Automotive Glass Market Latest Forecast Report by 2030
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The Global?Automotive Glass Market?is valued at in 2022 and the automotive glass industry is projected to reach a value of USD 31.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 5.1% over the forecast period.
The Automotive Glass market is primarily driven by the increasing demand for vehicles and the growing preference for premium and luxury cars. The rising disposable incomes and the growing demand for safety and security features in vehicles are also fuelling the growth of the Automotive Glass market.
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Demand from the automobile industry is on the rise due to factors such as the increasing production of SUVs worldwide and the widespread implementation of smart glass technology in premium luxury vehicles. Safety glass regulations, the need for lightweight glasses in automobiles, and the advent of cutting-edge smart glass technologies that enhance both visibility and safety all have an impact on the demand for Automotive Glass.
However, there are several restraints that limit the growth of the Automotive Glass market. Firstly, the high cost of raw materials such as sand, soda ash, and limestone is a major challenge for market players. Secondly, the stringent regulations regarding the use of Automotive Glass in vehicles are another restraint hampering the market growth. Moreover, the volatile nature of crude oil prices is also a key factor limiting market expansion.
Top Companies in Automotive Glass Market
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Top Market Trends:
●?The demand for Automotive Glass is increasing as more vehicles are being manufactured. This is especially true in emerging markets such as China and India, where the automotive industry is booming.
●?Advances in technology are enabling manufacturers to produce stronger and more durable?Automotive Glass, which is driving down costs and making it more affordable for consumers.
●?Electric vehicles are becoming increasingly popular, and that is driving the market expansion for?Automotive Glass.
●?Increasing demand for safety features: Safety is becoming an increasingly important factor for vehicle buyers, and this is leading to a growth in demand for Automotive Glass with safety features.
●?Growing demand for luxury vehicles: Luxury vehicles are becoming increasingly popular, and this is driving the demand for Automotive Glass with luxury features.
●?The increasing popularity of autonomous vehicles is leading to new demand for specialized glass, such as Heads-Up Displays (HUDs) and other display systems.
Market Dynamics:
The growth of the Global Automotive Glass Market can be attributable to significant factors such as the increase in consumer inclination toward luxury and premium cars equipped with superior utility and safety features. In addition, the growing purchasing power of consumers, the rapid urbanization in emerging countries, and the high adoption of electric and hybrid vehicles worldwide are other vital aspects that will likely propel the demand and boost the Automotive Glass production. Moreover, the rising variety of technological innovations, including the growth of innovative Automotive Glass and its integration with in-vehicle entertainment systems, will also fuel the development of this market.
Furthermore, the market is highly strengthened due to the emergence of fresh market entrants, and a rise in automotive production is expected. Also, the existing vital participants form joint ventures and strategic partnerships to increase their geographical existence, which will impact the market development.
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Market Segmentation:
The Automotive Glass market is segmented by Glass Type, application, vehicle type, Sales Channel, and Region. Based on the Glass Type the market is further segmented into Laminated Glass and Tempered Glass. Furthermore, based on the Application, the market is categorized into Windshield, Back Glass, Door Glass, Quarter Glass, Vent Glass and Moon/Sun Roof. Moreover, based on the Vehicle Type, the Automotive Glass market is further divided into Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles. In addition, based on Sales Channel, the market is further divided into Original Equipment Manufacturers (OEM) and Aftermarket. Likewise based on the Region, the market is further divided into North America, Europe, Asia-Pacific, and Latin America, and Middle East & Africa.
Based on Application
The market for automobile glass can be broken down into different submarkets based on the different applications it serves, the two most important of which are Windshields and side windows. Due to the growing need for Advanced Driver Assistance Systems (ADAS) and the consequent requirement for larger windshields, it is anticipated that the windshield segment would develop at a higher rate than the side window segment over the next few years. It is also anticipated that the side window market would expand as a result of the growing popularity of SUVs and other cars that feature big side windows.
Based on Vehicle Type
The Automotive Glass market can be segmented based on vehicle type. Passenger cars, commercial vehicles, and off-highway vehicles are the three major vehicle types. The Automotive Glass market for passenger cars can be further segmented into original equipment manufacturer (OEM) and aftermarket. The OEM segment is expected to grow at a higher rate during the forecast period.
Passenger cars are expected to account for the largest share of the Automotive Glass market. The growing demand for passenger cars, particularly in the Asia Pacific and Latin America, is expected to drive the market for Automotive Glass. The commercial vehicle segment is expected to grow at a moderate rate during the forecast period. The off-highway vehicle segment is expected to grow at a slower rate than the other segments.
Based on Sales Channel
The Original Equipment Manufacturers (OEM)segment is anticipated to grow at a higher CAGR (Compound Annual Growth Rate) during the forecast period. The OEMs segment comprises companies that manufacture glass for new vehicles, while the aftermarket suppliers segment comprises companies that manufacture glass for replacement purposes. Additionally, due to the construction of new automobile assembly plants, especially those dedicated to the production of electric vehicles, the original equipment manufacturer (OEM) segment is expected to experience a rapid expansion.
Factors Influencing Global Automotive Glass Market Growth
The growth of the global Automotive Glass Market can be attributable to the following factors:
i. Manufacturers in this market are growing the percentage of electric and hybrid cars. This number is expected to expand during the forecast period as both vehicle buyers & manufacturers look for more sustainable alternatives, giving a drive for hybrid and electric cars to the market. This, in turn, fuels the demand for Automotive Glass in the market worldwide.
ii. Growth in industrialization, urbanization and economic expansion worldwide is driving the need for automobiles in the market, expediting the demand for the Automotive Glass Market.
iii. With the increasing implementation of strict environmental regulations and emission control measures, hybrid & electric vehicles are enhancing market growth worldwide.
iv. Top participants in the Automotive Glass industry are more focused on their market footprint development in major emergent countries with strategic collaborations and domestic market players in maintaining their position as market leaders, which will help this market to expand in the future.
Asia Pacific Region to Take Over the Market
Asia Pacific Automotive Glass Market is anticipated to dominate the market with the highest CAGR (Compound Annual Growth Rate) and continue its dominance in the coming years. The region’s market growth can be attributable to the increase in population and the improving economic conditions leading to the surge in vehicle production. In addition, the emerging countries and the powerful presence of manufacturers in China, India, and Japan are expected to propel regional market growth. Moreover, the increase in consumer preferences towards vehicle safety, comforts, and style is driving the market growth in this region. Besides, the rapid changes in regulations to make transportation more advanced on the technology front and the high population base in this region will create more opportunities in the Automotive Glass Market.
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