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(Transportation-News.com, January 28, 2021 ) The Automotive Glass Market is projected to grow at a CAGR of 4.80% during the forecast period and is estimated to grow from $16.21 Billion in 2017 to reach $23.59 Billion by 2025.
The market is driven by increasing vehicle production & sales, demand for advanced glass technologies such as smart glass device & embedded glass, and government regulations for vehicle safety.
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).
Demand-Side Analysis:
1 Increasing Vehicle Parc and Sales Driving the Demand for Automotive Glass Aftermarket
2 Increasing Production of SUVs and Luxury Passenger Cars Driving the Automotive Glass Oe Market
3 Growing Demand for Advanced Materials for Automotive Glass Manufacturing
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Asia Oceania is estimated to be the largest automotive glass market and is also projected to grow at the highest CAGR from 2017 to 2025. The market growth in the region can be attributed to the rising GDP, increasing per capita income, and growing demand for passenger vehicles and compact SUVs. Additionally, increasing consumer preference for SUVs, especially in India and China, is expected to drive the automotive glass market. The average volume of glass used in an SUV is significantly more than other passenger cars. Saint-Gobain has expanded its facility in Chennai, India, with an investment of USD 300 million to develop high-end glass for the automotive market. Asahi Glass has also expanded its facility in Indonesia to manufacture float glass for the automotive industry. These expansions have helped companies increase their market share in the automotive glass market in the region.
Laminated glass has a major application in the vehicle windshield. Laminated side glazing in automobiles is one of the most desired automotive technologies. Some European OEMs such as BMW and Mercedes have standardized side glazing in some of their top-selling models. It provides enhanced safety to passengers in case of the vehicle rolls over in an accident.
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 high demand for energy-efficient products also play an important role in the growth of the market for sunroof made of smart glass.
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The rising demand for premium passenger cars and hybrid & plug-in hybrid vehicles has increased the demand for smart glass in the automotive industry. Among the smart glass technologies, SPD technology is projected to capture the largest market. SPD regulates the amount of heat and light entering a vehicle, provides 99% protection from harmful UV radiations, controls the cabin temperature and reduces the air conditioning unit’s consumption, and enhances safety. SPD technology is widely used in sunroofs in passenger cars. Leading OEMs such as Mercedes and BMW have introduced innovations such as Magic Sky Control and panoramic roofs in high-end luxury models.
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Mr. Aashish Mehra
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newsletter@marketsandmarkets.com
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