Notchback Market Is Estimated To Witness High Growth Owing To Growing Adoption In Passenger Vehicle Segment
The notchback is a body style of automobiles where the rear decklid or trunklid is integrated with the rear bumper, with a graceful curve rather than an abrupt cut-off. Notchback models tend to have a somewhat smaller trunk opening than comparable sedan or hatchback body styles do. Manufacturers often employ notchback styling to produce a more stylized coupe-like roofline on mainstream passenger vehicles. Some examples include the Toyota Camry, Honda Accord, and Hyundai Sonata etc.
The global Notchback Market is estimated to be valued at Us$ 78.49 Bn in 2023 and is expected to exhibit a CAGR Of 14.% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The Notchback Market is witnessing high growth owing to growing adoption of notchback body style in mid-size and large passenger vehicles segment globally. One of the major growth driver is increasing preference of consumers towards stylish and sporty looks associated with notchback design over conventional sedan designs. Moreover, notchback body type provides advantage of compact packaging which results into larger interior space for passengers without increasing overall vehicle dimensions significantly. This further makes them fuel efficient and allows OEMs to target wide range of consumer segment. Additionally, growing demand for feature rich and attractive vehicles particularly in developing economies of Asia Pacific and Latin America will continue to push volume sales of notchback models from major vehicle brands over the forecast period.
SWOT Analysis
Strength: The solar photovoltaic glass market has high growth prospects. Glass being a durable material makes solar PV panels sturdy and able to withstand outdoor weather conditions for decades. This provides long term returns on investments to developers and users of solar energy. The use of glass also improves fire safety ratings of solar panels.
Weakness: High manufacturing costs associated with developing specialized solar glass to withstand various climate conditions reduces margins for manufacturers. Supply chain disruptions and higher input costs also affect the solar glass market negatively.
Opportunity: Stringent government regulations and policies supporting renewable energy adoption in regions provides major opportunities. Rapid urbanization and rising need for decentralized power also drives the demand. New technologies for light weight and flexible thin film glass opens new application areas.
Threats: Volatility in raw material prices of commodities like silicon is a major threat. Dumped imports from China and trade tariffs also impact competitiveness and prices. Frequency of natural disasters due to climate change can damage installed infrastructure.
Key Takeaways
The Global Notchback Market Demand is expected to witness high growth. Rapid capacity additions across Asia Pacific, Europe and North America are expected to drive the market. China dominates the global solar glass manufacturing owing to presence of leading manufacturers and rising local solar installations. Other Asian countries like India, Japan and Southeast Asian nations are also emerging as high potential markets.
The Asia Pacific region accounts for over 50% of global solar glass market share led by China, India, Japan, South Korea and Southeast Asian countries. China is the largest producer and consumer with over 60% production share due to presence of leading manufacturers like Xinyi Solar and Flat Glass Group. India is witnessing fastest capacity additions targeting 100 GW renewable energy goals by 2030.
Key players operating in the solar photovoltaic glass market are Xinyi Solar Holdings Limited, Flat Glass Group Co., Ltd., AGC Inc., and Nippon Sheet Glass Co., Ltd. These players are focused on expanding manufacturing capacities, acquiring regional players and developing value added thin film glass products to tap new applications.
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