Impact of COVID-19 on Automotive Panoramic Sunroof Market to Record Significant Revenue Growth During the Forecast Period 2020-2026
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Innovation in glass technology and surge in demand for safety, convenience, and comfort features have boosted the growth of the global automotive panoramic sunroof market. However, high integration and maintenance cost along with low penetration of power sunroof in low segment vehicles hamper the market. On the contrary, rise in penetration of solar sunroof in electric vehicles across the globe and an increase in the sale of automotive vehicles are expected to create lucrative opportunities in the near future.
Glass segment held the largest share
By material type, the glass segment dominated the global automotive panoramic sunroof market in 2018, accounting for around 94% of the total revenue, owing to its advantages such as the full opening of the roof panel, which slides between the metal roof and interior headliner. However, the fiber segment is expected to register the fastest CAGR of 21.3% during the forecast period, as fiber panoramic sunroof are immune to rust, rot, and are resistant to fire as well, which makes it durable and safe roofing material.
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Sedan segment dominated the market
The sedan segment held the largest share in 2018, contributing to more than half of the global automotive panoramic sunroof market, owing to its additional benefits compared to hatchback and consumer preference for an automotive panoramic sunroof in luxury vehicles. However, the hatchback segment is anticipated to portray the fastest CAGR of 19.6% during the forecast period, due to a rise in demand for hatchback vehicle with automotive panoramic sunroof owing to overall attractive appeal of the vehicle.
Asia-Pacific to manifest fastest growth, followed by North America
The global automotive panoramic sunroof market across the Asia-Pacific region is expected to register the fastest CAGR of 17.1% during the forecast period, owing to growth in consumer preference to install these products and enhance the overall attractive appeal of the vehicle. The market across North America is anticipated to register a CAGR of 16.2% through 2026. However, the market across Europe held the lion’s share in 2018, contributing to more than one-third of the market, due to rise in demand for luxurious passenger vehicles and innovative technology across the region.
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