicles segment dominated the steel rebar market during the forecasting period
• By vehicle class type, the semi-luxury vehicles segment is projected to lead the market in the future years.
• By electric vehicle type, in 2023, the BEV segment led the global market.
• By electric vehicle type, the HEV segment is projected to expand rapidly in the market in the coming years.

Market Overview

The global convertible roof system market is expanding due to the growing consumers’ longing for new technologies in the automotive industry. Due to customer demand for new types of functional and entertaining vehicles, automotive producers are paying greater attention and investing in the latest convertible roof systems. These consumer benefits include increased assembly and efficiency of lightweight and auto systems. The National Highway Traffic Safety Administration (NHTSA) underlines in its research that improvements to safety systems in car models with a retractable roof help lower the number of accidents and increase consumer demand.

• According to the National Automobile Dealers Association (NADA), luxury auto sales in the United States stood at a crossing 2 million units in 2022, making an appreciable contribution to market dimensions.

According to information obtained from the International Organization of Motor Vehicle Manufacturers (OICA) to support the growing automotive market. Passenger car production, which incorporates convertibles production, will reach 77 million units by the year 2022.

Impact of Artificial Intelligence (AI) on the Convertible Roof System Market

Artificial Intelligence (AI) is being utilized to produce advanced results in ability, pattern, design, and the manufacturing line of the convertible roof system market. The application of AI in the production process helps companies automate supply chain processes and minimize time for product creation. This has greatly transformed the creation of convertible roof systems where AI enables companies to predict customer trends and also identify shortcomings at the design stage.

With the help of machine learning algorithms, manufacturers in the convertible roof system market improve conventional roof functionality and make it smarter. They enhance the driving environment and thus meet the modern demands of smart, self-governing car components. Furthermore, the enhanced developments in this field of AI are transforming how manufacturers design and make convertible roof systems to enhance the market competitively.

Convertible Roof System Market Growth Factors

• Stricter regulations on vehicle safety features encourage manufacturers to invest in advanced convertible roof technologies.
• Consumers increasingly seek personalized vehicle features, driving demand for customizable convertible roof systems.
• The growth of e-commerce in the automotive sector facilitates easier access to convertible vehicle options for consumers.
• Improvements in fuel efficiency for convertible models attract environmentally conscious consumers seeking stylish yet sustainable options.
• Partnerships focusing on innovative technologies, such as smart roofs and enhanced infotainment systems, boost the appeal of convertible vehicles.
• The increasing popularity of luxury car and exotic car rentals raises consumer exposure to convertible models, promoting future purchases.
• Advancements in lightweight materials improve vehicle performance and fuel efficiency, making convertibles more appealing to consumers.

Market Scope

Market Dynamics

Driver

Increased need for luxury cars

Consumer preference for premium vehicles is facilitating the incorporation of convertible roof systems, thus boosting the convertible roof system market. The growth in disposable income, particularly in the developing world and especially in countries including China and India. Consumers are demanding automobiles that are comfortable in anticipation of being chauffeured. Furthermore, the automated convertible roofs and smart features have also been adopted by luxury car makers, including BMW, Audi, and Mercedes Benz, thus fuelling the market.

The buyer of convertible roof system market products perceives convertibles as prestigious and stylish, and they indeed offer a high-class lifestyle, as they attract the target clientele. This is underlined by improvements in automobile engineering that enable manufacturers to reap the desired gains in embodying the benefits of the convertible roofs' convenience, safety, and probably aesthetic value to the consumers.

• Data obtained from the International Organization of Motor Vehicle Manufacturers (OICA) in their report published in 2023 reveal that the preferences for luxury cars expanded by 12% in the last year, and the presence of convertibles in this niche was significant.

Restraint

Weather and other environmental aspects

Uncongenial climates in some regions are expected to limit the growth of the convertible roof system market size in the forecast timeframe due to their impact on the systems. Many buyers find convertibles unsuitable for hot climate zones and for regions that experience intense rainfall or extended freezing periods. These types of roofs are caused by environmental stresses that diminish their effectiveness and durability. Consumers shy away from convertibles as they have issues with leaking, insulation, and resistance to harsh weather. Furthermore, variable climates affect the functionality of south-facing roofs with conversion features or even make them a less selling proposition to consumers in such an environment.

Opportunity

Fast-paced technological innovation in roof systems

Rising technological innovations in roofs make convertible roof systems, which are expected to create immense opportunities for manufacturers to propel the convertible roof system market further. Convertible manufacturers are seeking solutions that deliver lighter yet stronger and more efficient roof structures, new material for the fabric, and more effective mechanisms to open and close a roof. Moreover, the advanced functions of smart technology in one-touch automatic opening and closing of the roof and weather sensing capabilities improve usability and demand for convertible roofs. This increasing level of development in technology is believed to catalyze increased usage of convertible roof systems in car models with capacities and classes of luxury and power.

