The Automotive Glass Market is projected to grow at a CAGR of 4.80% during the forecast period and is estimated to grow $23.59 Billion by 2025.
Automotive glass demand is increasing due to increasing vehicle production, especially SUV/MPV segment, and the growing demand for smart glass technologies to improve safety as well as fuel efficiency.
The major players in the automotive glass market are Saint-Gobain (France), Asahi Glass (Japan), Fuyao Glass (China), Samvardhana Motherson (India), Webasto (Germany), Xinyi Glass (China), Nippon Sheet Glass (Japan), Gentex Corporation (US), Corning (US), and Magna International (Canada).
Market Dynamics:
Drivers-
1 Increasing Applications of Glass & Penetration of Smart Glass are Driving the Global Automotive Glass
2 OE Fitted Laminated Side Glazing to Fuel the Market for Laminated Glazing
Restraints-
1 High Initial Capital Cost Required for Setting Up Automotive Glass Plant Restricts Geographic Expansion
2 Polycarbonate Glazing as an Alternative to Glass
Opportunities-
1 Smart Glass: Lightweight & Energy Efficient
2 Device Embedded Glass
Challenges-
1 Low Cost of Glass in Independent Aftermarket (IAM)
2 Optimum Thickness and Strength
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Asia Oceania: Fastest growing market for Automotive Glass
Asia Oceania is estimated to be the largest automotive glass market and is projected to grow at the fastest CAGR during the forecast period. This growth can be attributed to the improving socio-economic conditions in emerging economies such as China and India. The growth in population in these countries has resulted in increased vehicle production and vehicle parc. This has resulted in increased demand for automotive glass. The consumer preference for SUVs in India and China is also driving this market as the volume of glass required in SUVs is significantly more than that in sedans and other passenger cars.
Laminated Glass is the fastest-growing segment in Automotive Glass Market
Laminated glass is projected to be the fastest-growing market during the forecast period. Laminated glass in the windshield has a PVB layer sandwiched between the glass. It protects passengers from broken glass fragments and provides increased safety compared with tempered glass. The increasing use of laminated glass on the sidelines (in addition to the windshield) is expected to drive the growth of the laminated glass market. While European vehicle manufacturers have started using side glazing, automotive manufacturers in the US and Japan are also following suit. Laminated side glazing improves the safety and NVH (Noise, Vibration & Harshness) of the vehicle.
The Rearview mirror is the largest segment of the device embedded automotive glass market
Rearview mirror is among the first applications of device embedded glass in passenger cars. It not only provides important information to the driver when parking the vehicle but also warns about any obstacle approaching the vehicle from behind. Technological advancements by Gentex (US) and Samvardhana Motherson (India) have ensured that device embedded rearview mirrors are available at an economical price point.
A sunroof is projected to remain the largest market for smart glass in automotive
The sunroof is the largest and fastest-growing smart glass application in the automotive smart glass market. It provides more control to the user to manage natural light in the vehicle. Smart glass technology in sunroof is being used by Daimler and Mercedes-Benz models such as SL, SLK series. Technological advancements, the presence of interested industry players, and the high demand for energy-efficient products also play an important role in the growth of the market for sunroofs made of smart glass.
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Key Questions addressed by the report:
1. which glass technology is going to dominate in the future?
2. Which vehicle type is expected to witness high demand for automotive glass during the forecast period?
3. How are the players addressing the challenge of different glass materials in the automotive market?
4. What are the countries having a major presence in the automotive glass market?
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