The market for Automotive Glass is expected to reach US$ 25.22 Bn in 2027.
The global automotive glass market was valued at US$ 14.70 Bn in 2018 and is anticipated to grow to US$ 25.22 Bn at a CAGR of 6.3% throughout the forecast period from 2019 to 2027.
Despite the challenging environment, the automotive market posted modest growth during 2018-19. According to a report published by the International Organization of Motor Vehicle Manufacturers (OICA), the global automotive vehicle sales were 95,055,937 units globally. Thus driving the growth of the automotive glass market. In addition, factors, including the rapid development of infrastructure and support from fiscal stimuli, among others, are further fueling the market growth.
The sales of automotive will be affected by technical advancements in-vehicle connectivity and the integration of safety systems for self-driving cars. Furthermore, rapid technological advancements have helped in improvising vehicle designs, including cross-curvature windows, sweeping roofline glass, and asymmetric shapes. In addition, there is a positive impact on consumers due to increased usage of telematics in vehicles and a shift in consumer preference towards superior comfort vehicles influencing the market growth.
Based on product, tempered glass was the largest market segment and accounted for over 50% of the revenue share of the total market revenue. This can be attributed to factors including reduced cost, easy manufacturing, and high demand for the product in both commercials and passenger vehicles. In addition, the benefits offered by it, including durability and utility in the automotive industry, among others, are expected to drive market growth.
In contrast, the laminated glass segment is anticipated to register the fastest growth throughout the forecast period. Owing to the increased usage of laminated glass in the windshield, better visibility, and enhanced safety, among others. In addition, increasing demand for premium features in automotive vehicles is anticipated to facilitate R&D and product development in this segment. Thus boosting the demand of the automotive glass market.
Based on end-use, the global automotive glass market is segmented into OEM (Original Equipment Manufacturers) and ARG (Aftersales Replacement Glass). The OEM segment leads the market in revenue share and accounts for more than 80% of the market revenue. This can be associated with the increasing sales of vehicles globally and technological advancements for enhancing safety solutions. Thus bolstering the growth of the market.
The ARG segment is expected to grow at a modest CAGR during the forecast years. Other factors include low installation cost than OEM, poor installation, accidents, and temperature changes, among others. Thus driving the growth of the automotive glass market in this segment.
In 2018, Asia Pacific appeared as the market leader and contributed more than 30% to the market revenue of the global automotive glass market. Asia Pacific region is projected to remain dominant throughout the forecast period, trailed by Europe. This is due to rapidly developing infrastructure and increased production and sales in the countries, including China and India. Thereby fuelling the market growth of the automotive glass market. For example, according to a report published by OICA, sales in India increased to 4,400,136 units in 2018 from 4,059,455 units in 2017.
On the contrary, the Latin America region is set to register the fastest growth throughout the forecast period. Owing to growing urbanization and expanding automotive industry in the region, among others. For instance, the sales of automotive in Brazil increased from 2,172,738 units in 2017 to 2,468,434 in 2018. In addition, Europe appeared as the second largest revenue-contributing region in the global automotive glass market, with a share of more than 20%.
This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the overall automotive glass market. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
The market for Automotive Glass is expected to reach US$ 25.22 Bn in 2027.
The Automotive Glass market is expected to see significant CAGR growth over the coming years, at 6.3%.
The report is forcasted from 2019-2027.
The base year of this report is 2018.
Asahi Glass Co. Ltd., Fuyao Group,Nippon Sheet Glass Co., Corning Incorporated., Saint-Gobain S.A., Guardian Industries Corp., Xinyi Glass Holdings Ltd., Duratuf Glass Industries Pvt. Ltd., CSG Holding Ltd. are some of the major players in the global market.