Automotive Glass Market size to exceed USD 11 billion by 2027, according to a new research report by Global Market Insights Inc.
The global demand for automotive glass has grown significantly owing to rising automotive production and the incorporation of advanced technologies to produce automotive glass. With the rapidly evolving automotive industry, automotive glass is shedding its traditional role of providing structural integrity to the automotive. Automotive glass manufacturers are now working on developing automotive glass that are aesthetically appealing and compliant with regulations.
Research & development activities are carried by automotive glass market players to pave way for the incorporation of smart automotive glass. For instance, the photochromic properties of advanced glasses are utilized to reduce the intensity of ultraviolet radiation, thereby keeping the automotive occupants safe. The growing use of smart glass automotive technologies will further drive the market.
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The growing middle-class population in China, India, Vietnam, and Brazil is further driving the demand for automotives in the region. Growing automotive production is having a positive impact on the industry. Moreover, growing government initiatives regarding motor vehicle regulations are driving the automotive sector. The rising electric vehicle penetration is opening up new opportunities for manufacturers.
The COVID-19 pandemic is expected to have negative impacts on the automotive glass industry. Strict lockdown measures and social distancing norms imposed by various governments globally have impacted the revenue generation, which relies on the free movement of workers in the factories.
Browse key industry insights spread across 250 pages with 278 market data tables & 32 figures & charts from the report, “ Automotive Glass Market Size By Product (Laminated, Tempered), By Application (Sidelite, Backlite, Windscreen), By End-use (Original Equipment Manufacturer, Aftermarket Replacement Glass), By Vehicle (Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Laminated glass market is set to witness around 6% CAGR in automotive glass market through 2027. Laminated glass provides various benefits and is used in automotive due to its high strength, resistance to shattering, security and sound proofing. Its excellent soundproofing prevents drivers from getting distracted by outside noise, thereby limiting damages to the driver and occupants.
Backlite segment is likely to observe more than 4% CAGR from 2021 to 2027. The growing demand for premium vehicles is, in turn, driving the backlite automotive glass revenue. Automotive glass manufacturers must adhere to government regulations, which instill safety & security and protect the vehicle occupants during accidents.
Aftermarket replacement glass surpassed USD 1 billion in 2020. The market for glass replacement is growing at a significant rate as it is not usually possible to repair a crack on a stuttered glass. Replacing a damaged automotive glass is the only viable solution for automotive owners.
Light Commercial Vehicle (LCV) captured above 25% of the automotive glass share in 2020 and will register substantial growth through 2027. Growing economic activities around the world and the need to smoothly transport cargo will further drive the demand for light commercial vehicles. Increasing regional connectivity in many emerging economies and the need to transport cargo are opening up new opportunities for LCV manufacturers.
Europe to bank upon technological advancement
The Europe automotive glass market size is poised to register over 4% CAGR during 2021 to 2027. Europe is the second-biggest market for automotive glass after Asia Pacific. Advanced technologies, favorable regulations, and the presence of multiple manufacturers will have a positive impact. Furthermore, growing sales of electric vehicles in the region will drive the market throughout the projected period.