Automotive Glass Market to Rise at 6.9% CAGR till 2026

The global automotive glass market size is projected to reach USD 27.75 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period. Robust logistics infrastructure in developed nations will be a key factor fueling the growth of this market, infers Fortune Business Insights(TM) in its report, titled "Automotive Glass Market Size, Share, and Industry Analysis, By Glass Type (Tempered, Laminated), By Application (Windshield, Sidelite, Backlite, Sunroof), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Electric Vehicles), and Regional Forecast, 2019-2026". The World Bank's biennial report 'Connecting to Compete' stated that the current value of the global logistics industry stands at USD 4.3 trillion. Transport logistics is a critical component of international trade as it facilitates movement of goods and requires strong infrastructure to function smoothly. This infrastructure is well-developed and well-established in developed countries of the world.

For instance, in the World Bank's Logistic Performance Index, the top four countries of Germany, Sweden, Belgium, and Austria are from the European Union (EU) and the fifth is Japan from Asia. Efficient cross-border movement necessitates utilization of various types of vehicles and this is likely to escalate the demand for advanced automotive glass products in the forthcoming years.

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The automotive glass market report states that the value of this market stood at USD 16.53 billion in 2018. The report additionally addresses the following questions:

How have the market values been computed?
What are the central growth drivers of this market?
What hindrances does the market face?
Which are the leading automotive glass market trends?
Who are the top players and what are their dominant strategies?
Which are the most lucrative regions for the market?
An Overview of the Impact of COVID-19 on this Market:

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Competitive Landscape

Enhancement in Production Capacity to Stir Competitive Energies

The automotive glass market analysis reveals that raising production capabilities by key companies will be the prominent feature of competition in this market. These activities are aiding competitors to expand in foreign territories and penetrate untapped regions and countries, the analysis observes.

List of the Key Companies Operating in the Automotive Glass Market Report are:

o Guardian Glass LLC

o Nippon Sheet Glass Co. Ltd

o AGC Inc.

o Saint-Gobain Sekurit

o Magna International Inc.

o Xinyi Glass Holdings Limited

o Fuyao Glass Industry Group Co. Ltd

Market Driver

Booming Demand for Electric Vehicles to Accelerate Market Growth

Staggering air pollution levels have led to a dramatic shift in consumer preference from conventional to electric vehicles (EVs) in the past decade. In response, automakers have intensified their R&D efforts to cater to this paradigmatic change in consumer behavior. According to the International Energy Agency (IEA), the global EV fleet had gone beyond 5 million in 2018, representing an astounding rise of 63% from 2017 levels. Of these, nearly 45% are on road in China, the IEA further notes. The IEA also projects that up till 2030, the year-on-year increase in the global EV stock will be 44 million. This bodes well for this market as EVs will require sturdy glass solutions owing to their lighter weight and an expanding market for EVs will benefit the growth of the market for automotive glass.

Regional Analysis

Progressing Economies in Asia-Pacific to Aid Market Expansion

Asia-Pacific is slated to command the automotive glass market share as the market size in the region stood at USD 8.62 billion in 2018. The major propeller for the market in the region is the rapid economic development of India and China which is stoking the demand for luxury goods such as cars. In addition to this, high rate of population growth is encouraging carmakers to ramp up production in the region.

In Europe, growing preference for EVs and stringent regulatory norms for vehicular safety will primarily drive the market. In North America, increasing demand for glazing glass products has prompted manufacturers to innovate, which is auguring well for the market there.

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