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The Global Notchback Market Growth Accelerated By Increasing Investments In Solar Energy Projects

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Pooja Khodke
The Global Notchback Market Growth Accelerated By Increasing Investments In Solar Energy Projects

Notchback is a type of car body design with a near-vertical back without a stubby trunk deck or exposed hinges between the body and trunk lid. Notchback offers larger passenger space while maintaining good luggage capacity, owing to which they are widely used for mid-sized family cars. Growing concerns around sustainability and vehicular emissions have accelerated investments in electric vehicles, thereby driving demand for notchback, as they provide better weight distribution and space utilization over sedan body designs.

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:


Investments in solar energy projects have grown substantially over the past few years across both residential as well as utility-scale sectors. Solar photovoltaic glass is a key material used in solar panels, and growing deployment of solar panels has resulted in increasing demand for solar photovoltaic glass. Various government policies and initiatives aimed at promoting cleaner energy are encouraging greater uptake of solar energy among both individuals and industries. This rising trend of solarization is expected to drive the growth of the solar photovoltaic glass market during the forecast period.


Segment Analysis


The global solar photovoltaic glass market is dominated by the crystalline segment. This segment accounts for over 70% of the total market share due to its high efficiency and reliability. Crystalline silicon solar cells, made from either multi-crystalline or mono-crystalline silicon, are widely used across residential, commercial and utility-scale solar installations.

Key Takeaways


The Global Notchback Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The notchback market size for 2023 is US$ 78.49 Bn and projected to grow at a CAGR of 14% during the forecast period.

Regional analysis


Asia Pacific region currently dominates the global notchback market with over 35% share. Rapid growth of the construction and automotive industries in China, India and other ASEAN countries is driving the demand for notchback in the region. Southeast Asian countries are also emerging as major manufacturing hubs for notchback which is further enhancing regional market growth.

Key players


Key players operating in the notchback market are Xinyi Solar Holdings Limited, Flat Glass Group Co., Ltd., AGC Inc., Nippon Sheet Glass Co., Ltd. Xinyi Solar Holdings Limited is currently the market leader with over 20% market share owing to its robust distribution network and wide product portfolio across multiple countries.

The global solar photovoltaic glass market provides an opportunity for new entrants to offer innovative products with new functionalities and designs. Additionally, reduction of manufacturing costs through economies of scale and better material technologies could help new players gain market share.



Get more insights on this topic :

https://www.insightprobing.com/notchback-market-driven-by-rising-demand-for-compact-sedans-captures-the-space-between-hatchback-and-sedan-segments/

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