Global Automotive Glass Market - Growth, Trends and Forecast (2018 - 2023)
With the increase in the demand in the automobile sector year after year, the components used to build an automotive are expected to be automatically consumed more. The market is expected to register a CAGR of around 7% till the estimated period of 2023. The main manufactures include Asahi Glass, Benson Auto Glass, Saint-Gobain, and others.
The New Era of the Automotive Glass
Smart glass is forecasted as the future of the automotive industry. Most of the research has been directed at improving and making the smart glass applicable to the mainstream vehicles. It can be used to provide a head-up display in the automobiles just like in the glass cockpit of a helicopter. This makes accessibility of all controls much more comfortable and also takes the ambience of the vehicle to a new level. High-end carmakers, like Daimler AG is putting a lot of efforts to make this into a reality in four-wheel drive.
Increasing usage of sunroof glass particularly in high-end vehicles is anticipated to have a positive impact on the market growth. In today’s, numerous consumers demand big sunroof in the car which leads to increase in utilization of glass. Installation of the sunroof has not only been limited to the luxury car segment but has moved to the other car manufacturers, like Honda and Toyota. In addition, advancements in vehicle design have led to the increase in the size of the windshield and side windows, thereby leading to industry development.
Technological advancement in the automotive industry would help in the maximum fuel efficiency and safety to the passengers. Therefore, this has influenced the manufacturers towards extensive R&D which is expected to fuel automotive glass market growth. Lightweight properties, along with better security are the key factors stimulating product penetration in the industry.
The high casualty rate in automobile accidents has brought automobile safety into focus. This has emerged as a driver for the automotive glass market as automobile manufacturers are pushing the Original Equipment Manufacturer (OEMs) to manufacture glass of highest safety standards for all automobile segments. One of the most fragile parts of an automotive is its glass, and therefore, efforts should be made to improve quality of its material.
Asia-Pacific regions, like China and India are forecasted to be the fastest growing automotive glass market. Higher disposable incomes, the booming middle class and high youth population are anticipated to be major reasons for the fast growth of the automotive glass market. The middle-income group accounts for a bulk of the market share in any segment all over the world and growth in any market is dependent on this segment. The fastest rising markets in the Asian region are India, Vietnam, Indonesia, and the Philippines. China, despite a struggling economy (for last few years), is expected to continue to be the driver of the market with Japan being the hub of technology in the automotive sector is driving the growth of Asian car segment. North American and European market are still the leaders of the automotive sector and improvising the technology in the automotive glass, like developing the smart glass.
Key Players: ASAHI GLASS, BENSON AUTO GLASS, SAINT-GOBAIN, PILKINGTON GLASS amongst others.
March 2018: The merger of J.N. Phillips and Techna Glass results in the second largest automotive glass company
Reasons to Purchase this Report
Provides latest insights into the Automotive Glass Market
Gives a detailed analysis of key competitors in the Automotive Glass Market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Detailed analysis on the region that is expected to witness the highest growth
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate Sheet (in Excel)
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