Portland, OR, Oct. 13, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global automotive panoramic sunroof market was pegged at $1.31 billion in 2018 and is anticipated to hit $4.26 billion by 2026, registering a CAGR of 15.7% from 2019 to 2026.
Innovation in glass technology and surge in demand for safety, comfort, and convenience drive the growth of the global automotive panoramic sunroof market. However, high integration and maintenance cost and low penetration of power sunroof in low segment vehicles hinder the market growth. On the other hand, surge in penetration of solar sunroof in electric vehicles across the globe and increase in the sale of automotive vehicles would open new opportunities for the market players in the coming years.
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Covid-19 impact: The ongoing pandemic has negatively impacted the global automotive panoramic sunroof industry.
- Paused production, slumped sale, and fallout in business performance has decreased the demand for the automotive panoramic sunroof.
- Manufacturers are reviewing their R&D budgets, long-term investments, and diverting funds to potentially future-proof technologies, which may halt the manufacturing of automotive panoramic sunroofs.
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The global automotive panoramic sunroof market is segmented on the basis of material type, vehicle type, and geography. Based on material type, the fiber segment is anticipated the highest CAGR of 21.3% during the forecast period. However, the glass segment held the largest share in 2018, accounting for more than 90% of the market.
On the basis of vehicle type, the hatchback segment is expected to manifest the fastest CAGR of 19.6% during the forecast period. However, the sedan segment dominated the market in 2018, contributing to more than half of the market.
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