Global Automotive Glass Market to Witness Robust Growth at 5% CAGR by 2023 -TechSci Research


Posted October 13, 2018 by ashi123

Increasing vehicle productions, growing technological advancements, growing automotive component market and rising demand for lightweight glass, to drive the Global Automotive Glass Market through 2023

 
According to TechSci Research report, “Global Automotive Glass Market, By Vehicle (Light Commercial Vehicle, Heavy Commercial Vehicle and Passenger Cars), By Product Type (Laminated, Tempered), By Application (Sunroof, Windscreen, Sidelite /Backlite and Rearview Mirror), By Sales Channel (OEM and Aftermarket), By Company and By Geography, Forecast & Opportunities, 2023”, Global Automotive Glass Market is projected to reach USD 25.21 billion by 2023, growing at a CAGR of over 5% during 2018-2023. Increasing vehicles production & sales, growing innovation & developments in glass technologies and high demand for energy-efficient products drives the automotive glass market globally. Furthermore, safety regulations pertaining to glass, the growing need for lightweight automotive components will ensure robust growth of the Automotive Glass Market during the forecast period.

Moreover, the growing demand for sun-roofs, especially in the luxury cars as it allows the passengers to manage natural light in the vehicle will ensure robust growth of the market by 2023. Additionally, the anticipated smart glass technologies that aid visibility and UV protection coupled with the growing demand of embedded rear-view mirrors for parking assistance is expected to drive the growth of the Global Automotive Glass market during forecast period.

Based on product type, the market has been categorised into Laminated and Tempered glass. In 2017, the Laminated glass dominated the global automotive glass market, due to increased use in vehicle windshield as it minimizes obstacle penetration coupled with the growing trend of laminated side glazing which is provided by automobile companies like BMW and Mercedes. The Laminated Side Glazing also enhances the safety of passengers.

Asahi Glass Co Ltd., Saint Gobain S.A., Magna International Inc., Xinyi Glass Holdings Limited, Fuyao Glass Industry Group Co Ltd. etc, are the major companies operating in the Global Automotive Glass Market.

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APAC region dominated the market in 2017 due to improving socio-economic conditions in emerging economies such as China, India, etc., increasing population, increasing vehicle production & sales. The region is expected to maintain its dominance during the forecast period due to rising disposable incomes, flourishing automotive sales as well as the presence of production facilities of all the major automotive OEMs in the region. Moreover, the regional as well as local players are likely to play a crucial role in the automotive glass aftermarket in APAC.

“The flourishing automotive industry coupled with the rising two-wheeler and four-wheeler sales among consumers are anticipated to drive the growth of the automotive glass market in the next five years. Moreover, the increasing adoption of smart glass technology coupled with the growing demand of sun-roofs in luxury cars will drive the Automotive Glass market through 2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Automotive Glass Market, By Vehicle (Light Commercial Vehicle, Heavy Commercial Vehicle and Passenger Cars), By Product Type (Laminated, Tempered), By Application (Sunroof, Windscreen, Sidelite /Backlite and Rearview Mirror), By Sales Channel (OEM and Aftermarket), By Company and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth potential of Global Automotive Glass market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market inclinations along with indispensable drivers, challenges and opportunities in Global Automotive Glass Market.

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Last Updated October 13, 2018