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Automotive Sun Visor Market by Vehicle Type and Geography - Forecast and Analysis 2022-2026

  • Published: Apr 2022
  • Pages: 135
  • SKU: IRTNTR72427
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The automotive sun visor market share is estimated to reach a value of USD 145.23 million from 2021 to 2026 at a CAGR of 1.99%.

The automotive sun visor market has been broadly categorized into the following demographic segmentations: 

  • Vehicle type - Passenger vehicle and Commercial vehicle
  • Geography - APAC, North America, Europe, South America, and Middle East and Africa

The automotive sun visor market vendors covered in this market study include ACME Specialty Manufacturing Co., Boshoku Automotive (Thailand) Co. Ltd., Continental AG, Faucher Industries, Grupo Antolin Irausa SA, Gumotex Group, Hansen International Inc., Howa Co. Ltd., Kasai Kogyo Co. Ltd. , KB Foam Inc., Martur Fompak International, Piston Group, Rosco Inc., Seatz Manufacturing, Shanghai Daimay Automotive Interior Co. Ltd, Sun N Shade Sunvisors Pvt. Ltd., Sunvisors India Pvt. Ltd., and Toyota Boshoku Corp. among others. One of the key highlights of the automotive sun visor industry research report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the forecast period.

What will the Automotive Sun Visor Market Size be During the Forecast Period?

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Automotive Sun Visor Market: Key Drivers, Trends, and Challenges

The increasing demand for premium vehicles is notably driving the automotive sun visor market growth, although factors such as incurring extra costs for designing apt sun visors may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive sun visor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Sun Visor Market Driver

One of the key factors driving the global automotive sun visor industry growth is the increasing demand for premium vehicles that are equipped with high-priced advanced automotive interior applications. In developed economies, due to the trend of premiumization, consumers are purchasing more premium vehicles than entry-level vehicles.

  • For instance, the Bentley brand in 2020 rose slightly to 11,206 units from 11,006 units in 2019, globally.
  • Rolls Royce Motor Cars, a BMW luxury car brand, delivered 1,380 cars globally in the first quarter of 2021, up by 62% from the same quarter in 2020.

As these premium vehicles are fitted with premium sun visors, thus, high demand for such vehicles will drive the market growth during the forecast period.

Key Automotive Sun Visor Market Trend

Use of eco-friendly materials for making automotive sun visors due to a rise in consumer awareness is one of the key automotive sun visor market trends that is expected to impact the industry positively in the forecast period. Thus, key suppliers for the automotive interior industry are providing renewably sourced material because of the emphasis of automotive interior manufacturers on using eco-friendly materials. For instance, DuPont provides renewably sourced polytrimethylene terephthalate under the DuPont Sorona fiber offering. As these materials contain renewable plant-based ingredients, these materials provide cost savings and improved performance compared with traditional petroleum-based products. Such factors will further support the market growth in the coming years.

Key Automotive Sun Visor Market Challenge

One of the key challenges to the global automotive sun visor industry growth is the incurring extra cost for designing apt sun visors, which meet the demand for physical aesthetics and consumer requirements. Automotive manufacturers are trying to differentiate their vehicles in terms of various parameters such as design, mileage, and speed. For instance, Tesla provides panoramic windshields for Model X cars. Therefore, automotive sun visor manufacturers need to design sun visors according to the dimension required by the consumers. This requires investment in R and D, which poses a price challenge for the vendors of the market in focus.

This automotive sun visor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global automotive sun visor market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive sun visor market during the forecast period.

Who are the Major Automotive Sun Visor Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • ACME Specialty Manufacturing Co.
  • Boshoku Automotive (Thailand) Co. Ltd. 
  • Continental AG
  • Faucher Industries
  • Grupo Antolin Irausa SA
  • Gumotex Group
  • Hansen International Inc.
  • Howa Co. Ltd.
  • Kasai Kogyo Co. Ltd. 
  • KB Foam Inc.
  • Martur Fompak International
  • Piston Group
  • Rosco Inc.
  • Seatz Manufacturing
  • Shanghai Daimay Automotive Interior Co. Ltd
  • Sun N Shade Sunvisors Pvt. Ltd.
  • Sunvisors India Pvt. Ltd.
  • Toyota Boshoku Corp.

