Pune, India, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Glass market size expected to grow from USD 15.48 billion in 2021 to USD 31.16 billion in 2028 at a CAGR of 10.5% in the 2021-2028 period. Speedy growth in the transportation and logistics sector has powered the production of heavy-duty vehicles. Moreover, growing disposable income and surging population across the world has also driven the manufacturing and sales of automobiles. These crucial aspects are navigating the automotive glass market growth.
Industry Development
May 2021: Wideye, which is the European division of AGC Automotive, declared the creation of Wideye Rhino, devoted to creating sensor protection glass solutions for non-automotive utilizations.
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Surging Demand for Electric & Hybrid Vehicles to Power Market Growth
- Prominence on emission control and strict environmental guidelines are proceeding the production of hybrid and electric vehicles, improving the market growth.
- Consumers and manufacturers are anticipated to pursue more ecological cars to conform with government rules, nudging the hybrid & electric vehicles, which is powering the demand for this type of glass.
Competitive Landscape
Attainments Initiated by Significant Companies to Sponsor Market Growth
The leading players in the market regularly opt for competent approaches to reinforce their brand value as well as promote the global market growth of the product with encountering least conceivable impediments. One such competent strategy is procuring competitive companies and further safeguarding a profit for both the companies.
Interim Reduction in Demand for Auto Glass owing to COVID-19 Pandemic
Ever since the COVID-19 virus outbreak, the infection has achieved to spread to each region across the globe, therefore the World Health Organization (WHO) stated it as a public health emergency commotion. The global influences of the coronavirus disease were witnessed by almost every sector in the first half of the year 2020.
The pandemic-induced lockdown directed to an adverse drop in automobile production, especially in the first half of 2020. As per the International Organization of Motor Vehicle Manufacturers (OICA), global auto production declined by 16% to less than 78 million vehicles in 2020, correspondent to the sale levels in 2010.
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Segmentation:
- On the basis of type, the market is classified into laminated and tempered glass.
- In terms of application, the market is categorized into windshield, sidelite, backlite, and sunroof.
- By vehicle type, the market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles, and electric vehicles (EV). The passenger car segment is anticipated to dominate the market over the forecast period.
- Geographically, the global market is segregated into North America, Europe, Asia Pacific, and rest of the world.
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Regional Insights:
- Asia Pacific holds the largest automotive glass market share and is worth USD 7.72 billion in 2020. China and India are crucial nations for the growth of the market in this region. Developing economic conditions and large population growth has led to augmented vehicle production.
- Europe holds the second-largest share in the market and is also estimated to show significant growth in the market over the forecast period.
- North America is estimated to display sturdy growth in the market during the forecast period. Early implementation of progressive glass glazing methods by several companies is expected to have an optimistic influence on market growth in this region.
List of the Companies Operating in the Market:
- Saint Gobain Sekurit (Herzogenrath, Germany)
- Fuyao Glass Industry Group Co. Ltd (Fuzhou, China)
- AGC Inc. (Tokyo, Japan)
- Xinyi Glass Holdings Limited (Hong Kong, China)
- Nippon Sheet Glass Co. Ltd (NSG) (Tokyo, Japan)
- Magna International Inc. (Aurora, Canada)
- Guardian Glass LLC (Michigan, U.S.)
- Webasto Group (Stockdorf, Germany)
- Corning Incorporated (New York, U.S.)
- Schott AG (Mainz, Germany)
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Global Automotive Glass Market Segmentation:
By Glass Type:
- Tempered
- Laminated
By Application:
- Windshield
- Sidelite
- Backlite
- Sunroof
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicles
- Electric Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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