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Automotive Glass Market 2024 Analysis: Exploring Innovations, Demand Surge & Market Expansion Strategies
Automotive Glass Market
As per the report, the automotive glass market size has grown strongly in recent years. It will grow from $20.13 billion in 2023 to $21.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The automotive glass market size is expected to see strong growth in the next few years. It will grow to $28.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
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Driving Forces Behind the Growth of the Automotive Glass Market
The increasing demand for passenger and commercial vehicles is expected to propel the growth of the automotive glass market going forward. Passenger vehicles refer to cars and other vehicles designed primarily for transporting passengers, while commercial vehicles include vans, trucks, and buses used for business and transportation purposes. The demand for passenger and commercial vehicles is rising due to economic growth, increasing urbanization, and improved consumer confidence, driving transportation needs. Automotive glass is used in passenger and commercial vehicles primarily for providing visibility, protection from external elements, and structural support. For instance, in February 2023, according to the International Energy Agency, a France-based intergovernmental organization for energy policies, the sale of electric passenger cars in emerging and advanced economies rose from 1.3 million and 2.2 million to 1.5 million and 3.8 million, respectively. Additionally, in April 2024, according to the European Automobile Manufacturers' Association (ACEA), a Belgium-based lobby of Europe's 15 major car, truck, van, and bus makers, new commercial vehicle registrations saw notable growth in 2023, with vans increasing by 14.6%, trucks by 16.3%, and buses by 19.4%. Therefore, the increasing demand for passenger and commercial vehicles will drive the automotive glass market.
Strategic Partnerships Drive Innovation In Automotive Glass Market
Major companies operating in the automotive glass market are adopting a strategic partnership approach to provide advanced automotive immersive displays to enhance the driver experience and vehicle safety. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in July 2021, Corning Inc., a US-based automotive glass technology company, partnered with Hyundai Motor Group, a South Korea-based automotive manufacturer, to launch automotive glass solutions in a new augmented reality head-up display. This partnership aims to enable immersive and interactive driving experiences through advanced augmented reality (AR) technology integrated into vehicles.
The automotive glass market covered in this report is segmented -
1) By Product: Tempered Glass, Laminated Glass, Other Products
2) By Vehicles Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Electric Vehicles
3) By Application: Windshield, Sidelite, Sunroof, Backlite
4) By End-Use: Original Equipment Manufacturer (OEM), Aftermarket
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Major companies operating in the automotive glass market are Saint-Gobain S.A., Magna International Inc., Asahi Glass Co Ltd, Corning Incorporated, Samvardhana Motherson, Nippon Sheet Glass Co. Ltd, Webasto Group, Guardian Industries Corp, Fuyao Glass Industry Group Co. Ltd., Xinyi Glass Holdings Limited, Türkiye Şişe ve Cam Fabrikaları, Gentex Corporation, Vitro S.A.B. de C.V., Taiwan Glass Ind Corp., Central Glass Co. Ltd., Pittsburgh Glass Works Auto Glass LLC, Carlex Glass America LLC, Shenzhen Benson Automobile Glass Co. Ltd., Suyog Glass Industries, Magnum Tuff India Pvt Ltd
Contents of the report:
1. Executive Summary
2. Automotive Glass Market Report Structure
3. Automotive Glass Market Trends And Strategies
4. Automotive Glass Market - Macro Economic Scenario
5. Automotive Glass Market Size And Growth
…..
27. Automotive Glass Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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