The automotive sunroof market in South America is expected to grow from US$ 566.33 million in 2019 to US$ 533.29 million by 2027; it is estimated to grow at a CAGR of 4.3% from 2020 to 2027.
An increase in demand for improved visual aesthetics and enhanced traveling experience, coupled with the rise in disposable income of the individuals, has driven the market growth in South America in recent years. Further, the growing middle-class income group, especially in several growing economies, is driving the demand for the automotive sunroofs. The demand for large panoramic sunroofs is increasing among the companies manufacturing and assembling automobile as hatchback and C class segment are also integrating sunroofs owing high adoption from customers.
The glass segment led the automotive sunroof market, based on material in 2019. The dominance of glass-based sunroof in the market is attributed to its considerably greater popularity, benefits, and adoption by automotive manufactures. The glass-based sunroof panels are the primary manufacturing preference for several market players due to improved structural durability, better ventilation, visual aesthetics, and energy efficiencies as well as lower maintenance requirements than the fabric-based sunroofs. In addition, several manufacturers have developed innovative and improved sunroof panels that offer superior UV light protection, energy efficiency, and insulation. Moreover, the glass segment is also projected to witness a lucrative CAGR during 2020–2027.
Brazil is the worst hit country by the COVID-19 pandemic in South America, followed by Ecuador, Chile, Peru, and Argentina, among others. The region would earn lower export revenues, from the drop in commodity prices and reduction in export volumes. The governments of South American countries are taking various measures to contain the spread of virus such as travel restrictions, factory and business shutdowns, and lockdowns, which would reduce economic activity in the manufacturing and service sectors until at least the next quarter. The overall economy of the region is expected to bounce back once the pandemic is in control.
The overall South America automotive sunroof market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the South America automotive sunroof market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants typically involved in this process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the South America automotive sunroof market. Webasto SE, ACS France SAS, Aisin Seiki Co. Ltd, Corning Inc, and Inalfa Roof Systems Group B.V are among the key players operating in the market in South America.