CHICAGO, Oct. 13, 2022 /PRNewswire/ — Automotive Glass Market is projected to grow at a CAGR of 5.4%, from an estimated USD 23.6 billion in 2022 to USD 30.6 billion by 2027, over the forecast period, according to a new report by MarketsandMarkets™. Increasing global vehicle production, growing demand for cabin comfort, and government safety regulations for enhanced vehicle safety are expected to drive the Automotive Glass Market. Growing sales of premium and luxury cars are projected to drive the demand for advanced glass technologies in the coming years.
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“Suspended Particle Device (SPD) is estimated as the leading automotive smart glass technology.”
With the growing demand for luxury cars and SUVs, the demand for smart glass has grown significantly in the last couple of years. SPD offers various benefits, such as 99% protection from harmful UV radiation, controlling the cabin temperature, reducing the air conditioning unit’s consumption, and enhancing vehicle performance. Considering all these benefits, SPD technology dominates the automotive smart glass market. A majorly adopted application of smart glass is sunroofs. For instance, Mercedes-Benz has already manufactured five models with SPD technology, with adjustable light-blocking glass. Mercedes’ use of this technology will significantly help introduce SPD to the general market and make it a standard technology within the next three to five years. As smart glass is very expensive, the penetration is currently held by expensive and high-end cars. There is very low penetration of smart glass in commercial vehicles. Although the penetration is expected to increase in the coming years, passenger cars would hold the majority of the market share. Countries such as China, the US, and Germany are major markets for automotive smart glass as these are the largest markets for premium and luxury cars.
Laminated Glass is the fastest growing Automotive Glass Type
Lamination offers enhanced protection, safety, and clear visibility; hence, these are majorly used in windshields. The trend of using laminated side glazing in automobiles has also shown a remarkable increase during the last five years. European carmakers have already pioneered the installation of laminated side glass in the premium car segment. Laminated side glazing has emerged as a key growth driver for the Automotive Glass Market in the developed countries of Europe and North America. For instance, less than 5% of vehicles sold globally today have laminated side windows; though, the number is expected to increase in the coming years many experts have raised concerns regarding safety of passenger as laminated glass is harder to break than toughened glass. However, many automotive OEMs are defending the regulations by use of laminated sidelite on driver and front passenger window to upkeep the structural integrity of the vehicle while providing toughened glass on back windows to allow emergency exit during any accident.
The Asia Pacific is expected to be the largest market for laminated glass owing to the growing vehicle production. As countries such as China, and Japan are major passenger car markets in the Asia Pacific, the passenger car segment is expected to be the largest vehicle type segment.
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“Asia Oceania: Largest Automotive Glass Market”
Asia Oceania is the largest Automotive Glass Market and is projected to be the largest market over the forecast period. Luxury passenger cars and SUVs are usually equipped with large windshields; most also have sunroofs. As per the latest trends, these vehicles are equipped with panoramic sunroofs. This increases the overall glass usage in a vehicle. Asia Pacific region has experienced promising growth in luxury cars and SUVs in the past few years, which has boosted the Automotive Glass Market in the region. Another factor driving the growth of automotive glass in the region is the growing sale of electric vehicles. Leading vehicle manufacturers are entering in Chinese automobile market by establishing local manufacturing plants. For example, Tesla Motors (US) started production at its Shanghai plant in April 2019, and BMW Motors (Germany) started production at its third plant in Liaoning province in June 2022. These expansions help the companies to increase their market share in the growing Automotive Glass Market in the region.
Currently, passenger cars hold the largest Automotive Glass Market. According to MarketsandMarkets Analysis, Asia Pacific holds ~58-60% of total passenger car production. Growing demand for LCVs, and trucks due to the growing e-commerce & industry, the automotive glass demand is expected to boost.
Key Market Players
The Automotive Glass Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Saint-Gobain (France), Asahi Glass (Japan), Fuyao Glass (China), Samvardhana Motherson (India), Webasto (Germany) and Nippon Sheet Glass (Japan).
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Automotive Glazing Market By Application (Sidelite, Backlite, Sunroof, Lighting, Rear Quarter Glass), Vehicle Type (Passenger Car, Light and Heavy Commercial, Off-Highway, Electric), and Region – Global Forecast To 2025
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