PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1397206
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1397206
The automotive glass market is estimated to touch USD 2,317.8 million in 2023, which will touch USD 3,310.4 million, propelling at a 5.3% compound annual growth rate, by 2030.
The progression of this industry is primarily ascribed to the constant rise in automotive manufacturing all over the world. Moreover, the demand for glass with enhanced safety features is increasing due to the rising focus of the automobile sector on passenger safety.
Furthermore, government guidelines also mandate specific safety features, which has encouraged the implementation of laminated and tempered glass, which is durable.
Additionally, the continuing R&D has led to significant technological developments in the automotive industry, resulting in the arrival of laminated, tempered, smart, and acoustic glass. These advancements drive durability, safety, and functionality, supporting the industry expansion.
The laminated category, based on glass, will be a significant contributor to the industry, with a 45% share, in 2023. The increasing customer requirement for luxury, comfort, and safety is making this material a popular option among automobile manufacturers, mainly in high-end vehicle models.
The windshields category, on the basis of application, will account for the largest automotive glass market share, in 2023. This can be because windshields are essential to guarantee passengers' safety. They act as a physical barrier between the exterior and safety, defending residents from insects, flying objects, rain, wind, or various other possible hazards.
Moreover, in case of an accident, an undamaged and seamlessly fitted windscreen offers structural integrity to the automobile, stopping the roof from collapsing as well as the passengers from being thrown out of the vehicle.
The original equipment manufacturer, on the basis of sales channel, is leading the industry. This can mainly be because of their close cooperation while manufacturing glass parts and bulk purchasing, as well as the rising production of vehicles across the globe.
Furthermore, to comply with the shifting requirements of vehicle consumers, original equipment manufacturers are cooperating with component makers to enhance glass safety, usefulness, and performance.
APAC will be a significant contributor to the automotive glass industry, with a share of 45%, in 2023, and it will further propel at a 5.0% CAGR during this decade. This can be ascribed to the flourishing automobile sector of this region, which led to the surging sales and production of automobiles in India and China.
In addition, the number of middle-class populaces who own automobiles is increasing continuously, leading to the surging need for automotive glass in this region.
It is because of the advancing automotive sector, coupled with the rising customer expenditure on automobiles, the automotive glass industry will continue to progress in the years to come.