Automotive Glass Market Size, Share, Growth, Trends and Competitor Analysis Report
by Susan Hill Business ConsultantThe
global automotive glass market size is anticipated to
reach USD 21.72 billion by 2025 expanding at a CAGR of 5.7%, according to a new
report by Grand View Research, Inc. Increasing automobile production across the
globe on account of technological advancements and rising disposable income
levels, especially in emerging countries like China, India, and Japan, will
augment the product demand over the forecast period.
China, in
particular, is the largest market due to its significant vehicle production,
which was estimated at approximately 29 million units in 2017. As a result,
Asia Pacific region is anticipated to hold the largest share of the global
automotive glass market over the forecast period. Moreover, rising investments
by international OEMs in the region due to factors like land and raw material
availability, high domestic demand, and cheap labor cost will drive the
regional market further. The passenger car segment is likely to have a high
growth on account of development of advanced automotive glass products with
high-end features.
In addition,
consumers’ willingness to pay extra for premium passenger cars to get better
quality and durability are likely to have a positive impact on the product
demand. Laminated glasses are widely used in vehicle backlights as they offer
lower visual distortion than other products, resulting in enhanced road safety.
Furthermore, they can be easily repaired after damage unlike the tempered
glass, which needs to be replaced completely.
Further key
findings from the study suggest:
- Laminated glass
segment held the highest revenue share of 55.1% in 2018 owing to various
safety and value added features provided by the product
- Sunroof is
anticipated to be the fastest-growing application segment over the
forecast period due to increasing integration of sunroof systems in
mid-segment cars
- OEM was the
largest end-use segment in 2018 and is projected to maintain the dominance
throughout the forecast years due to rising demand for passenger cars
- Central &
South America is forecasted to register the fastest CAGR of 7.4% from 2019
to 2025 due to increasing vehicle production in the region. Passenger car
production in CSA grew by 21.4% in 2017 in comparison to 2016
- Compagnie de
Saint-Gobain S.A.; Asahi Glass Co. Ltd.; Fuyao Glass Industry Group Co.,
Ltd.; Nippon Sheet Glass Company, Ltd. (NSG); and Corning Inc. are some of
the key companies in the market
Access full
research report on global automotive glass market:
www.grandviewresearch.com/industry-analysis/automotive-glass-market
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Created on Oct 11th 2019 07:38. Viewed 379 times.