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The automotive glass market size is estimated to grow at a CAGR of 4.15% between 2022 and 2027. The market size is forecast to increase by USD 4.72 billion. The growth of the market hinges on multiple factors, including the increased demand for premium vehicles and sunroofs, the growing investment in glass manufacturing due to stable raw materials prices, and the growing demand for passenger safety and comfort. China, US, Japan, Germany, India are the top five countries with the largest market shares.
Bensonautoglass.US is one of the top market players in the automotive glass market. The company offers automotive glass such as laminated glass, tempered glass, and SOLAR X reflective laminated glass.
Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021.
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This automotive glass market report extensively covers market segmentation by application (passenger cars, light commercial vehicle, and medium and heavy commercial vehicle), type (laminated glass, tempered glass, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
The passenger cars segment is estimated to witness significant growth during the forecast period. The dominance of the passenger cars segment as per application is due to technological advances in the market and the increasing demand for performance and safety-enhancing features such as sunroofs in mid-segment passenger cars. For example, one of the major automobile brands, Jeep, launched gorilla glasses for Wrangler and Gladiator models in July 2021. It has helped enhance key performance features such as the acceleration, braking performance, and fuel consumption of the vehicle. There has been a relatively lower penetration of passenger cars in emerging countries like India and China which offers scope for OEMs to improve their sales. Other countries that will display growth in their automotive industries include Brazil, South Korea, and Indonesia.
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The passenger cars segment was the largest segment and was valued at USD 12.16 billion in 2017. However, the slow growth in demand for passenger cars globally has impacted automotive component manufacturers such as automotive glass manufacturers. Despite this, consumer concerns regarding safety and security are making solar reflective glass and privacy glasses increasingly popular. Additionally, rising demand for larger utility vehicles like SUVs, CUVs, and MPVs will also result in increasing demand for automotive glass. Hence such factors will boost the growth of this segment of the market during the forecast period.
Based on type, the laminated glass segment dominates the market. Laminated glass offers excellent UV radiation protection. The PVB interlayer effectively blocks harmful ultraviolet rays, preventing them from entering the vehicle interior. This not only protects passengers from harmful UV radiation but also helps in preventing fading of the vehicle upholstery and interior surfaces due to prolonged sun exposure. Furthermore, laminated glass enables the incorporation of various advanced technologies into vehicles. It allows for the integration of heads-up displays, solar control films, and acoustic films, enhancing the functionality and aesthetics of automotive glass. Such factors will create demand for laminated glass in return driving the growth of the segment in automotive glass market during the forecast period.
APAC is estimated to contribute 60% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC is the largest market due to increasing sales and rising production levels of automobiles are high in the region. Moreover, the region is one of the fastest growing with high levels of urbanization, increasing consumer disposable income, and the presence of massive investments in infrastructure and industrial development. Such factors have played a role in increasing consumer demand for passenger cars and commercial vehicles.
Moreover, in the region, China and India are the largest markets due to the large automotive production base and the presence of globally renowned automotive manufacturers such as Ford Motor and Volkswagen. Additionally, the region is one of the largest producers of medium and heavy-duty trucks which also influences demand for the automotive glass market. hence such factors will boost regional market growth during the forecast period.
The COVID-19 outbreak negatively impacted the automotive industry which drastically impacted the demand for automobiles and related components. In fact, passenger car production in China and India declined by 6.5% and 21.4%, respectively from 2019 to 2020. Moreover, a supply-demand imbalance has also emerged as a result of reduced production of automobile components such as automotive glass. However, the easing of restrictions after large-scale vaccination drives in the region allowed the automotive industry to resume operations and recover in 2021. Additionally, increasing demand for automotive parts and components outsourcing, especially in APAC will boost regional market growth during the forecast period.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased demand for premium vehicles and sunroofs is driving market automotive glass market growth. Luxury vehicles provide enhanced comfort and ensure passenger safety which is highly valued by consumers. Due to such features, the demand for premium cars is on the rise seen by figures such as a 25.1% increase in sales of Mercedes-Benz passenger cars from 2020 to 2021. These statistics indicate consumer preference for safety and comfort.
