Acumen Research and Consulting, Recently Published Report On “Automotive Sun Visor Market Size, Share, Trends, Scope, Growth and Forecast 2019-2026”.
LOS ANGELES, July 06, 2019 (GLOBE NEWSWIRE) -- The global automotive sun visor market accounted over USD 10 billion by 2026 and is expected to grow at CAGR 3.2% during the forecast period, 2019-2026.
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Rising demand for vehicle and passenger safety is likely to boost the demand for the automotive sun visor during the forecast period. Additionally, growing demand for fashionable sun visors, consistent growth in vehicle production across the globe, owing to rapid urbanization, and rise in purchasing power of consumers are likely to drive the automotive sun visor market during the forecast period. However, the high cost of the raw materials and ultimately the sun visor itself is the hindering factor for the growth of the market. Whereas, growing demand for an electric vehicle is expected to provide favorable situations for the global sun visor market.
The automotive sun visor is segmented by surface material, sales channel, vehicle type, and type. On the basis of surface material, the global automotive sun visoris segmented into vinyl and fabric. On the basis of type, the global automotive sun visor market is bifurcated into LCD sun visor, conventional type. Based on vehicle type, the global market is segmented into commercial vehicle, passenger vehicle, and electrical vehicle. On the basis of sales channel, the market is segmented aftermarket and OEM.
Based on surface material, vinyl is largely used as a surface cover material for the sun visor in common vehicles due to its cost-efficiency over fabric material. Premium and luxury vehicles are furnished with fabric sun visors that enhance the overall presence of the interior of these vehicles. Constant increase in sales of premium vehicles and SUVs is likely to boost the demand for fabric material during the forecast period.
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On the basis of type, the conventional segment dominates the automotive sun visor market, and it is maintain its dominance during the forecast period. The conventional segment is projected to expand during the forecast period owing to its various benefits such as ease of handling and installation, and no maintenance. Moreover, the LCD sun visor is acquiring popularity among consumers.
Based on the vehicle type, the passenger vehicle segment hold major share of the market. Increase in production of passenger vehicles across the world, owing to different factors such as strong demand for passenger vehicle from various consumers, rapid urbanization, and decline in bank interest rate, are expected to boom the passenger vehicle segment.
Geographically, the automotive sun visor market is segmented into Asia Pacific, North America, Europe, and Latin America & Middle East Africa (LAMEA).
Asia Pacific region, among the other geographies, dominates the global automotive sun visor market due to the presence of a prominent automotive industry in China, Japan, India, and South Korea. Huge production of the automobile in these countries is expected to propel the automotive sun visor market in this region. Further, booming economies and the increasing standard of living of the population in this region is projected to grow the demand for the automotive sun visor. Additionally, rising the number of light vehicles and stringent safety norms are expected to drive the sun visor market in North America during the forecast period. LAMEA is expected to have the slow growth rate owing to the limited industrial presence, and poor economic condition. Moreover, the African region s experience of a strong growth during the forecast period owing to the presence of huge players and changing lifestyle of the population in the region is likely to propel the growth f the market in African region.
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Some of the major players analyzed and profiles in this market include Irvin Automotive Products, Inc., GUMOTEX, BRACE, GRIOS sro, Grupo Antolin, Atlas Holdings., KASAI KOGYO CO., LTD., HOWA TEXTILE INDUSTRY CO., LTD., KÖBO GmbH & Co KG, FOMPAK, and KB Foam Inc.Owing to the presence of huge competitors many players have adopted the organic strategy of acquisition and collaboration to sustain in the increasing competition. Major players are focusing on acquisition and product launches which helps in increasing the geographical reach and minimizing the competition in the market. Whereas local players are providing their product at low prices so as to sustain in the market. A number of different players are involved in the market. However, the market is dominated by top international players. Many companies are launching products to strengthen their position in the market. For instance, on September 2016, Piston Group of companies has expanded the business by acquiring Irvin Automotive Products. The group has become one of the largest privately-owned automotive supplier groups in Michigan. A record sale of more than $1.8 billion is projected in 2016.
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