Portland, OR, April 14, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive glass market was estimated at in 2021 and is expected to hit $31.2 billion by 2031, registering a CAGR of 6.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Car Glass Market Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022 to 2031 |
| Base Year | 2021 |
| Market Size in 2021 | $16.4 billion |
| Market Size in 2031 | $31.2 billion |
| CAGR | 6.8% |
| No. of Pages in Report | 400 |
| Segments Covered | Type, Application, vehicle type, End user, and Region. |
| Drivers | Increase in demand for lightweight glass |
| Safety standards implemented by various governments concerning occupant crash protection | |
| Increased use of laminated glass | |
| Opportunities | Technological advancements |
| Rise in vehicle production | |
| Restraints | High manufacturing costs |
| Poor adoption in developing nations |
COVID-19 Scenario:
- The outbreak of COVID-19 had a negative impact on the global automotive glass market, owing to the lockdown imposed in the majority of countries across the globe. The pandemic caused disruptions in the supply chain, which impacted the production and delivery of automotive glass products. Many manufacturers faced difficulties sourcing raw materials and components, and transportation disruptions led to delays in shipping and delivery.
- However, the automobile sector continued to strive & increase production & sales in India during the second wave of COVID-19 with the support of nationwide vaccination.
- Furthermore, the reduction in the cost of raw materials and glass sensors required to produce the sunroof of the vehicle and cutting down tax rates imposed on the automotive sector helped the automotive industry to recover faster in the country.
- The pandemic highlighted the need for sustainable transportation, and there may be a shift toward electric and autonomous vehicles. These vehicles require specialized glass products, which could lead to an increase in demand for automotive glass manufacturers that produce these products.
The report offers a detailed segmentation of the global automotive glass market based on type, application, vehicle type, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the laminated segment accounted for the highest share in 2021, generating more than three-fifths of the global automotive glass market revenue and is projected to rule the roost in terms of revenue by 2031. However, the tempered segment is expected to register the highest CAGR of 8.0% from 2022 to 2031.
In terms of application, the sunroof segment contributed nearly one-third of the global automotive glass market revenue and is projected to dominate the market in terms of revenue during the forecast period. Simultaneously, the same segment would also showcase the fastest CAGR of 8.3% during the forecast period.
On the basis of vehicle type, the passenger cars segment held the major share in 2021, garnering around two-thirds of the global automotive glass market revenue and is projected to maintain its dominance by 2031. However, the commercial vehicles segment would display the fastest CAGR of 8.4% during the forecast period.
Based on end user, the original equipment manufacturer segment accounted for the highest share in 2021, generating nearly four-fifths of the global automotive glass market revenue and is projected to rule the roost by 2031. The aftermarket segment, on the other hand, is expected to manifest the fastest CAGR of 8.8% during the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering nearly three-fifths of the global automotive glass market revenue and is projected to rule the roost by 2031. However, the North America region would showcase the fastest CAGR of 9.8% during the forecast period.
Leading market players of the global automotive glass market analyzed in the research include Corning Incorporated, Fuyao Group, Webasto Group, Magna International, Inc., Nippon Sheet Glass Co., Ltd., Xinyi Glass Holdings Limited., Taiwan Glass Industry Corporation, Saint Gobain, Guardian Industries, and AGC Inc.
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The report provides a detailed analysis of these key players of the global automotive glass market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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