Global Convertible Cars Market Size, Share, and COVID-19 Impact Analysis, By Rooftop Type (Hard Top and Soft Top), By Material Type (Carbon Fibre, Aluminium, Polyvinyl Chloride (PVC), and Others), By Vehicle Type (Hatchback, Sedan, and SUV), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Convertible Cars Market Insights Forecasts to 2035

• The Market Size is Expected to Grow at a CAGR of around 4.7% from 2025 to 2035
• The Worldwide Convertible Cars Market Size is Expected to Reach a Significant Share by 2035
• Asia Pacific is Expected to grow the fastest during the forecast period.

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According to the Spherical Insights, The Market for Convertible Vehicles is expanding due to a desire for higher luxury levels, sophisticated safety technology, and environmentally-conscious alternate fuel vehicles. Future prospects for convertible automobiles include electric convertibles, personalization, and drawing a wider customer base from developing countries.

 

Market Overview

The convertible cars market consists of passenger vehicles featuring roofs that can fully retract to provide both open-air and closed-in driving experiences. The market is driven by an increase in consumer preference toward luxury and lifestyle-oriented vehicles, increased safety and infotainment systems, and rising disposable income in developed and emerging economies. The growing government regulations determining vehicle emissions is persuading automakers to produce hybrid and electric convertible vehicles, thus enhancing sustainability. Further, government incentives and increase electric mobility promotion efforts and stricter fuel use efficiency regulations is shaping the vehicle offerings. Overall, these factors support the convertible cars market for gradual increases with innovative and sustainable electric models leading the growth. Instant, in July 2025, BYD has been spotted testing a convertible version of its Denza Z electric sports car, revealing a soft-top layout and design details close to the original concept. Advanced features like ADAS sensors, large displays, and refined styling signal it’s nearing production readiness.

 

Key Market Insights

• North America is expected to account for the largest share in the convertible cars market during the forecast period.
• In terms of Rooftop Types, the soft top segment is projected to lead the convertible cars market throughout the forecast period
• In terms of Material Type, the aluminium segment captured the largest portion of the market
• In terms of Vehicle Type, the SUV segment is projected to lead the convertible cars market throughout the forecast period

 

Convertible Cars Market Trends

• Increasing demand for luxury and lifestyle-oriented vehicle types.
• Increasing popularity of hybrid and electric convertibles.
• Growing consumer interest in premium features and customization.
• Integration of driver-assistance, safety, and infotainment technology.
• Convertible offerings improving in emerging markets.
• Aerodynamics and lightweight materials driving fuel efficiency.
• Collaboration between luxury brands and manufacturers of electric vehicles.
• Government incentives promoting green convertibles.
• Regional and seasonal demand affecting production and sales.
• Increasing emphasis on sustainable designs, emissions reduction, and efficiency improvement.

 

Report Coverage

This research report categorizes the convertible cars market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the convertible cars market. Recent market developments and competitive strategies, such as expansion, type launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the convertible cars market.

 

Driving factors

The convertible automobiles market is propelled by growing consumer demand for premium and lifestyle automobiles, especially in North America and Europe, where luxury car sales increased more than 7% in 2024. Increasing disposable income and urbanization are enabling the purchase of high-priced vehicles. The advancement of technologies, for instance, advanced driver-assistance systems (ADAS), digital dashboards, and lightweight materials are improving safety and performance and targeting a younger audience. Furthermore, the global trend of sustainability is compelling automakers to provide hybrid and electric convertibles to rendezvous emission norms. In addition, government EV incentives and stricter fuel efficiency policies are advancing the acceptance of convertibles, with strong growth opportunities globally.

 

Restraining Factors

A significant constraint on the convertible automobile market is the high cost of ownership, consisting of costly price tags, costly maintenance, and costly insurance. Limited practicality such as storage space and seasonal usage also detrimentally affects demand. There are also additional challenges created by consumers being concerned about structure rigidity or safety in rollover accidents, as well as fuel economy which tends to be less than comparable vehicles.