• A study conducted by the International Council on Clean Transportation (ICCT) shows that integrating new materials cut the total weight of vehicles by as much as a fifth, further increasing their efficiency and operations. 

Rooftop Type Insights

The hardtop segment held a dominant presence in the convertible roof system market in 2023 due to the stronger structure with additional safety features. Fixed-roof convertible cars are safer in terms of weather conditions than their counterpart soft-roof cars. The latest trend is the demand for security and reliability of products, and this is especially true for countries with severe climate changes. The current bacteriologists have also increased the usage of hardtop roofs due to their tremendous improvement in performance and designing capabilities. Additionally, hardtop models provide improved soundproofing, which plays a part in improving the user's experience.

The soft top segment is expected to grow at the fastest rate in the convertible roof system market during the forecast period of 2024 to 2034, owing to its lightweight and relatively low costs. Soft tops are generally lighter than hard tops, making them powerful, hence being a product of environmental concerns. Purchasers are finding that designers are using higher quality, weather-resistant fabrics that improve the life of the garment while at the same time giving the garment a better appearance. Soft tops are also increasingly popular in the automotive industry, customizing and personalizing the products with numerous designs and colors of soft tops to match the tastes of consumers.

Materials Insights

The PVC segment accounted for a considerable share of the convertible roof system market in 2023 due to its properties of offering high roof resistance to various weather conditions. PVC’s low density means that there are improvements in fuel efficiency, and consumers increasingly demand inexpensive and sustainable automobiles. Furthermore, manufacturers are also likely to remain committed to developing outstanding PVC formulas that have superior resistance to UV and durability.

• The International Association of Plastics Distribution, in their 2022 report, observes growth in the consumption of PVC in the automotive segment with an annual growth rate of roughly about 6%, principally due to the expansion in the affordable mid-range vehicles market.

The carbon fiber segment is anticipated to grow with the highest CAGR in the convertible roof system market during the studied years due to the unique strength-to-weight ratio and novelty of the product. Manufacturers of automobiles also use carbon fiber to fashion attractive and elegant drop headtops / convertible roofs, which, in essence, enhances the auto manufacturing firm’s output besides fuel economy. Moreover, improvements in manufacturing techniques, such as the AFP (automated fiber placement) system and better resin system, are expected to bring the cost per volume down further.

Propulsion Type Insights

The ICE segment led the global convertible roof system market due to the lack of a disappearance rate among consumers for traditional vehicles, as seen below. Most customers select ICE vehicles, as they have tested and proven performance and availability, plus the well-developed distribution networks for fuels. Furthermore, the incorporation of fuel-efficient and lower-emitting ICE models is becoming a primary goal of manufacturers, thereby making the environmentally sensitive customer demographic a viable market for such vehicles.

• The IEA also found that in 2022 car sales, ICE vehicles remained dominant in the global market, considering they still sold for about 85% of recently produced cars.

The EVs segment is projected to expand rapidly in the convertible roof system market in the coming years, owing to the trend towards sustainable transportation all over the world. Furthermore, automotive producers directed substantial capital towards EV equipment and generation, including promising electric vehicle plans for the production portfolio. There are strong realistic expectations that the number of consumers willing to buy EVs, along with the concentration on lowering carbon footprints.

• According to the IEA, consumption of EVs increased by forty percent last year, hitting a record 10 million, influenced by favorable government policies, innovation by automobile makers, and an unfathomably alarmed global populace towards climate change. 

Body Style Type Insights

The sedan/hatchback segment dominated the global convertible roof system market in 2023, as they are popular and useful among people. Two-door and four-door sedans and hatchbacks have continued to be some of the most popular car types in the world. Moreover, companies are investing in developing the design and operation of the flexibility of the roof of these models, as well as additional options, including one-touch control and better weatherproofing systems, thus boosting the segment.

• According to the OICA, which estimates that global car sales will hit 55% in 2022 and feature these body styles

The roadster/sports car segment is projected to grow at the fastest rate in the convertible roof system market in the future years, owing to the increasing consumer awareness for performance-oriented vehicles that provide high thrills of dynamic performance.  Additionally, the manufacturers are investing in creating lightweight structures and stronger engines, which increase both driving experience and power, thus reaching this segment’s target market.

• The report titled ‘Automotive Industry during Covid-19’ by the Automotive Industry Association stated that the market demand for sports cars is expected to reach 8% annually between 2024 and 2028 due to the trends toward performance automobiles and the use of innovations.

