Market Trends of South Korea Automotive Sunroof Industry
This section covers the major market trends shaping the South Korea Automotive Sunroof Market according to our research experts:
Increased Adoption of Sunroofs in Sports Utility Vehicles
A rise in the adoption of sunroofs in vehicle rooftops, is expected to augment the automotive sunroof market during the forecast period. The rise in the use of sunroofs from the aftermarket is also significantly driving the demand for the automotive sunroof system.
SUVs (Sports Utility Vehicles) are big cars, ideal for rough surfaces and off-road. These cars can accommodate about five to seven people. The automotive sunroof market for SUV includes the scope for the multi-utility vehicle (MUV).
Sport utility vehicles constitute one of the most popular automotive segments due to a wide range of vehicles of unmatched versatility in range, power output, and features. In the United States, SUVs are expected to dominate the light vehicle market with a share of 40% by the end of 2020. It is an appropriate choice for its consumers due to the ability of the vehicle to accommodate big families, carry large amounts of cargo, and handle adverse road conditions. Ford, Toyota, and Chevrolet have been the prominent and leading SUV brands that are affecting the sales of SUV in the global market.
Glass Sunroof Captures Largest Market
The glass sunroof segment held the leading share in the market in 2016 and it is poised to expand at a phenomenal CAGR over the forecast period. The growth of the segment can be attributed to advancements in technology, which have made it possible to manufacture various types of glasses, such as tempered glass, laminated glass, and glass that can protect from ultraviolet rays.
Unlike fabric sunroofs found commonly on convertible automobiles, glass sunroofs offer the flexibility to better control natural light and enjoy natural air ventilation instead of car's air conditioner. Owing to such benefits, the segment will continue to dominate the market until 2025.
On the contrary, demand for fabric types is likely to plummet over the coming years in line with dwindling sales of convertible automobiles.
