Pune, India, March 18, 2021 (GLOBE NEWSWIRE) -- According to the report, Automotive Glass market size is projected to reach USD 27.75 billion market value, at a CAGR of 6.9% by 2028. Robust logistics infrastructure in developed nations will be a key factor fuelling the growth of this market. The automotive glass market report states that the value of this market stood at USD 16.53 billion in 2018.
The World Bank’s biennial report ‘Connecting to Compete’ stated that the current value of the global logistics industry stands at USD 4.3 trillion. Transport logistics is a critical component of international trade as it facilitates movement of goods and requires strong infrastructure to function smoothly. This infrastructure is well-developed and well-established in developed countries of the world. For instance, in the World Bank’s Logistic Performance Index, the top four countries of Germany, Sweden, Belgium, and Austria are from the European Union (EU) and the fifth is Japan from Asia. Efficient cross-border movement necessitates utilization of various types of vehicles and this is likely to escalate the demand for advanced automotive glass products in the forthcoming years.
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Booming Demand for Electric Vehicles to Accelerate Market Growth
Staggering air pollution levels have led to a dramatic shift in consumer preference from conventional to electric vehicles (EVs) in the past decade. In response, automakers have intensified their R&D efforts to cater to this paradigmatic change in consumer behavior. According to the International Energy Agency (IEA), the global EV fleet had gone beyond 5 million in 2018, representing an astounding rise of 63% from 2017 levels.
Of these, nearly 45% are on road in China, the IEA further notes. The IEA also projects that up till 2030, the year-on-year increase in the global EV stock will be 44 million. This bodes well for this market as EVs will require sturdy glass solutions owing to their lighter weight and an expanding market for EVs will benefit the growth of the market for automotive glass.
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Progressing Economies in Asia-Pacific to Aid Market Expansion
Asia-Pacific is slated to command the automotive glass market share as the market size in the region stood at USD 8.62 billion in 2018. The major propeller for the market in the region is the rapid economic development of India and China which is stoking the demand for luxury goods such as cars. In addition to this, high rate of population growth is encouraging carmakers to ramp up production in the region.
In Europe, growing preference for EVs and stringent regulatory norms for vehicular safety will primarily drive the market. In North America, increasing demand for glazing glass products has prompted manufacturers to innovate, which is auguring well for the market there.
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The automotive glass market analysis reveals that raising production capabilities by key companies will be the prominent feature of competition in this market. These activities are aiding competitors to expand in foreign territories and penetrate untapped regions and countries, the analysis observes.
February 2020: Japan-based Nippon Sheet Glass’s UMU Smart Window® was selected LEXUS LM, Toyota’s luxury car brand, which is set to be introduced China and the rest of Southeast Asia. The window features a light-controlled glass that can change visibility at the flick of a switch by the driver.
Key Companies Mentioned In Report:
- Guardian Glass LLC
- Nippon Sheet Glass Co. Ltd
- AGC Inc.
- Saint-Gobain Sekurit
- Magna International Inc.
- Xinyi Glass Holdings Limited
- Fuyao Glass Industry Group Co. Ltd
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Global Automotive Glass Market Segmentation:
By Glass Type:
- Tempered
- Laminated
By Application Type:
- Windshield
- Sidelite
- Backlite
- Sunroof
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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