Vehicles Class Type Insights

The luxury vehicles segment dominated the steel rebar convertible roof system market during the forecasting period due to the growing expectation levels of auto consumers regarding luxury automobile rides. Cars have high levels of luxury, that is, prestige and status, provide comfort, have great technology and design, and are chosen by consumers with high standards of living. With the help of their innovations in the roof structures, such as the fabric\metal structure in Mercedes-Benz, BMW, and Audi convertibles, brands took the top of this niche. European automobile companies also sell important product models with more customized characteristics, and the special roofs of some luxury cars are opened or closed according to the buyer’s characteristic needs.

The semi-luxury vehicles segment is projected to lead the convertible roof system market in the future years, as consumers are increasingly looking for automobiles that provide the comfort of a prestige car at a reasonable price. The semi-luxury car aims at people looking for the features of a luxury automobile but without having to pay large amounts of money. Additionally, the current trend of rising disposable income per capita is coupled with changes in the perception of vehicle ownership.

• According to a report published by Automotive News, semi-luxury car sales growth in the year 2022 was recorded at 15% above the previous statistics, so the customer demand for more value-added cars is on the rise. 

Electric Vehicles Type Insights

The BEV segment led the global convertible roof system market. The consumer has changed his attitude towards the environment and the availability of governmental incentives to provide people with electric vehicles. The experience in battery production leads to the development of a better range and performance, which is attractive to the wider public. The car manufacturers are incorporating usable roof systems into their BEV models, allowing roofs to add luxury and fashion to the driving experience while being environment-friendly.

• The IEA also revealed that automobile sales of BEVs in the global market stood at approximately 10 million units in 2022, up by 55% compared with the previous year. Carbon-emission regulations have become stricter; customers opt for vehicles derived from clean energy. 

The hybrid electric vehicle (HEV) segment is projected to expand rapidly in the convertible roof system market in the coming years. Consumers are demanding better plug-in hybrid electric vehicle (PHEV) convertible roof systems from manufacturers to provide the same drive experience while retaining far greater fuel economy. Furthermore, interventions such as state policies within the context of increasing consumption of hybrid technologies strengthen the demand for PHEVs. This segment has a high potential for growth as consumer preferences vary over time; it forms a promising segment in the convertible roof system market along with BEVs.

Regional Insights

Europe dominated the convertible roof system market in 202 due to the high demand for luxurious and high-performance cars. The area's rich customer population, combined with a high demand for an open-air motoring appeal, has made consumers move towards convertibles. Additionally, improvements in vehicle technology, such as the safety and convenience aspects of having folding roofs on convertibles, have also contributed to their flexibility among consumers. Government incentives for ecology have also stimulated market development, as manufacturers provide hybrids and electric cars, including those with state-of-the-art roof mechanisms.

Asia Pacific is projected to host the fastest-growing convertible roof system market in the coming years. This can be attributed to the growth in disposable incomes and the expansion of middle-income groups in countries such as China and India. There is a high demand for such vehicles, especially for the younger generation, and enhanced urbanization. 

• The Asian Development Bank predicted that Asia will be home to a 3.5 billion middle-income population by 2030, making demand for cars that are comfortable and multipurpose.

Convertible Roof System Market Companies

• AAS Automotive s.r.o.
• Aisin Corporation
• ALUPROF Aluminiumprofile GmbH
• BOS Group
• CIE Automotive
• Covestro AG
• GAHH, LLC
• Inalfa Roof Systems Group B.V.
• Inteva Products
• JAC Products
• Magna International Inc.
• The Haartz Corporation
• Valmet Automotive
• Webasto Group

Recent Developments

• In March 2023, the Audi A5 Cabriolet features an innovative soft top system developed in collaboration with Webasto. Launched in March 2023, this convertible roof can open and close in just 15 seconds while driving at speeds of up to 50 km/h (31 mph). The design focuses on enhanced passenger comfort, incorporating acoustic materials to minimize noise and turbulence. This model maintains the classic elegance associated with Audi convertibles.
• In August 2023, Aston Martin introduced the DB12 Volante, which made its global debut during Monterey Car Week. This model emphasizes an open-air driving experience combined with advanced structural elements and luxury features. Production is set to begin in Q3 2023, with deliveries expected in Q4 2023.

Segments Covered in the Report

By Rooftop Type

• Soft Top
• Hardtop

By Material Type

• Carbon Fiber
• PVC
• Aluminum
• Others

By Propulsion Type

• EV
• ICE

By Body Style Type

• Suv
• Sedan/Hatchback
• Roadster/Sports Car

By Vehicle Class Type

• Luxury Vehicles
• Semi-Luxury Vehicles

By Electric Vehicles Type

• HEV
• BEV
• PHEV
• FCEV

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa