Press release
Automotive Aftermarket Glass Market is Booming Worldwide to Show Significant Growth the Forecast 2023 to 2030
Automotive Aftermarket Glass Market
The automotive aftermarket glass market, as indicated in the SNS Insider report, achieved a valuation of USD 3.99 billion in 2022. Projections suggest it is poised to attain USD 5.70 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 4.55% during the forecast period from 2023 to 2030.
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Market Report Scope
Automotive aftermarket glass refers to replacement glass components for vehicles that are installed after the original purchase. These components include windshields, side windows, rear windows, and other glass elements that may need replacement due to damage, wear and tear, or customization. The market for automotive aftermarket glass has witnessed substantial growth in recent years, driven by various factors that contribute to its increasing demand and market expansion.
Market Analysis
The automotive aftermarket glass market is poised for sustained growth, driven by several key factors that shape the industry landscape.The expanding global fleet of vehicles, coupled with the rising average age of cars on the road, contributes to a higher demand for aftermarket glass replacement.Insurance policies covering glass damage and replacements have become more commonplace. This has encouraged vehicle owners to opt for aftermarket glass solutions, driving market growth.Urbanization and infrastructure development, particularly in emerging economies, lead to higher incidences of road accidents and subsequent demand for automotive glass replacement services.
Key Players
The major key players included are Asahi Glass Co., Ltd (Japan), Fuyao Glass Industry Group Co. Ltd (China), Olimpia Auto Glass Inc. (Turkey), Shatterprufe (South Africa), Saint Global S.A. (Paris), Central Glass Co. Ltd (Tokyo), Xinyi Glass Holdings Limited (Hong Kong), Guardian Industries Corp (US), Vitro, Taiwan Glass Ind. Corp, S.A.B. de C.V. (Mexico), and Nippon Sheet Glass Co. Ltd (Japan).
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Impact of Recession
The ongoing recession has presented both challenges and opportunities for the automotive aftermarket glass market. Economic downturns often result in reduced consumer spending and delayed maintenance expenditures. As a result, the aftermarket glass market may experience a temporary decline in demand, particularly for non-essential replacements and upgrades.On the positive side, the need for cost-effective solutions during economic downturns may drive consumers to opt for aftermarket glass replacements over more expensive original equipment manufacturer (OEM) alternatives, potentially mitigating the overall impact.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced uncertainties that may influence the automotive aftermarket glass market. The conflict has the potential to disrupt the supply chain, affecting the availability of raw materials and components for aftermarket glass production. This could lead to short-term challenges in meeting market demand. Currency fluctuations and economic instability resulting from the geopolitical situation may impact pricing strategies and production costs, potentially affecting the affordability of aftermarket glass products.
Key Regional Development
The North American automotive aftermarket glass market is characterized by a mature industry, driven by a large vehicle fleet. The region's demand is sustained by stringent safety regulations, consumer preferences for customization, and a well-established network of repair and maintenance services. In Europe, the market benefits from a robust automotive industry and a focus on vehicle safety. Technological advancements, including the adoption of advanced glass materials, contribute to market growth. Additionally, a growing trend towards environmental sustainability fosters the demand for eco-friendly glass solutions. The Asia-Pacific region is a key growth driver for the market, fueled by rapid urbanization, increasing disposable income, and a rising number of vehicles on the road. The demand for advanced safety features and a booming automotive sector in countries like China and India further contribute to market expansion.
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Key Takeaway from Automotive Aftermarket Glass Market Study
The tempered glass segment is poised to dominate the market, driven by its superior strength, safety features, and resistance to breakage. Consumers increasingly prefer tempered glass for its ability to shatter into small, dull-edged pieces upon impact, reducing the risk of injuries. This segment's dominance is further supported by its wide application in side windows, rear windows, and other automotive glass components.
The windscreen segment holds a prominent position in the market, primarily due to its critical role in ensuring driver visibility and safety. Windscreen replacements are common, driven by factors such as road debris, accidents, and weather-related damage. The demand for advanced windscreen technologies, including those with integrated sensors for driver assistance systems, further contributes to this segment's dominance in the aftermarket glass market.
Recent Developments Related to Automotive Aftermarket Glass Market
Safelite Group has recently announced the successful acquisition of Sun Auto Glass. This development marks a significant step forward for Safelite, a renowned leader in vehicle glass repair and replacement services.
LKQ Corporation has divested its aftermarket glass supplier PGW to a private equity group. This decision is part of LKQ's ongoing strategic initiatives to streamline its business operations and focus on core areas of growth.
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Akash Anand - Head of Business Development Strategy
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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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