Portland,OR, March 15, 2022 (GLOBE NEWSWIRE) -- As per the report, the global automotive smart window market generated $1.17 billion in 2020, and is expected to reach $6.94 billion by 2030, growing at a CAGR of 19.6% from 2021 to 2030.
Rise in demand for electric and hybrid vehicles and high demand from the passenger car segment have boosted the growth of the global automotive smart window market. However, high product cost and capital investment for R&D hinder the market growth. On the contrary, increased demand from the Asia-Pacific region would open new opportunities for the market players in the coming years.
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Covid-19 Scenario:
- The market suffered during the Covid-19 pandemic due to rise in implementation of lockdown by governments of several countries and shutdown of travel across the globe to curb the spread of the virus.
- The partial and complete lockdown disrupted the global supply chain, posing challenges for manufacturers to reach customers.
The report segments the global automotive smart window market on the basis of technology, type, vehicle type, and region.
Based on vehicle type, the passenger cars segment held the largest share in 2020, accounting for more than half of the market. However, the medium and heavy commercial vehicles segment is projected to register the highest CAGR of 22.7% during the forecast period.
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On the basis of type, the OLED glass segment held the largest share in 2020, contributing to nearly two-thirds of the market. However, the self-repairing segment is estimated to manifest the highest CAGR of 23.4% from 2021 to 2030.
The global automotive smart window market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly one-third of the market. However, Asia-Pacific is anticipated to portray the highest CAGR of 22.5% during the forecast period.
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The global automotive smart window market includes an in-depth analysis of the prime market players such as AGC Inc., Gentex Corporation, Corning Corporated, Pleotint LLC, Hitachi Chemicals, RavenBrick LLC, PPG Industries, Saint Gobain, Research Frontiers, and View Inc.
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