Global Automotive Glass Market to Witness Robust Growth at 5% CAGR by 2023
Increasing vehicle
productions, growing technological advancements, growing automotive component
market and rising demand for lightweight glass, to drive the Global Automotive
Glass Market through 2023
According to TechSci Research report, “Global
Automotive Glass Market, By Vehicle (Light Commercial Vehicle, Heavy
Commercial Vehicle and Passenger Cars), By Product Type (Laminated, Tempered),
By Application (Sunroof, Windscreen, Sidelite /Backlite and Rearview Mirror),
By Sales Channel (OEM and Aftermarket), By Company and By Geography, Forecast
& Opportunities, 2023”, Global Automotive
Glass Market is projected to reach USD 25.21 billion by 2023, growing at a CAGR
of over 5% during 2018-2023. Increasing vehicles production & sales,
growing innovation & developments in glass technologies and high demand for
energy-efficient products drives the automotive glass market globally. Furthermore,
safety regulations pertaining to glass, the growing need for lightweight automotive
components will ensure robust growth of the Automotive Glass Market during the
forecast period.
Moreover,
the growing demand for sun-roofs, especially in the luxury cars as it allows
the passengers to manage natural light in the vehicle will ensure robust growth
of the market by 2023. Additionally,
the anticipated smart glass technologies that aid visibility and UV protection
coupled with the growing demand of embedded rear-view mirrors for parking
assistance is expected to drive
the growth of the Global Automotive Glass market during forecast period.
Based on product type, the market has
been categorised into Laminated and Tempered glass. In 2017, the Laminated
glass dominated the global automotive glass market, due to increased use in vehicle
windshield as it minimizes obstacle penetration coupled with the growing trend
of laminated side glazing which is provided by automobile companies like BMW
and Mercedes. The Laminated Side Glazing also enhances the safety of
passengers.
Asahi Glass Co Ltd., Saint Gobain S.A., Magna International
Inc., Xinyi Glass Holdings Limited, Fuyao Glass Industry Group Co Ltd. etc, are
the major companies operating in the Global Automotive Glass Market.
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APAC region dominated the market in 2017 due
to improving socio-economic conditions in emerging economies such as China,
India, etc., increasing population, increasing vehicle production & sales.
The region is expected to maintain its dominance during the forecast period due
to rising disposable incomes, flourishing automotive sales as well as the
presence of production facilities of all the major automotive OEMs in the
region. Moreover, the regional as well as local players are likely to play a crucial
role in the automotive glass aftermarket in APAC.
“The flourishing automotive industry coupled
with the rising two-wheeler and four-wheeler sales among consumers are
anticipated to drive the growth of the automotive glass market in the next five
years. Moreover, the increasing adoption of smart glass technology coupled with
the growing demand of sun-roofs in luxury cars will drive
the Automotive Glass market through 2023.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global
Automotive
Glass Market, By Vehicle (Light Commercial Vehicle, Heavy Commercial
Vehicle and Passenger Cars), By Product Type (Laminated, Tempered), By
Application (Sunroof, Windscreen, Sidelite /Backlite and Rearview Mirror), By
Sales Channel (OEM and Aftermarket), By Company and By Geography, Forecast
& Opportunities, 2023” has
evaluated the future growth potential of Global Automotive Glass market and
provides statistics and information on market size, structure and future market
growth. The report offers decision makers superior market intelligence, thereby
enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Automotive
Glass Market.
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