Dwindling Cabriolet Market Affecting Automakers, Suppliers Alike
If you’re a fan of convertibles, then you may find your selection dwindling as more consumers go for a different image, affecting automakers and suppliers alike.
Automotive News Europe reports manufacturers like Volkswagen and Peugeot are cutting down the number of cabriolets in their portfolios as a result of the following:
- Popularity: In the two biggest markets for such vehicles — North America and Europe — the convertible experienced sales of 827,000 unit in 2007, but only 444,000 in 2013. The drop is likely the result of consumers moving toward crossovers and SUVs, along with other image-making vehicles like the Toyota Prius and Tesla Model S.
- Limited market: Even when popularity was at its peak, not everyone wanted the wind in their hair. Convertibles were most popular in places like England, Sweden, California and Florida — the latter two were the result of transplants from colder, wetter regions who now wanted to soak up the sun — while few were sold in places like Dubai, China and Singapore.
- Other options: Consumers shopping for new vehicles can have theirs with a panoramic roof, delivering blue skies to all without needing to apply a ton of Aqua Net or toupee glue before heading out. Further, SUVs and cabriolets are image vehicles that can replace each other, though such a swap hurts the latter more than the former in the new-vehicle market. Finally, convertibles have a higher residual value, and tend to do better in the used-vehicle market than when first purchased.
Thus, as automakers trim their open-top offerings, suppliers like Valmet and Magna CTS fear their time may soon come to call it a day. CEO for the largest supplier of roof systems, Webasto’s Holger Engelmann, says the market won’t be able to sustain three major players in the supply game. Both Webasto and Valmet — the third largest; Magna CTS is No. 2 — have shuttered facilities over the years amid the shrinking market, with Valmet closing its German operations by 2017.
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