 

Market Segmentation 

The global convertible cars market is divided into rooftop types, material type, and vehicle type.

 

Global Convertible Cars Market, By Rooftop Type:

• The soft top segment dominated the market in 2024 and is projected to grow at approximately 4.9 % CAGR during the forecast period.   

Based on rooftop type, the global convertible cars market is segmented into hard top and soft top. Among these, the soft top segment dominated the market in 2024 and is projected to grow at approximately 4.9 % CAGR during the forecast period. Soft-top convertible models prevail because they are lighter, less expensive to manufacture, and can be retracted more easily, giving them a lower purchase price and wider acceptance. Their classic appeal and abundance in mid-range are also significant factors; relatively few manufacturers offer hard-top models, and soft-tops are especially prevalent in the lifestyle markets in Europe and North America.

The market for hard-top convertibles is projected to grow at the highest rate due to additional durability, heightened safety, and better noise and weather insulation. They have a luxurious appeal to buyers, and advancements in engineering are resulting in fewer mechanical failures, which is especially important for adopting expensive high-end electric and hybrid convertibles. 

 

Global Convertible Cars Market, By Material Type:

• The aluminium segment accounted for the largest share in 2024 and is anticipated to grow at a 5.1% CAGR during the forecast period.

Based on material type, the global convertible cars market is segmented into carbon fibre, aluminium, polyvinyl chloride (PVC), and others. Among these, the aluminium segment accounted for the largest share in 2024 and is anticipated to grow at a 5.1% CAGR during the forecast period. Aluminium was prevalent in 2024 due to its lightweight nature, increasing fuel efficiency by as much as 10-15% compared to steel. Because it is recyclable, it can reduce production costs and the demand for aluminium in the manufacturing of both luxury and electric convertibles has increased consistently.

Carbon fibre is the fastest-growing material segment, expanding at 6 to 7% CAGR, due to its superior strength-to-weight ratio, reducing vehicle weight by nearly 50% versus steel. Increasing adoption in high-performance and electric convertibles drives demand, despite higher manufacturing costs

 

Global Convertible Cars Market, By Vehicle Type:

• The SUV segment dominated the market in 2024 and is projected to grow at approximately 5.4% CAGR during the forecast period.  

Based on vehicle type, the global convertible cars market is segmented into hatchback, sedan, and SUV. Among these, the SUV segment dominated the market in 2024 and is projected to grow at approximately 5.4% CAGR during the forecast period. Due to their combination of practicality and luxury, SUV convertibles were once again the top-selling style of vehicle in 2024 with more than 45% market share. Global sales of SUVs continued to rise (up 10% YoY in 2024), and there is a strong consumer preference for large vehicles that can be attractive as well as provide usable space in the back. These factors all added to their dominance in the vehicle market.

 

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The fastest growing segment is sedan convertibles, with an estimated 6 to 7% CAGR, which reflects their growing adoption in urban centers. Sedan convertibles have a great aerodynamic design, competitive pricing compared to SUVs, and increased demand for premium mid-range vehicles, especially in the Asia-Pacific region, all of which fuel their accelerated growth in the convertible segments.

 

Regional Segment Analysis of the Global Convertible Cars Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America Convertible Cars Market Trends

North America is expected to hold the largest share of the global convertible cars market over the forecast period.

 

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North America is expected to hold the largest share of the global convertible cars market over the forecast period. The region benefits from strong consumer demand for luxury vehicles, high disposable incomes, and the presence of leading automobile manufacturers. Collaborations between automakers and technology providers are driving innovation in safety, infotainment, and electric convertible models. With increasing interest in lifestyle-oriented and personalized vehicles, North America is projected to maintain its leadership position in the global market.

 

U.S. Convertible Cars Market Trends

The U.S. convertible cars market is driven by rising demand for premium vehicles, robust adoption of advanced infotainment and driver-assistance systems, and a strong preference for SUVs and soft-top models. Government incentives for electric vehicles and growing investments in EV infrastructure are accelerating the launch of electric convertibles. Increasing luxury car sales, which grew by over 7% in 2024, further strengthen the U.S. market outlook.

