Booming Premium Cars Industry to Favor Automotive Sun Visor Market | Global Industry Share, Business Boosting Strategies, Key Players, CAGR Status, Growth Opportunities, and Forecast to 2024
Market Scope
Market Research Future (MRFR) affirms that the automotive sun visor market 2020 accrue a striking high valuation by 2023. The market is all set to progress at a rate of 26.5% over the forecast years (between 2018 and 2024). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
COVID-19 Analysis
The novel coronavirus has given a significant blow to the manufacturing sector, with OEMs and components suppliers still waiting to resume normal production. The COVID-19 outbreak has led to massive delays in market delivery, postponing several launches, fragile supply chains, SMEs facing financial crunch, and downfall of vehicle sales. SARS-CoV-2 will further exacerbate the issues being faced by the automotive industry, which includes stricter CO2 emissions regulations and standards along with requirement for more spending on the latest technologies. Moreover, the pandemic has shed light on the benefits of automation and robotics, which have noted higher adoption post COVID-19 outbreak. With IoT, digitalization and industrial automation becoming highly relevant to the Tier 1 manufacturers following the SARS-CoV-2 outbreak, these can emerge as significant opportunities for the automakers.
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Companies in the automotive sun visor market are proactively seeking ways to effectively face the challenges brought on by the pandemic. They are adjusting to the lockdown imposed to contain the spread of the virus by taking up mitigation tactics that can help them continue with their production and also curb revenue loss. COVID-19 has completely altered the market outlook for the auto manufactures and has steered their focus towards wellness and health solutions in the vehicles they produce. This can be a fine opportunity for the automotive sun visor market in the coming months, given the automotive industry’s ongoing efforts to join the battle against SARS-CoV-2.
Top Boosters and Key Challenges
Automotive sun visor market companies are proactively exploring ways to expand their reach across the globe and boost their profits, armed with top marketing strategies such as agreements, mergers and product launches. A case in point, in January 2020, Bosch launched an innovative AI-powered LCD sun visor that helps solve the issue of squinting for drivers. The sun visor extensively deploys a smart flip-down LCD along with a driver-facing camera for blocking sun glare digitally. It makes use of AI to pinpoint facial features such as mouth, nose and eyes to administer shadows as they move all over the driver's face.
The sun visor market growth is also warranted by the increasing sale of premium vehicles across various regions worldwide. Experts in the automotive industry confirm that the premium vehicles market has observed exponential surge in the past few years, which can be a big growth booster for the automotive sun visor industry. Premium vehicles are equipped with high-end interior applications that are generally not available in other types of vehicles. Across developed countries, the demand for premium vehicles is quite high compared to the entry-level ones on account of the emerging trend of premiumization.
Furthermore, the expanding pool of manufacturers that integrate economical and simple visor components, the rising focus of automotive OEMs and consumers on driver and vehicle safety also contribute massively towards the worldwide market growth.
Segmental Analysis
The automotive sun visor industry can be segmented depending on type, material, vehicle type, propulsion and sales channel.
The types of automotive sun visor are Conventional and LCD sun visor.
The market categories, with respect to material, include fabric, vinyl, and more.
The key vehicle types studied by MRFR experts are passenger car as well as commercial vehicles.
The propulsion-wise market sections can be electric vehicle and ICE.
The prime sales channels covered in the market study are Aftermarket and OEM.
Regional Insight
The Automotive Sun Visor Market Size has been extensively reviewed, in terms of primary regions such as APAC/Asia Pacific, Europe, North America, and RoW/Rest of the World.
APAC holds maximum potential to seize the highest share in the global market over the coming years, as a result of the expanding population, high sales of different types of vehicles, and the evolving lifestyle being led by consumers. The rising uptake of electric vehicles remains another chief factor that induces demand for automotive sun visors in the region. The market here is quite lucrative, given the mounting preference for safety features in vehicles along with the increasing spending by private as well as public companies on the automobile industry.
The trend of electric vehicles has picked up speed in North America, with increasing demand for safety features such as sun visors. The automotive sun visor market in the region also receives tremendous encouragement from the increasing sale of light vehicles and the stringent safety norms that are expected to be adhered to by the automakers.
Key Companies
Some of the key companies listed in the market profile include KB Foam Inc. (US), Irvin Automotive Products, Inc (US), GUMOTEX (Chez Republic), Atlas Holding (US), HOWA TEXTILE INDUSTRY CO., LTD. (Japan), FOMPAK (Turkey), GRIOS s.r.o. (Czech Republic), KASAI KOGYO CO., LTD. (Japan), Grupo Antolin (Spain), OTOTRIM Sanayi ve Ticaret A.Ş. Panel (Turkey), to name a few.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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