Market Research Report
Automotive Glass Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||625952|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|Automotive Glass Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 70 Pages||
The global automotive glass market is expected to register a CAGR of around 7%, during the forecast period, 2019-2024.
With the increase in the demand in the automobile sector year after year, the components used to build a vehicle are expected to be automatically consumed more. The growth in the market is primarily driven by the increasing tilt angle in windshields for greater viewing angles as well as the growing demand for sunroofs. The increasing casualty rates in automobile accidents, globally, has brought into focus the automobile safety. This also has emerged as a driver for the automotive glass market, as automobile manufacturers are pushing the OEMs to manufacture glass with much higher safety standards for all vehicle segments.
Technological advancement in the automotive industry would help in the maximum fuel efficiency and safety to the passengers. This, in turn, has influenced the manufacturers towards extensive R&D, which is expected to fuel automotive glass market growth. Lightweight properties, along with better security are the key factors stimulating product penetration in the industry. North American and European markets are the market leaders and are improvising the technology in the automotive glass sector, such as the smart glass. Smart glass products featuring value-added functions such as improving driving efficiency, comfort and safety through head-up displays (HUDs) is also a factor driving the market. The main players in this market include Asahi Glass, Fuyao, Benson Auto Glass, Saint-Gobain, and others.
The global automotive glass market has been segmented by type, application type, vehicle type, and geography.
Increasing usage of sunroof glass particularly in high-end vehicles is anticipated to have a positive impact on the automotive glass market growth. Nowadays consumers are showing a preference towards a sunroof in the car, which has lead to an increase in the utilization of glass. Installation of the sunroof is now not only limited to the luxury car segment but has also been moved to the other segments by car manufacturers like Honda and Toyota. In addition, advancements in vehicle design have led to an increase in the size of the windshield and side windows, thereby leading to the overall industry development.
Smart glass is forecasted as the future of the automotive industry. Most of the research has been directed at improving and making smart glass applicable to mainstream vehicles. It can be used to provide a head-up display in the automobiles just like in the glass cockpit of a helicopter. This makes accessibility of all controls much more comfortable and also enhances the ambiance of the vehicle. Manufacturers like Mercedes and Volvo are putting a lot of efforts to make this into a reality in automobiles.
Asia-Pacific countries, like China and India, are forecasted to be the fastest growing markets in the automotive glass market. Some of the major factors driving the growth of the market are a rise in sales of passenger cars in ASEAN countries, increasing sales of luxury cars in China and India, and growing demand for and preference for a sunroof in the vehicles (aftermarket segment, especially for low-cost vehicles). China, despite a struggling economy (for last few years), is expected to continue to be the driver of the market with Japan being the hub of technology in the automotive sector is driving the growth of Asian car segment. Some of the other rising markets in the Asian region are Vietnam, Indonesia, and the Philippines.
The automotive glass market is a consolidated one. The top 6 global players account for almost 75% of the total market share. The major companies in the automotive glass market include Asahi Glass Co., Fuyao, Nippon Sheet Glass, Saint-Gobain and Xinyi. Mergers and acquisitions and partnerships with regional automobile manufacturers are some of the dynamics shaping the competitive landscape of this market.