"Rapid technological advancements will spur the market revenue growth"
The global automotive glass market was valued at US$ 17.47 Bn in 2021 and is anticipated to grow to US$ 29.98 Bn growing at a CAGR of 6.3% throughout the forecast period from 2023 to 2030.
Despite the challenging environment, the automotive market posted modest growth during 2020-21. According to report published by International Organization of Motor Vehicle Manufacturers (OICA) the global sales of automotive vehicle was 95,055,937 units globally. Thus driving the growth of the automotive glass market. Factors including rapid development of infrastructure, and support from fiscal stimuli among other are further fueling the market growth.
The sales of automotive will be affected by technical advancements in vehicle connectivity and integration of safety systems for self-driving cars. Rapid technological advancements have helped in improvising vehicle designs including cross-curvature windows, roofline sweeping glass, and asymmetric shapes. 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.
"Laminated glass segment to register maximum growth during the forecast period"
Based on product, tempered glass was the largest market segment and accounted for over 50% of revenue share of the total market revenue. This can be attributed to the factors including reduced cost, easy manufacturing and high demand of product in both commercial as well as passenger vehicles. In addition, the benefits offered by it including durability and utility in automotive industry among others is expected to drive the market growth.
In contrast, laminated glass segment is anticipated to register fastest growth throughout the forecast period. Owing to the increased usage of laminated glass in windshield, better visibility and enhanced safety among others. 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.
"OEM segment expected to be dominant during the forecast period"
Based on end-use, the global automotive glass market is segmented into OEM (Original Equipment Manufacturers) and ARG (Aftersales Replacement Glass). OEM segment leads the market in terms of 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.
In comparison, ARG segment is expected to grow at a modest CAGR during the forecast years. Owing to, factors including low cost of installation than OEM, poor installation, accidents, and temperature changes among others. Thus driving the growth of the automotive glass market in this segment.
"Increasing sales in developing regions to bolster the growth in Asia Pacific region"
In 2021, 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 among others. Thereby fuelling the market growth of automotive glass market. According to report published by OICA, the sales in India increased to 4,400,136 units in 2018 from 4,059,455 units in 2017.
On the contrary, Latin America region is set to register fastest growth throughout the forecast period. Owing to, growing urbanization, 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 to the global automotive glass market with a share of more than 20%.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Glass market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
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Application
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Vehicle
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End-use
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
