LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive weatherstrips market to grow at a CAGR of nearly 4% during the forecast period, 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.
Development of self-adhesive automotive weatherstrips is one of the major trends being witnessed in the global automotive weatherstrips market 2018-2022. Automotive weatherstrips manufacturers are focusing on the development of self-adhesive automotive weatherstrips that are available with adhesive liquid on one side. This type of weatherstrip can be applied directly without requiring the need for a mechanic. Self-adhesive automotive weatherstrips are developed largely focusing on utilitarian purposes.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive weatherstrips market is the increasing number of vehicles:
Global automotive weatherstrips market: Increasing number of vehicles
The growth of the global automotive weatherstrips market is primarily driven by the sale and production of automobiles. As each vehicle is equipped with certain units of automotive weatherstrips, the increasing production of passenger cars and commercial vehicles is expected to drive the demand for automotive weatherstrips during the forecast period. Automotive weatherstrips offer sealing of vehicle openings to prevent the entry of dust, wind, water, and noise to a certain extent. Every vehicle manufacturer uses a set of automotive weatherstrips to restrict noise and vibration within their vehicle.
According to a senior analyst at Technavio for research on automotive components, “In APAC, the growth of the automotive market can be attributed to the growth of the passenger car segment. Economic development in the developing countries within APAC, revival of the construction and agriculture industries, increasing per capita income, and low vehicle penetration are expected to drive the demand for new vehicles in APAC.”
Global automotive weatherstrips market: Segmentation analysis
The global automotive weatherstrips market research report provides market segmentation by end-user (passenger cars and commercial vehicles), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger cars segment held the largest market share in 2017, accounting for over 71% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 54%. This region is expected to dominate the market through 2022, with a 2% increase in its market share.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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