NOTCHBACK MARKET ANALYSIS

Notchback MarketSize and Trends

The Notchback Market size is estimated to be valued at US$ 78.5 Mn in 2023 and is expected to reach US$ 110.5 Mn by 2030, exhibited a compound annual growth rate (CAGR) of 5% from 2023 to 2030.

Notchback Market Trends:

• Design evolution: The design of notchback vehicles continues to evolve to meet changing consumer tastes and market demands. Manufacturers are incorporating sleeker lines, aerodynamic enhancements, and modern styling elements to create visually appealing notchback models. The trend is towards more dynamic and sporty designs, with angular rear profiles and aggressive styling cues that capture attention on the road.

For instance, according to the annual financial report provided by the Honda, in 2021, sales of the Honda Accord Notchback have experienced a significant decline in North America since the introduction of its sleeker Coupe counterpart.

• Electrification and hybridization: The trend towards electrification and hybridization is influencing the notchback market. Manufacturers are introducing electric and hybrid notchback models to cater to the growing demand for eco-friendly vehicles. These models offer the benefits of reduced emissions and increased fuel efficiency while retaining the stylish and practical aspects of the Notchback body style.

For instance, according to the International Energy Agency (IEA), electric vehicle (EV) sales nearly doubled in 2021 as compared to the previous year. Although sedans and SUVs (Sports Utility Vehicle) dominate electric vehicle sales, notchbacks are expected to secure a notable market share in the near future.