LONDON--(BUSINESS WIRE)--The global automotive sunroof market size is expected to grow by USD 6.35 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The SUV market is witnessing growing sales volume of small and crossover SUVs due to their better affordability and low cost of ownership, which, in turn, is driving the global automotive sunroof market. Most SUVs are fitted with sunroofs as standard or optional fitment for ventilation. In developed regions, panoramic sunroofs are replacing conventional sunroofs owing to the former's ability to give benefits to both the driver and passengers. As most SUVs are used for long-distance travel, panoramic sunroofs have become a necessary component to enhance the driving experience.
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As per Technavio, the growing adoption of smart glass technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Sunroof Market: Growing Adoption of Smart Glass Technology
The growing adoption of smart glass technology is expected to drive the growth of the market during the forecast period. Stringent regulations by regulatory bodies, such as Federal Motor Vehicle Safety Standards in the US, are intensifying the use of smart glass in vehicles. In addition, smart glasses have found wide application in sunroofs, as they offer benefits such as more control on light and heat emissions, and reduction in the use of heating, ventilation, and air conditioning (HVAC) units to maintain the inner temperature of the vehicle. One of the popular smart glass technology used among OEMs is the Magic Sky Control introduced by Mercedes-Benz which uses the patented, SPD-SmartGlass technology, that changes the tint of the glass with the push of a button.
“Factors such as the increasing adoption of wind deflectors, and the growing adoption of sunroofs in SUVs, sedans, and hatchbacks in the passenger car segment will have a significant impact on the growth of the automotive sunroofs market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Sunroof Market: Segmentation Analysis
This market research report segments the automotive sunroof market by application (luxury passenger vehicles, mid-size passenger vehicles, and entry-level passenger vehicles), distribution channel (offline distribution channel and online distribution channel), and geography (APAC, Europe, North America, and South America).
The APAC region accounted for the highest automotive sunroof market share in 2019, followed by Europe, North America, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing adoption of sunroofs in passenger cars, particularly in sedans, hatchbacks, and SUVs, and the shift in consumer focus, from the mileage provided by vehicles to the aesthetics and advanced features.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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