Automotive glasses perform several important functions in vehicles. Besides being the aesthetically driven structure of a vehicle, automotive glasses aid in the circulation of fresh air, protect the occupants from harsh environment, prevent heat accumulation inside the vehicle, and facilitates the passage of natural light into the components.
While manufacturing and designing automotive glasses, utmost importance is given to make sure that these glasses add minimum weight to the vehicle and can withstand high external forces, in order to ensure passenger safety. All these factors have fuelled continuous innovation in Automobile Glass and this play an important role in the growth of the global Automobile Glass market.
The global Automobile Glass market is expected to grow at a CAGR of 4.8% during 2018 to 2025 and reach USD 23.59 billion by 2025, from USD 16.21 billion in 2017. Increasing vehicle production and growing demand for automobiles, especially in emerging economies like China and India will boost the market for Automobile Glasses.
Implementation of smart glass and device embedded glass technologies is another major trend that will have a huge impact on the growth of the global automotive glass market. As sales of automobiles mainly depends on GDP, availability of credit, and fuel prices, these factors will affect the growth of the automotive glass market to a great extent.
Owing to stringent government regulations and emission control standards, the demand for hybrid and electric vehicles has been increasing continuously over the last couple of years. This in turn, will fuel the growth of the Automobile Glass market. Similarly, increasing demand for luxury cars will have a positive impact on the Automobile Glass market.
Passenger safety has been a major consideration for car manufacturers in recent years, especially due to increasing rates of casualty in automobile accidents. This has prompted OEMs to manufacture glass that is lightweight and has higher safety standards. This too will act as a driver for the global market for Automobile Glass.
The North American and European markets are focusing on the development of innovative products like smart glass, which in the near future, will fuel the growth of the automotive glass market. At present, China is the largest market for automotive glass due to its significant vehicle production. Region-wise, the market was led by Asia-Pacific in 2018 and the region is likely to retain its dominant position in the market in the coming years as well.
Europe is the second largest regional market for automotive glass, as vehicle manufacturing is a strategic industry in the region. On the other hand, Central and South America is estimated to record impressive growth in the coming years due to factors like increasing urbanization, growing automotive sector in Brazil and Argentina, and growth in consumer spending.
The key players that are dominating the global Automobile Glass market are Asahi Glass, Saint-Gobain S.A., Benson Auto Glass, Fuyao Glass Industry Group Ltd., PGW, Nippon Sheet Glass Co., Ltd., Magna International Inc., Xinyi Glass Holdings Ltd., Glas Trösch Holding AG, AGC Inc., Corning, Pilkington, and CENTRAL GLASS CO., LTD.