 

This statistical study of the automotive sun visor market encompasses successful business strategies deployed by the key vendors. The automotive sun visor market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.

Product Insights and News

  • Continental AG - The company offers amine-stabilized PVC soft foils, which are known for their excellent grain quality and broad grain latitude, that are processed for use with sun visors. 
  • Continental AG - In June 2021, the company appointed Gilles Mabire as Chief Technology Officer. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automotive sun visor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Sun Visor Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive sun visor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Automotive Sun Visor Market?

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57% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for automotive sun visors in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rapid industrialization and the growth of the automotive industry in countries such as China and Japan will facilitate the automotive sun visor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, APAC was the epicenter of COVID-19. To control the spread of the disease, the regional governments have imposed lockdowns which negatively impacted the whole manufacturing process for up to 90 days. Moreover, the supply chain management was also affected due to the restrictions on the movement and sealed borders. However, regional government initiatives such as mass vaccination drives and public gathering restrictions in the region have resulted in the rapid recovery from the pandemic, and gradually the demand and supply chain is reaching 2019 levels. Thus, the market is expected to recover and grow in the forecast years.

What are the Revenue-generating Vehicle Type Segments in the Automotive Sun Visor Market?

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The automotive sun visor market share growth by the passenger vehicles segment will be significant during the forecast period. The growth of the internal combustion engine vehicles and electric powertrain vehicles and the significant increase in disposable income in emerging economies such as Brazil, India, China, and South Africa are expected to drive the passenger car segment of the global automotive sun visor market during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive sun visor market size and actionable market insights on post COVID-19 impact on each segment.

 

Automotive Sun Visor Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 1.99%

Market growth 2022-2026

$ 145.23 million

Market structure

Fragmented

YoY growth (%)

2.61

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 57%

Key consumer countries

US, China, Japan, India, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ACME Specialty Manufacturing Co., Boshoku Automotive (Thailand) Co. Ltd. , Continental AG, Faucher Industries, Grupo Antolin Irausa SA, Gumotex Group, Hansen International Inc., Howa Co. Ltd., Kasai Kogyo Co. Ltd. , KB Foam Inc., Martur Fompak International, Piston Group, Rosco Inc., Seatz Manufacturing, Shanghai Daimay Automotive Interior Co. Ltd, Sun N Shade Sunvisors Pvt. Ltd., Sunvisors India Pvt. Ltd., and Toyota Boshoku Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Automotive Sun Visor Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive automotive sun visor market growth during the next five years
  • Precise estimation of the automotive sun visor market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive sun visor industry across APAC, North America, Europe, South America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive sun visor market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Bargaining power of buyers – Impact of key factors in 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Vehicle Type

