Rising consumer awareness towards adoption of sustainable vehicles and electric cars is offering lucrative opportunities for the growth of the global auto glass market
With rapidly shifting automotive sector transforming from the conventional fuel-based vehicles to electric cars and hybrid vehicles that can completely eliminate the harmful emissions is a major factor stimulating the expansion of the automotive sector into new modernized consumer base thereby effectively driving the demand for global auto glass repair and replacement market.
Hence, the global auto glass market is estimated to grow exponentially with a CAGR of approximately 6% over the forecast years 2018 to 2028, reaching an overall market size worth USD 30.18 billion. Auto glass forms a crucial component of a vehicle with a primary function of safeguarding the driver and passengers inside a vehicle. Auto glass differs from normal glass in their composition which constitute diverse materials to result in a formulation capable of imparting relatively higher strength, durability, robustness and high end protection from the external environment.
Advancements in the technology are currently trying to develop auto glass that can maintain the inner environment at lower temperatures despite the rising external temperatures which is a crucial attribute of the new technologies in the global auto glass market. The existing growth status and future progress of the global auto glass market are aligned to reflect upon the market attractiveness and key industry trends.
Major influencing factors affecting the global auto glass market typically highlight significance of opportunities over the forecast period. Factors such as skyrocketing demand for automotive and constant advancements in the technological fields resulting in fast-paced adoption of next-generation manufacturing technologies by automotive industry players are expected to propel the growth of the global auto glass market over the forecast years.
However, concerns associated with higher costs of container handling equipment coupled with the need for intensive R&D to scale up product development involving substantial capital investment are among the primary challenges hampering the growth outlook of the global auto glass market during the forecast period.
Adroit Market Research report on the global auto glass market provides an insightful and conclusive study guide on the market from 2018 to 2028 comprising of growth derivatives and factors such as the market drivers, restrains, opportunities, and challenges. The market study duration is compartmentalized into three distinctive phases starting with the historic years from 2018 to 2020 with 2020 as the base year of estimation followed by the future forecast period from 2021 to 2028. The report is inclusive of current market dynamics and trends coupled with the significance of future traits evaluated at a global as well as regional level.
Also, the report studies the market based on Porter’s five forces analysis along with SWOT and positions of key players in the competitive landscape of the global auto glass market based on their strategic initiatives, geographic footprint, product portfolio, and overall revenue.
The auto glass market showcases a robust competitive landscape consisting of the well-known large-scale manufacturers alongside the emerging entrants with relatively new market identity. Also, the auto glass industry players are pursuing new opportunities expanding their presence into potential markets with the purpose of seizing a competitive lead among other industry payers strengthening the industry portfolio by forming mergers, extending partnerships, and collaborations with other players, acquisitions of young start-ups and expanding business existence.
The global auto glass market is categorised into laminated and tempered glass market by type. the tempered glass segment is expected to grow at a sustainable rate while the laminated glass segment is anticipated to register exponential growth and a significant market share over the forecast years owing to the dominating application of the glass type in manufacturing windshields of various vehicle types along with the constantly advancing product development strategies to enhance laminated glass features.
Asia pacific dominated the global auto glass market through the historic years accounting for a significant market share and is anticipated to hold the dominance over the forecast years owing to the rapidly modernizing automotive sector and the prevalence of large-scale auto glass manufacturers across major developing economies such as China with enormous rate of production and supply.
The region is further expected to benefit from the flourishing global auto glass market across countries such as Thailand, India and Malaysia. Europe is the next best marketspace for the auto glass industry with a rapidly developing electric cars and hybridization of vehicle encouraged by the government regulations with stringent environmental-focused goals.
The major players of the global auto glass market are Gentex Corporation, Saint-Gobain, Xinyi Glass, Asahi Glass, Corning, Fuyao Glass, Nippon Sheet Glass, Samvardhana Motherson, Magna International, Guardian Glass, AGC, and Webasto. The auto glass market covers a broad expanse of firmly established local players along with the international entities. Additionally, the studied market players bringing into the market an array of advanced strategies and innovative production techniques to remain competitive in the global market.
Key Segments of the Global Auto Glass Market
Glass Type Overview, 2018-2028 (USD Billion)
- Laminated Glass
- Tempered Glass
Application Overview, 2018-2028 (USD Billion)
Vehicle Type Overview, 2018-2028 (USD Billion)
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Cars
End-Use Overview, 2018-2028 (USD Billion)
- Original Equipment Manufacturer
- Aftermarket Replacement Glass
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of Europe
Middle East & Africa