Automotive Glass Market Demand 2024, Industry Size, Trends and Business Opportunities till 2030
Automotive Glass Market comprises of some world-class players, including Saint Gobain Sekurit, Nippon Sheet Glass Co., Ltd, Fuyao Glass Industry Group Co., Ltd as well as Magna International Inc.
The increasing focus of companies on environmental sustainability and the reduction of carbon footprints is fuelling the demand for green glass. Additionally, the top players are focusing more on expanding their market presence in emerging markets through strategic alliances while keeping their status in the market, and this is expected to help boost the growth of the market.
Automotive Glass Market is estimated to increase at a CAGR of 4.2% from $ 3.78 Billion in 2023 to $ 5.15 Billion by 2030.
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Trends
The market for automotive glass is increasing at a rapid pace all over the world. This is due in large part to the increased focus on sustainable mobility by the government customers, as well as car makers.
This has led to the development of lightweight parts like glass that can aid to reduce emissions of carbon as well as slowing the effects of climate changes. The market for automotive glass is also witnessing an increase into research and development from major players. These investments are targeted at finding innovative ways to reduce the energy use.
The demand for smart glass in passenger vehicles is rising rapidly all over the world. This is due to the increasing disposable income of the population as well as the rising demand for luxury and safety concerns, as well as the increasing tendency to purchase private cars.
Furthermore, the rising adoption of ADAS systems by OEMs has accelerated the development in this industry.
The market is seeing an increase in localisation efforts by major players to improve their manufacturing capabilities. This allows them to provide customized solutions, and gain an edge over their competition.
Additionally the top players are building new manufacturing facilities as well as expanding existing ones. This allows them to expand into untapped markets and increase their position on the world market.
Additionally, they make use of advanced technology to create advanced automobile glass that enhances the safety of cars and improve fuel efficiency.
Competitive Landscape of the Automotive Glass Market Analysis
- Dura Automotive Systems
- Saint-Gobain S.A
- Asahi Glass Co. Ltd
- Fuyao Glass Industry Group Co. Ltd
- Nippon Sheet Glass Co. Ltd
- Xinyi Glass Holding Ltd
- Central Glass Co. Ltd
- Glas Trosch Holding AG
- Gentex Corporation
- Magna International Inc
- Vitro S.A.B de C.V
- Guardian Industries Corporation
Growth Driver
Growing technological innovation and complexity is another driver for growth of this Automotive Glass Market. The majority of cars on the road are equipped with ADAS systems that require windshields correctly installed and calibrated for proper operation and securely.
Insurance companies, fleets and customers are searching for brands that can handle this type of work.
The Covid-19 pandemic is having an impact on demand for a short time however, it is anticipated to increase in the near future.
The duration of the lockdown and the restrictions on travel has slowed production. It has also led to an interruption in the supply of the raw materials necessary for the production of glass.
However, the market continues to grow at a rapid pace and is expected to see substantial gains over the next years, due to a myriad of elements.
This includes the increasing need for electric cars, the latest innovations in the field of automotive glass as well as government policies, new plant developments, a demand for environmentally friendly cars and increasing sales of high-end vehicles equipped with features such as broad-angle windows and sunroofs.
The primary reasons for this need are the growing number of miles traveled and collisions that are the primary reason for damage to the glass in cars.
Segmentation
The market for automotive glass is split into several segments according to vehicle type as well as application and material. The market segmentation is influenced by the increasing production of trucks and cars across the globe.
Smart glass is a popular product that can be used to manage heat and glare in the interior of cars, is predicted to increase dramatically. The construction industry is expected to be the most lucrative market share due to the fast global population growth as well as the increase in construction.
Retail and transportation sectors are also the most important end-user sectors for smart glass.
In terms of materials the automotive glass industry is heavily dominated by the laminated type of glass. This is due to the growing demand for cars with bigger windshields that are increasingly integrated into the car's roof.
This is particularly true of SUVs, which are taking over a greater share of the production of passenger cars around the world.
Another area of the Automotive Glass Market is the use of high-performance glass, such that of Gorilla glass. This kind of glass is used primarily in luxury and sports vehicles. It is also marketed to provide safety and insulation properties.
This is the primary reason for the expansion of this market that is expected to be the most popular market share in 2023.
Regional Outlook
The global market for automotive glass is growing at a steady pace in recent years, supported by the massive global car production industry as well as the strict implementation of safety standards for cars, and advances in automotive and material technology.
The companies have also made a significant investment in high-quality glass as well as larger sunroof and windshield plans in their contribution, which meet the needs of premium automobile customers.
The outlook for the regional automotive glass industry is positive. Fleets, insurers and customers all need to be able to get as straightforward a solution as is possible when their vehicles are damaged by glass.
They also desire an advantage in competitiveness and value in the process of providing the service. Being able to effectively market these benefits is what will propel your business's growth.
Although the Covid-19 virus has reduced production of vehicles, long-term outlooks remain positive. Markets are expected to benefit from the development of smart glass and the growing popularity of electric vehicles, which are more efficient than traditional vehicles.
China is the top country in the production of vehicles and the market for automotive glass is expanding at a steady pace due to the need for more durable and more secure products. This industry also benefit from a large and mature production of automotive components and favorable policies of the government and investment in new plants.
Other countries within the region are adopting strict environmental standards, and consumer preferences are shifting towards environmentally friendly vehicles. The growing concern about climate change and rising prices for fuel have resulted in the need for specially designed automobile glass.
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