 

Canada Convertible Cars Market Trends

In Canada, the convertible cars market is expanding steadily, supported by increasing disposable incomes, urban lifestyle trends, and demand for stylish yet practical vehicles. Growing consumer interest in eco-friendly transportation, coupled with government initiatives to promote EV adoption, is driving the introduction of hybrid and electric convertible models in the country.

 

Asia-Pacific Convertible Cars Market Trends

Asia-Pacific is expected to grow at the fastest CAGR in the convertible cars market during the forecast period. Countries like China, India, and Japan are witnessing rising demand for premium and luxury vehicles, fueled by urbanization, higher incomes, and lifestyle shifts. Government investments in electric mobility and stricter emission regulations are encouraging automakers to introduce hybrid and electric convertible models. The region’s large millennial population and growing appetite for personalized vehicles are also boosting market growth.

 

India Convertible Cars Market Trends

The India convertible cars market is gaining traction due to increasing disposable incomes, a young consumer base, and the influence of Western luxury lifestyle trends. The introduction of affordable luxury convertibles and the government’s EV push, supported by a USD 500 million e-mobility initiative, are expected to drive market expansion.

 

China Convertible Cars Market Trends

The China convertible cars market is expanding rapidly, supported by strong government investments in electric mobility and rising luxury car ownership. With EV sales surpassing 30% of total new vehicle sales in 2024, automakers are prioritizing the launch of electric convertible models. Expanding R&D in automotive design and increasing consumer preference for premium vehicles further strengthen market prospects.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global convertible cars market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

Worldwide Top Key Players in The Convertible Cars Market Include

• BMW AG
• Mercedes-Benz Group AG
• Volkswagen AG (Audi, Porsche, Lamborghini, Bentley)
• Ferrari N.V.
• Stellantis N.V. (Maserati, Alfa Romeo, Fiat)
• Ford Motor Company
• General Motors Company (Chevrolet, Cadillac)
• Jaguar Land Rover Automotive PLC
• Aston Martin Lagonda Global Holdings PLC
• McLaren Automotive
• Tesla, Inc. (Roadster EV)
• Toyota Motor Corporation (Lexus)
• Nissan Motor Corporation (Infiniti)
• Honda Motor Co., Ltd. (Acura)
• Hyundai Motor Group (Genesis, Kia Stinger Convertible concepts)

  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent development

• In July 2025, Autocar India has published a new feature highlighting every convertible car currently on sale in India. The lineup ranges from luxury brands like Ferrari, Maserati, Mercedes, and BMW to MG’s affordable Cyberster EV and high-end models like the McLaren 750 S Spider and Maybach SL 680.

 

• In May 2025, MINI USA unveiled its 2025 Convertible at Miami Swim Week, partnering with PARAISO and Sports Illustrated Swimsuit. The vehicle featured designer collaborations, runway displays, and exclusive content, reinforcing MINI’s brand spirit, self-expression, and cultural vibrancy in the luxury convertible segment.

 

• In October 2024, Bentley has commenced the final phase of development for its most powerful W12 engine, featured in the Batur Convertible. Limited to just 16 units, this hand-assembled 6.0-litre twin-turbocharged engine delivers 750 PS. The extensive validation program includes over 120 tests, such as high-speed assessments and environmental simulations, ensuring the vehicle's performance and reliability. This marks the culmination of Bentley's W12 engine production, concluding in July 2024 after more than 100,000 units built.

 

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the convertible cars market based on the following segments:

 

 Global Convertible Cars Market, By Rooftop Types

• Hard Top
• Soft Top

 

Global Convertible Cars Market, By Material Type

• Carbon Fibre
• Aluminium
• Polyvinyl Chloride (PVC)
• Others

 

Global Convertible Cars Market, By Vehicle Type

• Hatchback
• Sedan
• SUV

 

Global Convertible Cars Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa