July 25, 2024
Notchback Market

Notchback Market Driven By Rising Demand For Compact Sedans Captures The Space Between Hatchback And Sedan Segments

The notchback body style is a derivative of a three-box sedan design, distinguished by a “fastback” C-pillar design that slopes angled rearwindow in lieu of separate rear quarter windows. Notchbacks allow for sleek and stylish design while achieving more practical cargo and passenger space than a traditional sedan. They have become popular among first-time buyers and younger families seeking value, style and efficiency without compromising on interior space. Carmakers like Toyota, Honda, Volkswagen and Hyundai have led the notchback segment globally with their Corolla, Civic, Jetta and Elantra models respectively, appealing to a broad consumer base with affordable pricing and versatile utility.

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 key trends:

One of the key trends driving growth in the notchback segment is the rising preference for fuel-efficient compact sedans among both fleet owners and individual customers. Notchbacks allow automakers to package agile yet spacious designs within subcompact footprints, helping improve fuel economy. Many notchback models today deliver over 35 mpg on the highway. Additionally, notchbacks have found traction in shared mobility markets like ride-hailing as their low profiles aid visibility while trunk space supports luggage. Leading ride-hailing operator Uber states that over 20% of their fleet today comprise compact sedans like Corolla, Civic and Jetta. As shared mobility continues to grow, demand for affordable yet versatile sedan body styles will further encourage notchback adoption globally.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to massive capital investment requirements for solar panel production and established brands dominating the market.

Bargaining power of buyers: The bargaining power of buyers is low as there are multiple established manufacturers supplying similar products.

Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes and suppliers having specialized expertise.

Threat of new substitutes: Threat of new substitutes is high as new technologies like thin film solar panels provide alternatives.

Competitive rivalry: Competition in the notchback market is high due to presence of established brands like Xinyi Solar Holdings Limited, Flat Glass Group Co., Ltd., AGC Inc., and Nippon Sheet Glass Co., Ltd. fighting for market share.

Key Takeaways

The Global Notchback Market Demand is expected to witness high growth. Regional analysis comprises The Asia Pacific region currently dominates the notchback market with China being the manufacturing hub. Factors such as supportive government policies, technological advancements, and presence of key manufacturers are fueling market growth in this region.

Key players related content comprises Key players operating in the notchback market are Xinyi Solar Holdings Limited , Flat Glass Group Co., Ltd., AGC Inc., and Nippon Sheet Glass Co., Ltd. Xinyi Solar Holdings Limited is one of the leading manufacturers of solar photovoltaic glass globally. The company leverages technology and innovation to offer high-quality products.

The global notchback market size for 2023 is US$ 78.49 Bn. The market is forecast to reach over US$ 120 Bn by 2030, expanding at a CAGR of 14% during the forecast period. Rapid installation of solar farms across regions is driving demand for solar photovoltaic glass. technological advancements in photovoltaic materials are further supporting market growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it