    • 5.1 Market segments
      • Exhibit 24: Chart on Vehicle Type - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Vehicle Type - Market share 2021-2026 (%)
    • 5.2 Comparison by Vehicle Type
      • Exhibit 26: Chart on Comparison by Vehicle Type
      • Exhibit 27: Data Table on Comparison by Vehicle Type
    • 5.3 Passenger vehicle - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Passenger vehicle - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Passenger vehicle - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Passenger vehicle - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Passenger vehicle - Year-over-year growth 2021-2026 (%)
    • 5.4 Commercial vehicle - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Commercial vehicle - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Commercial vehicle - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Commercial vehicle - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Commercial vehicle - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Vehicle Type
      • Exhibit 36: Market opportunity by Vehicle Type ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 38: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 40: Chart on Geographic comparison
      • Exhibit 41: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 42: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 43: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 44: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 45: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 US - Market size and forecast 2021-2026
      • Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.9 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 Japan - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.12 India - Market size and forecast 2021-2026
      • Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 82: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 83: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 85: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 86: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 87: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 88: Matrix on vendor position and classification
            • 10.3 Continental AG
              • Exhibit 89: Continental AG - Overview
              • Exhibit 90: Continental AG - Business segments
              • Exhibit 91: Continental AG - Key news
              • Exhibit 92: Continental AG - Key offerings
              • Exhibit 93: Continental AG - Segment focus
            • 10.4 Grupo Antolin Irausa SA
              • Exhibit 94: Grupo Antolin Irausa SA - Overview
              • Exhibit 95: Grupo Antolin Irausa SA - Business segments
              • Exhibit 96: Grupo Antolin Irausa SA - Key offerings
              • Exhibit 97: Grupo Antolin Irausa SA - Segment focus
            • 10.5 Gumotex Group
              • Exhibit 98: Gumotex Group - Overview
              • Exhibit 99: Gumotex Group - Product / Service
              • Exhibit 100: Gumotex Group - Key offerings
            • 10.6 Howa Co. Ltd.
              • Exhibit 101: Howa Co. Ltd. - Overview
              • Exhibit 102: Howa Co. Ltd. - Product / Service
              • Exhibit 103: Howa Co. Ltd. - Key offerings
            • 10.7 Kasai Kogyo Co. Ltd.
              • Exhibit 104: Kasai Kogyo Co. Ltd. - Overview
              • Exhibit 105: Kasai Kogyo Co. Ltd. - Business segments
              • Exhibit 106: Kasai Kogyo Co. Ltd. - Key offerings
              • Exhibit 107: Kasai Kogyo Co. Ltd. - Segment focus
            • 10.8 KB Foam Inc.
              • Exhibit 108: KB Foam Inc. - Overview
              • Exhibit 109: KB Foam Inc. - Product / Service
              • Exhibit 110: KB Foam Inc. - Key offerings
            • 10.9 Martur Fompak International
              • Exhibit 111: Martur Fompak International - Overview
              • Exhibit 112: Martur Fompak International - Product / Service
              • Exhibit 113: Martur Fompak International - Key offerings
            • 10.10 Piston Group
              • Exhibit 114: Piston Group - Overview
              • Exhibit 115: Piston Group - Product / Service
              • Exhibit 116: Piston Group - Key offerings
            • 10.11 Shanghai Daimay Automotive Interior Co. Ltd
              • Exhibit 117: Shanghai Daimay Automotive Interior Co. Ltd - Overview
              • Exhibit 118: Shanghai Daimay Automotive Interior Co. Ltd - Product / Service
              • Exhibit 119: Shanghai Daimay Automotive Interior Co. Ltd - Key offerings
            • 10.12 Toyota Boshoku Corp.
              • Exhibit 120: Toyota Boshoku Corp. - Overview
              • Exhibit 121: Toyota Boshoku Corp. - Business segments
              • Exhibit 122: Toyota Boshoku Corp. - Key offerings
              • Exhibit 123: Toyota Boshoku Corp. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 124: Inclusions checklist
                • Exhibit 125: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 126: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 127: Research methodology
                • Exhibit 128: Validation techniques employed for market sizing
                • Exhibit 129: Information sources
              • 11.5 List of abbreviations
                • Exhibit 130: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The automotive sun visor market growth will increase by $145.23 million during 2022-2026.
              The automotive sun visor market is expected to grow at a CAGR of 1.99% during 2022-2026.
              Technavio has segmented the automotive sun visor market by type (Passenger vehicle and Commercial vehicle) and geographic (APAC, North America, Europe, South America, and Middle East and Africa).
              ACME Specialty Manufacturing Co., Boshoku Automotive (Thailand) Co. Ltd. , Continental AG, Faucher Industries, Grupo Antolin Irausa SA, Gumotex Group, Hansen International Inc., Howa Co. Ltd., Kasai Kogyo Co. Ltd. , KB Foam Inc., Martur Fompak International, Piston Group, Rosco Inc., Seatz Manufacturing, Shanghai Daimay Automotive Interior Co. Ltd, Sun N Shade Sunvisors Pvt. Ltd., Sunvisors India Pvt. Ltd., Toyota Boshoku Corp. are a few of the key vendors in the automotive sun visor market.
              APAC will register the highest growth rate of 57.41% among the other regions. Therefore, the automotive sun visor market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the automotive sun visor market growth are:
              • Increasing demand for premium vehicles
              • Use of eco-friendly material for making automotive sun visors
              The automotive sun visor market vendors should focus on grabbing business opportunities from the passenger vehicle segment as it accounted for the largest market share in the base year.
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