LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive sunroof market to grow at a CAGR of close to 16% during the period 2018-2022, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The growing popularity of polycarbonate application is one of the major trends being witnessed in the global automotive sunroof market. The stringent regulations to increase fuel economy and efficiency of modern vehicles are pushing automotive OEMs to adopt innovative technologies that have led to a reduction in vehicle weight by maintaining optimum performance. Glass has been the traditional material for the various automotive applications like window, windshield, and sunroof. However, it adds to the vehicle weight. This has attracted the attention of prominent automotive OEMs in recent times. In 2016, polycarbonate rear quarter window was introduced, which created a good awareness in the automotive industry.
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In this report, Technavio analysts highlight the growing popularity of SUVs as a key factor contributing to the growth of the global automotive sunroof market:
Global automotive sunroof market: Growing popularity of SUVs
SUVs are crucial for the global automotive sunroof market, as they contribute most to sunroof adoption. SUVs are preferred vehicles for off-road traveling and are convenient to drive in city traffic conditions too. As a result, SUV cabins need to be roomy and airy to enhance the driving experience. Thus, most SUVs are fitted with sunroofs as standard or optional fitment.
According to a senior analyst at Technavio for automotive electronics, “In developed regions, panoramic sunroofs are replacing conventional sunroofs owing to the former’s ability to give benefits to both driver and passengers. Panoramic sunroofs are expected to witness maximum adoption across the world during the forecast period.”
Global automotive sunroof market: BFSI segment leads the market
This market research report segments the global automotive sunroof market into the following applications (luxury passenger vehicles, mid-size passenger vehicles, and entry-level passenger vehicles) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major applications, the luxury passenger vehicles segment held the largest market share in 2017, contributing to over 53% of the market. The market share occupied by this segment is expected to decrease by almost 3% by 2022. However, this application segment will dominate the global market throughout the forecast period.
EMEA was the leading region for the global automotive sunroof market in 2017. It accounted for a market share of approximately 42%. It was followed by APAC and the Americas. APAC is expected to project the fastest growth during the period 2018-2022.
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