Pune, India., Feb. 09, 2023 (GLOBE NEWSWIRE) -- In 2020, the global automotive glass market was valued at USD 14.48 billion. However, due to the COVID-19 pandemic, the market saw a decrease in demand and a decline of 12.9% compared to the average annual growth from 2017 to 2019. But, as the pandemic subsides, the market is projected to recover and grow from USD 15.48 billion in 2021 to USD 31.16 billion by 2028, at a compound annual growth rate (CAGR) of 10.5%. This growth can be attributed to a return to pre-pandemic levels of demand and growth.
The automotive glass market has been experiencing growth in recent times, driven by the surging global demand for vehicles. The need for high-quality and advanced automotive glass, particularly in the passenger car sector, has been a key factor driving market growth. The growing preference for luxury and high-end vehicles equipped with advanced safety features has also contributed to the increasing demand for automotive glass.
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Automotive Glass Market Highlights:
| Study Period: | 2021-2028 |
| Largest Market: | Asia-Pacific |
| CAGR: | 10.5% |
| Major Players: | Saint Gobain Sekurit, Fuyao Glass Industry Group Co. Ltd, AGC Inc,Xinyi Glass Holdings Limited, Nippon Sheet Glass Co. Ltd, Magna International Inc, Guardian Glass, Webasto Group,Corning Incorporated, Schott AG |
| Historic Market Size: | USD 14.48 billion in 2020 |
| Forecast Market Size by 2028: | USD 31.16 billion |
Key Takeaways:
- Increasing Application of Glass in Automobiles and Environmental Benefits to Boost Market
- Increased Adoption of Sunroof and Growing Focus on Safety to Drive Market Growth
- Growing Demand for Electric & Hybrid Vehicles to Drive Market Growth
- Sidelite Segment will Dominate Market Attributed to Higher Number of Sidelite Required in Each Vehicle
- Passenger Car Segment to Hold Largest Automotive Glass Market Share Owing to High Demand in Developing Countries
Drivers & Restraints-
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 automotive glass 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 automotive glass.
The automotive glass market has been growing steadily due to the increased demand for vehicles, particularly high-tech vehicles equipped with advanced safety systems and innovative features like sunroofs and heads-up displays. The growing popularity of electric vehicles (EVs) is also driving the demand for a different type of automotive glass, as EVs have specific glass requirements that differ from traditional internal combustion engine (ICE) vehicles.
Laminated glass is becoming increasingly popular in the automotive industry due to its improved safety features, noise reduction capabilities, and protection against UV rays. Tempered glass, which provides improved safety and durability, is also becoming a popular choice for automotive applications.
The Asia-Pacific region is poised to dominate the automotive glass market, with major automobile manufacturers located in countries such as Japan, South Korea, and China. The growing automotive industry in developing countries, such as India and Indonesia, is also expected to drive market growth in the region.
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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.
Segments-
- On the basis of type, the market is classified into laminated glass 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.
| Segmentation | By Glass Type
|
By Application
| |
By Vehicle Type
|
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.
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Report Coverage
The report offers:
- Comprehensive insights into the current market trends.
- Upcoming trends and predicted future developments.
- List of key industry players.
- Detailed coverage of the market region-wise.
- Highlights of some major recent developments.
A list of prominent Automotive Glass manufacturers operating in the global 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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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Impact of COVID-19
- Global Automotive Glass Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Glass Type
- Laminated
- Tempered
- Market Analysis, Insights and Forecast – By Application
- Windshields
- Backlite
- Sidelite
- Sunroof
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Automotive Glass Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Glass Type
- Laminated
- Tempered
- Market Analysis – By Application
- Windshields
- Backlite
- Sidelite
- Sunroof
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
- Market Analysis – By Country
- U.S.
- By Glass Type
- By Application
- By Vehicle Type
- Canada
- By Glass Type
- By Application
- By Vehicle Type
- Mexico
- By Glass Type
- By Application
- By Vehicle Type
- Europe Automotive Glass Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Glass Type
- Laminated
- Tempered
- Market Analysis – By Application
- Windshields
- Backlite
- Sidelite
- Sunroof
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
- Market Analysis – By Country
- U.K.
- By Glass Type
- By Application
- By Vehicle Type
- Germany
- By Glass Type
- By Application
- By Vehicle Type
- France
- By Glass Type
- By Application
- By Vehicle Type
- Rest of Europe
- By Glass Type
- By Application
- By Vehicle Type
- Asia Pacific Automotive Glass Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Glass Type
- Laminated
- Tempered
- Market Analysis – By Application
- Windshields
- Backlite
- Sidelite
- Sunroof
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
- Market Analysis – By Country
- China
- By Glass Type
- By Application
- By Vehicle Type
- Japan
- By Glass Type
- By Application
- By Vehicle Type
- India
- By Glass Type
- By Application
- By Vehicle Type
- South Korea
- By Glass Type
- By Application
- By Vehicle Type
- Rest of Asia Pacific
- By Glass Type
- By Application
- By Vehicle Type
- Rest of the World Automotive Glass Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Glass Type
- Laminated
- Tempered
- Market Analysis – By Application
- Windshields
- Backlite
- Sidelite
- Sunroof
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Electric Vehicle
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- Saint Gobain
- Magna International
- Fuyao Glass Industry Group Co. Ltd
- AGC Co.
- Nippon Sheet Glass Co.
- Webasto Group
- Schott AG
- Xinyi Glass
- Gentex Corporation
- Guardian Glass
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