Automotive Glass Market is Projected to Reach USD 36.54
New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Glass Market Research Report Information By Type, By Vehicle Type, By Application, And By Region – Market Forecast Till 2030”, In 2021, the size of the automotive glass market was estimated at USD 15.2 billion. From USD 17.57 billion in 2022 to USD 36.54 billion in 2030, the Automotive Glass market industry is anticipated to expand at a CAGR of 9.58%.
Automotive Glass Market Overview
Heavy-duty vehicle production has been boosted by the industry's brisk expansion in the transportation and logistics space. The two main factors boosting market expansion are expanding population and increased disposable income.
The car industry's vision for the future is smart glass. Research is being done to enhance and make smart glass usable in common automobiles. This can be utilised to provide a head-up display for cars, similar to the glass cockpit of a helicopter.
Major Automotive glass market players including
- Olimpia Auto Glass Inc.
- Saint S.A.
- Central Glass Co. Ltd
- Asahi Glass Co., Ltd
- Fuyao Glass Industry Group Co. Ltd
- Guardian Industries Corp
- Xinyi Glass Holdings Limited
- Cadillac Celestiq
- S.A.B. de C.V.
- Nippon Sheet Glass Co. Ltd
- Among others.
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This will increase the convenience of all controls' accessibility while also enhancing the atmosphere within the car. Over the projected period, the value of the automotive glass market is likely to increase due to the adoption of smart glass. High-end car sunroof glass adoption, new glass design iterations, technological advancements in the auto industry, consumers' high living standards, accelerating urbanisation and industrialization, rising global economic growth, and increased production of electric cars are additional factors that are contributing to the market's expansion.
In the following days, market participants should benefit from the booming demand for premium vehicles. Automobile glass demand will inevitably increase as the market for luxury vehicles grows.
Luxury vehicles employ high-end automobile glass to increase safety and enhance their overall appearance. As a result, these factors have increased the CAGR of the global Automotive Glass market in recent years.
|Market Size by 2030||2030: USD 36.5 Billion|
|CAGR during 2022-2030||9.58% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Demand for Luxury Cars to Offer Robust Opportunities|
|Key Market Dynamics||Application of Smart Glass to Bolster Market Growth|
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Market segment insights for automotive glass
Tempered and laminated glass are included in the type-based market segmentation for automotive glass. The Automotive Glass market's revenue was dominated by the Laminated Glass category in 2021. It is mainly because windscreens made of this material are in high demand because they provide better crash protection. However, because of its strength and propensity to shatter into small, rounded fragments in the event of a break, tempered glass is frequently utilised for back and side windows.
Passenger cars, light commercial vehicles, and heavy commercial vehicles are included in the market segmentation for automotive glass depending on type of vehicle. The segment for passenger cars is in charge. The rise of the passenger car segment in the automotive glass market has been aided by rising demand for comfort and safety features as well as rising vehicle sales. Heavy and light commercial vehicles, which need high-quality glass for greater vision and protection, also contribute to the market's expansion.
Windscreens, Sidelite, Backlite, and Sunroofs are among the market segments for Automotive Glass that are based on application. Due to its crucial function in ensuring sight and protection for car occupants, the windscreen sector led the market in 2021 and is predicted to maintain its dominance going forward.
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All of these elements for Automotive Glass have a beneficial effect on market expansion.
The analysis offers market insights for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. Over the course of the forecast, the APAC region will control the market. The region's market is expanding as a result of the abundance of economic resources available to assemble and produce automotive parts in China and India, the presence of well-established glass manufacturing companies, expanding R&D capabilities, and the opening of several new production facilities in China to meet the region's expanding demand for electric vehicles.
The second-largest market share belongs to the Automotive Glass market in Europe. The preference for environmentally friendly cars, the mature and sizable market for auto component and automobile production, the favourable policies implemented by the EU government, the strict government regulations regarding driver and passenger safety, the demand for hybrid cars with manufacturers focusing on sustainability, the rising sales of luxury cars with the demand for sunroofs and other environmentally friendly features, and the preference for electric vehicles, innovations, favourable government policies, and new plants Additionally, the UK Automotive Glass market grew at the quickest rate in the European region, while the Germany Automotive Glass market held the largest market share.
From 2022 to 2030, the Automotive Glass market in North America is anticipated to experience the quickest CAGR growth. The market is expanding in the area due to factors like rising commercial vehicle production and sales, the presence of a sizable base of automotive manufacturers, an increase in the demand for automotive OEMS and automotive glass, and increased adoption of ADAS systems by automotive OEMs with the regular introduction of cutting-edge technologies like HUD applications and smart glass for temperature control. Additionally, the North American automotive glass market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
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Major industry players are investing a lot of money in R&D to broaden their product offerings, which will spur further expansion of the Automotive Glass market. With significant industry changes like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organisations, market participants are also undertaking a variety of strategic activities to expand their global presence. Automotive Glass business competitors must provide affordable products in order to grow and thrive in a market that is becoming more and more competitive.
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