Moreover, there is a rising demand for car accessories that enhance vehicle aesthetics including sunroofs and moonroofs. Emerging countries like India and China are witnessing increasing consumer disposable income resulting in increased adoption of sunroofs in cars. For example, in China, sales of Cadillac CTS increased by 1.4 % from 2020 to 2021. Additionally, due to rising passenger demand for panoramic sunroofs, OEMs and glass manufacturers are incorporating technologies that increase glass transparency. Hence such factors will fuel market growth during the forecast period.
The increasing popularity of innovative automotive glass is a key trend in the market. There are several advantages of solar reflective glass such as the ability to absorb infrared rays and heat reduction inside the car. This is resulting in the increasing replacement of conventional glass by solar reflective glass. Such features improve passenger comfort and also appeal to consumers who prefer an aesthetic appeal. One of the major companies is Pilkington which offers solar-absorbing glass products such as Optikool and EZ-KOOL that enhance consumer comfort. In fact, vehicles with such products reduce solar energy that enters the vehicle cabins by 20% in comparison to standard tinted glass products.
Moreover, technologies such as Gorilla Glass hybrid technology, found in Ford GT and other Ford models have advanced features such as reduced weight, and thinness compared to conventional laminated glass. Such improvements will also help improve vital performance indicators such as acceleration, braking performance, and fuel economy. Moreover, due to reduced weight, it offers compliance with crash test regulations. Hence the introduction of innovations such as solar reflective glass and Gorilla Glass technology will increase the demand for technical glass and propel the growth of the global automotive glass market during the forecast period.
The sharp decline in automobile production and sales is challenging market growth. Decreasing automobile sales were witnessed in recent years with vehicle sales dropping by more than 17% during 2017-2021. As a result, there has been reduced automotive production in major countries such as Germany, the UK, and China. For example, China recorded a 10% drop in automobile sales from 2017 to 2021. Moreover, other countries such as India, Japan, and the US, which also account for a significant share of the global automotive market also recorded a decline during the same period.
Furthermore, reduced vehicle sales have increased inventory costs and compelled many automotive manufacturers to reduce production. In fact, In India, there were a total of 0.6 million unsold vehicles in 2021. Moreover, these were from renowned OEMs like Maruti SuzUKi India Ltd., Tata Motors Ltd., Honda Motor Co. Ltd., and Mahindra and Mahindra Ltd, forcing them to temporarily stop production. Such factors will directly impact the sales of automobile parts and components and hamper market growth during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
AGC Inc. - The company offers automotive glass such as light control glass, low E-glass, integrated glass antennas, and glass for LiDAR.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
AGC Inc., AGP Group, Benson Auto Glass LLC, Central Glass Co. Ltd., Compagnie de Saint Gobain, Corning Inc., Fuso Glass India Pvt. Ltd., Fuyao Glass Industry Group Co. Ltd., Gauzy Ltd., Gentex Corp., Independent Glass Co. Ltd., Koch Industries Inc., Kochhar Glass India Pvt. Ltd., Magna International Inc., Nippon Sheet Glass Co. Ltd., Olimpia Auto Glass Inc., PG Group Pty. Ltd., Vitro SAB De CV, Webasto SE, and Xinyi Glass Holdings Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Automotive Glass Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.15% |
Market growth 2023-2027 |
USD 4.72 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.05 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 60% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AGC Inc., AGP Group, Benson Auto Glass LLC, Central Glass Co. Ltd., Compagnie de Saint Gobain, Corning Inc., Fuso Glass India Pvt. Ltd., Fuyao Glass Industry Group Co. Ltd., Gauzy Ltd., Gentex Corp., Independent Glass Co. Ltd., Koch Industries Inc., Kochhar Glass India Pvt. Ltd., Magna International Inc., Nippon Sheet Glass Co. Ltd., Olimpia Auto Glass Inc., PG Group Pty. Ltd., Vitro SAB De CV, Webasto SE, and Xinyi Glass Holdings Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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