Press release
Automotive Glass Market is expected to experience robust growth, with a 4.0% CAGR over 2018-2028
Automotive Glass Market
Automotive glass is projected to witness healthy demand in the coming years, owing to the growing automobile fleet across the globe. Increasing per capita income in key emerging countries, changing consumer preferences to own more than one personal vehicle, and the growing trend towards installation of sunroofs in personal vehicles are some of the factors anticipated to create significant demand for automotive glass over the forecast period. The global automotive glass market is projected to grow at a value CAGR of 4.0% over the forecast period.
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Global Automotive Glass Market: Dynamics
Large volume sales of automobile vehicles are among the key factors contributing to the rising demand for automotive glass. The global automobile industry is a very vast market, with global sales of around US$ 104 million in 2017, and a total automobile PARC exceeding 1.2 billion vehicles. This provides a large aftermarket scope for the automotive glass market. Bad road conditions, life span of glass, and extreme cold weather conditions are some of the factors driving the aftermarket segment in the global automotive glass market.
Apart from these, increasing consumer preference for the adoption of moon/sunroofs, and growing glass consumption per vehicle for incorporating better aerodynamics and reduced fuel consumption are some of the factors heavily driving the demand for automotive glass, globally. With the growing urban population and rising per capita income, the global automotive glass market is projected to witness robust demand over the forecast period.
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Global Automotive Glass Market: Segmentation Overview
• Segmentation on the basis of application: On the basis of application, the automotive glass market has been segmented into windshields, back glass, moon/sunroofs, door glass, quarter glass, and vent glass. The back glass segment is anticipated to lead the global automotive glass market in terms of volume market share, owing to the high volume consumption of glass for back glass per vehicle. The moon/sunroofs segment is projected to register a high growth rate by CAGR in the global automotive glass market, owing to the growing adoption of moon/sunroofs in passenger vehicles.
• Segmentation on the basis of glass type: The tempered glass segment is projected to hold a majority of the share throughout the forecast period, and lead in terms of growth rate in the global automotive glass market.
• Segmentation on the basis of sales channel: While the OEM segment is projected to lead the market share in the automotive glass market throughout the forecast period, the independent aftermarket segment is anticipated to lead in terms of growth rate, with a value CAGR of 4.8%.
• Segmentation on the basis of vehicle type: On the basis of vehicle type, the passenger vehicles segment is anticipated to create the highest demand for automotive glass, owing to the high number of sales of automobiles in the segment
Global Automotive Glass Market: Regional Overview
East Asia is projected to lead the total volume sales in the global automotive glass market, driven by large volume sales of automotive vehicles in China. Europe, being one of the prominent regions as far as automobile demand is concerned, is also anticipated to hold significant market share in the global automotive glass market. In terms of growth rate, the MEA region is projected to lead the automotive glass market, with a CAGR of 4.7% over the forecast period.
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Global Automotive Glass Market: Vendor Insights
The automotive glass market is a highly consolidated, due to the presence of large global players owning a majority of the market share. The report analyses some of the major manufacturers in the global automotive glass market, such as AGC Inc., Nippon Sheet Glass Co., Ltd, Saint-Gobain S.A., Fuyao Glass Industry Group Co., Ltd., Xinyi Glass Holdings Ltd., Magna International Inc., Vitro, S.A.B. de C.V., Glas Trösch Holding AG, Corning, and CENTRAL GLASS CO., LTD., among others.
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