ID: MRFR/AM/1513-CR | August 2019 | Region: Global | 102 pages
Automotive Glass Market will develop at a 7.28% CAGR between 2017- 2023, reveals the current Market Research Future’s (MRFR) market report. The strong market value is to the drastic increase in the sales of new cars.
The novel coronavirus has already made havoc across the globe, impacting industries, businesses, and the economy at large. Unfortunately, the automotive glass market too has faced its brunt. Diminishing demand, supply chain disruption, and factory closures have all taken a toll on this market following the announcement of lockdowns, social distancing, and work from home & remote working trends. The temporary closure of automotive businesses across the globe has hurt the prospects of automotive glass producers thus having a negative impact on the market outlook. But on the brighter side, the demand coming from the fast-growing yet nascent electric car sector is likely to enable a quick recovery in the future. This is likely to boost the market revenue over the forecast period.
Prominent players profiled in the global automotive glass market report include Shatterprufe (South Africa), Olimpia Auto Glass Inc. (Turkey), Saint Global S.A. (Paris), Central Glass Co. Ltd (Tokyo), Asahi Glass Co., Ltd (Japan), Fuyao Glass Industry Group Co. Ltd (China), Guardian Industries Corp (US), Xinyi Glass Holdings Limited (Hong Kong), Vitro, S.A.B. de C.V. (Mexico), and Nippon Sheet Glass Co. Ltd (Japan).
Application of Smart Glass to Bolster Market Growth
Smart glass is considered to be the future of the automotive sector. Research is being carried out to improve and make smart glass applicable in the mainstream vehicles. This can be used for offering a head-up display in cars, akin to a helicopter’s glass cockpit. This will make availability to all controls more comfortable and at the same time improve the car’s ambiance. The use of smart glass is likely to boost the automotive glass market value over the forecast period.
Additional factors adding to the global market growth include rising use of sunroof glass in high-end cars, rising glass adoption, development of new iterations of glass design, technological advances in the auto industry, consumers high living standard, increasing urbanization and industrialization, worldwide economic growth, and increase in production of electric cars.
Demand for Luxury Cars to Offer Robust Opportunities
The burgeoning demand for luxury cars is likely to offer robust opportunities to market players in the upcoming days. The demand for luxury cars will automatically boost the demand for automotive glass. Expensive automotive glass is used in luxury cars to improve safety and their overall aesthetics.
Higher Manufacturing Price to Act as a Market Restraint
The higher manufacturing price of automotive glass coupled with the fluctuating raw material prices may hamper the global market share over the forecast period.
Underdeveloped Aftermarket Services to Act as a Market Challenge
Underdeveloped aftermarket services coupled with the government regulations on automotive glass certification may act as major challenges for market players in the upcoming days.
Automotive Glass Market has been bifurcated based on Application, Vehicle Type, and Type.
Laminated Glass Segment to Lead the Market
By type, the global market is segmented into laminated glass and tempered glass. Of these, the laminated glass segment will lead the market over the forecast period as it is durable, easy to install, and soundproof.
Passenger Car Segment to Dominate the Market
By vehicle type, the global market is segmented into heavy commercial vehicle, light commercial vehicle, and passenger car. Of these, the passenger car segment will dominate the market over the forecast period for the increasing use of glass in automotive, rising per capita income in emerging countries, and growing demand for passenger cars.
Windscreen Segment to Spearhead the Market
By application, the global automotive glass market is segmented into sunroof, backlite, sidelight, and windscreen. Of these, the windscreen segment will spearhead the market over the forecast period for its rising consumption in the auto industry.
APAC to Dominate the Market
Geographically, the global market has been segmented into the Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. The abundance of economic resources to assemble and manufacture automotive parts in India and China, the presence of established glass manufacturing players, increasing R&D capacities, and presence of several new production plants in China to cater to the growing needs for electric cars are adding to the global market growth in the region.
Europe to Hold Second-Largest Share in the Market
The global automotive glass industry in Europe is predicted to hold the second-largest share over the forecast period. The demand for electric vehicles, new innovations, favorable government policies, and new plants, preference for sustainable cars, the mature and vast market for auto component and automobile production, favorable policies that are implemented by the EU government, strict government regulations with regards to driver and passenger safety, demand for hybrid cars with manufacturers focusing on sustainability, and the growing sales of luxury cars with the demand for sunroofs and wide angle windshields are adding to the global market size in the region.
North America to Have Healthy Growth in the Market
In North America, the global automotive glass market is predicted to have healthy growth over the forecast period. Increasing production and sale of commercial cars, presence of large base of automotive manufacturers, rise in the demand for automotive OEMS, demand for automotive glass, and increased incorporation of ADAS systems by automotive OEMS with the frequent launch of new-age technologies like HUD applications and smart glass for temperature control are adding to the global market growth in the region.
The global automotive glass market is highly competitive. In order to maintain their position and drive the market growth, industry players are constantly innovating and seeking market expansion increasingly through innovations, product launches, mergers and acquisitions, cost-effective portfolio, and increasing investments in R&D. Besides, they are also acquiring other firms and investing on internal research and development. Through these strategies, the industry players are widening their scope in the market, strengthening their position, sufficing the burgeoning needs of consumers, and stay ahead in the competition.
The global report of the automotive glass market by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader
By Vehicle Type
|Market Size||2030 : Significant Value|
|CAGR||7.28% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Vehicle Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Shatterprufe (South Africa), Olimpia Auto Glass Inc. (Turkey), Saint Global S.A. (Paris), Central Glass Co. Ltd (Tokyo), Asahi Glass Co., Ltd (Japan), Fuyao Glass Industry Group Co. Ltd (China), Guardian Industries Corp (US), Xinyi Glass Holdings Limited (Hong Kong), Vitro, S.A.B. de C.V. (Mexico), and Nippon Sheet Glass Co. Ltd (Japan).|
|Key Market Opportunities||Demand for Luxury Cars to Offer Robust Opportunities|
|Key Market Drivers||Application of Smart Glass to Bolster Market Growth|
Frequently Asked Questions (FAQ) :
The global automotive glass market is maturing at a whopping 7.28% CAGR over the review period of 2019 to 2025.
A few significant players of the global automotive glass market are Saint Global S.A. (Paris), Olimpia Auto Glass Inc. (Turkey), Central Glass Co. Ltd (Tokyo), and Shatterprufe (South Africa).
The tempered segment is expected to drive market growth over the review period.
The passenger vehicle segment is likely to witness the highest demand in the automotive glass market.
The APAC region is expected to witness the highest growth.
The widnscreen segment is slated to witness higher growth over the assessment period.