Automotive Glass Market Expanding at a Steady 4% CAGR, Valuation Projected to Reach US$ 5.2 Bn By 2030, Says FMI
DUBAI, UAE, March 15, 2022 /PRNewswire/ — Total sales in the global automotive glass market are forecast to reach a valuation of US$ 3.7 Bn in 2022. Expanding at a steady 4% CAGR, the market valuation is projected to reach US$ 5.2 Bn in 2030.
Automotive Glass Market Estimated Size 2022
US$ 3.7 Bn
Automotive Glass Market Value-based CAGR (2022-2030)
Automotive Glass Market Projected Size 2030
US$ 5.2 Bn
The global demand for automotive glass has declined significantly in 2020, with the Covid-19 pandemic restricting automotive production and reducing new orders in the manufacturing sector. The report opines that market players will benefit from smart glass technology and the rising popularity of electric vehicles.
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The report opines that volatility in raw material pricing and high capital requirements will hold back market developments.
The automotive glass industry has witnessed steady growth in recent years backed by the massive global automobile production sector, implementation of strict automotive safety standards, and improvements in material and auto tech. Further, businesses have invested in smart glass and wider windshield and sunroof designs for their offerings, catering to premium automobile consumer requirements.
While revenue from the automotive glass market rises steadily, the fragmented nature of the market limits the potential for revenues. Also, issues in terms of energy efficiency and raw material fluctuations are problems faced by key players.
- The automotive glass market will reach US$ 16 billion, with demand receding in 2020
- Door glass offerings remain in high demand, with the higher volume of glass required for these products and innovations in material strength and temperature control.
- Applications of automotive glass in conventional passenger cars reflect higher growth than LCV, HCV and electric vehicle applications owing to higher demand and production, driven by higher disposable incomes globally.
- East Asia is a key market for production and sales, supported by the prevalence of numerous regional and international automobile manufacturing plants in the region, supported by lower labour and material costs.
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“The growth in production rate of electric and hybrid vehicles in addition to the integration of varied new technologies for visibility and safety are expected to positively influence the global demand for automotive glass throughout the forecast period till 2030,” said a lead analyst at Future Market Insights
Covid-19 Impact on Automotive Glass Market
The coronavirus pandemic is expected to have a negative effect on the short-term prospects of the automotive glass industry. Lockdown restrictions have limited the production of automobiles and associated materials across North America, Asia, and Europe, which are key markets for auto glass.
Also, the demand for new automobiles has fallen sharply, and the uncertainty over the severity and duration of the pandemic and the impact on the global economy are key factors that could hamper market prospects, and delaying the recovery of the industry in the long term. However, the automotive industry will gain traction following the end of the pandemic, with the anticipated growth in demand for electric and autonomous vehicles on a global scale.
Who is Winning?
In this report, Future Market Insights has studied the various strategies being used by major businesses in the automotive glass market. Top players in the industry are making use of multi-pronged strategies including pushing for product research and development and capacity expansions in line with growing international demand.
Some of the leading players in the market include Dura Automotive Systems, Saint-Gobain S.A., Asahi Glass Co. Ltd., Fuyao Glass Industry Group Co. Ltd., Nippon Sheet Glass Co. Ltd., Xinyi Glass Holdings Ltd., Central Glass Co. Ltd., Glas Trosch Holding AG, Gentex Corporation, and Magna International Inc. among others.
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Automotive Glass Market by Category
- Laminated Glass
- Tempered Glass
- Back Glass
- Door Glass
- Quarter Glass
- Vent Glass
- Moon/Sun Roof
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Vehicles
Key Questions Answered in the Report
- What is the global automotive glass market size?
- At what rate did the global automotive glass market grow between 2015 and 2021?
- What are the key trends boosting sales of automotive glass?
- What is the North America automotive glass market outlook?
- What is the share of Europe in the global automotive glass market?
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights