Convertible Vehicles: Introduction
- A convertible vehicle is a passenger vehicle that has a retractable roof. It can be driven with or without the roof and it houses a folding mechanism for retracting the roof cloth.
Key Drivers and Restraints of Global Convertible Vehicles Market
- Rise in the demand of luxury and ultra-luxury vehicles boosts the global convertible vehicles market. Revival of economy and rise in the consumer purchase parity have significantly improved sales of luxury vehicles over the last few years. This factor is anticipated to drive the global convertible vehicles market during the forecast period.
- Growth of the automotive industry in Asia Pacific and Latin America and rising demand for luxury vehicles among youngsters are estimated to boost the convertible vehicles market in these regions during the forecast period
- Earlier, convertibles and luxury vehicles were manufactured primarily in Europe and North America. The onset of domestic production and local assembly of convertibles in various countries has lowered taxes, charges, and production cost. It has also helped increase sales of vehicles, thereby driving the global convertible vehicles market.
- The structure of a convertible compromises on the structural rigidity of the vehicle and significant modifications and design engineering is required to counteract the absence of a rigid roof
Fully Electric Vehicle Segment to Register Maximum Growth Rate
- The growing stringency of regulations on emissions and rising consumer awareness about adoption of eco-friendly vehicles are anticipated to drive the demand for fully electric convertible vehicles in the near future. Automakers such as BMW AG have introduced a convertible model of electric BMW i8. The upcoming 2020 Model S Tesla Roadster is also a convertible four seater. Other renowned automakers such as Mini Cooper have also introduced fully electric options in its convertible variants.
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Retractable Hardtops Witnessing High Demand
- Retractable hardtops are witnessing high demand owing to their robust design. The 2019 BMW 4 series with a retractable hardtop splits in three pieces with a power assist feature to allow easy access to luggage. Other convertibles with retractable hardtops introduced in 2019 are Mercedes-Benz SL and Mercedes-Benz SLC. The detachable hardtops segment holds a considerable share of the global convertible vehicles market. Detachable hardtops allow roof panels to be dismantled and retracted from the vehicle structure and allow a wider open area.
Roadsters Segment Holds a Major Share of Global Convertible Vehicles Market
- The roadsters (two-seaters) segment holds a major share of the global convertible vehicles market. However, four-seaters are gaining more popularity and a large number of automakers, such as BMW, Mercedes, and General Motors, have started offering four-seater convertibles. Semi-convertibles are anticipated to witness rise in the demand as they have a robust design that offers better structural rigidity along with the luxury of open rooftop. Growing focus on safer vehicles and rising consumer awareness about safety is are expected to boost the demand for semi-convertible vehicles during the forecast period.
Europe and North America to Lead Global Convertible Vehicles Market
- In terms of region, the global convertible vehicles market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe and North America hold a major share of the global convertible vehicles market, owing to high purchasing power of consumers and presence of suitable climatic conditions. Asia Pacific and Latin America are slowly gaining market share in the global convertible vehicles market, with increasing demand for luxury vehicles among consumers in these regions.
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Key Manufacturers Operating in Global Market
The global convertible vehicles market was highly fragmented in 2018. Key manufacturers operating in the global market are:
- BMW AG
- Daimler AG
- Ford Motor Company
- Jaguar Land Rover Limited
- Porsche AG
- FCA Italy S.p.A.
- General Motors Company
Global Convertible Vehicles Market, by Drive Type
- IC Engine
- Fully Electric
Global Convertible Vehicles Market, by Roof Type
- Detachable Hardtop
- Retractable Hardtop
Global Convertible Vehicles Market, by Vehicle Type
- Roasters (Two-seaters)
- Four-door Convertibles
Global Convertible Vehicles Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.