Automotive glass market revenue to nearly double by 2024, high demand for tempered glass products to influence industry growth over 2016-2024
Automotive glass market will collect a remarkable revenue over the years ahead, subject to exponential growth of global automotive industry and the deployment of high grade technologies in automobiles to enhance the driving experience. The emergence of innovative technologies such as the smart glass across the automotive sector will favorably impel automotive glass industry. Of late, people have become more aware regarding eco-friendly autoparts production as well as the importance of safety while driving. Many of the firms are replacing metal parts with plastic to minimize the overall weight of the product, which will directly boost the vehicle efficiency. As per the report by Global Market Insights, Inc., “Automotive Glass Market was worth USD 15 billion in 2015 and will record an annual growth rate of more than 7% over the period of 2016 to 2024.”
Europe Automotive Glass Market Size, By Application, (Mn Sq.m), 2015 & 2024
Windscreen, backlite, and sidelite are the main application segments of automotive glass market. Windscreen applications will collect significant revenue with an annual growth rate of 6.7% over the period of 2016 to 2024. The enforcement of strict rules by regulatory organizations regarding driving safety will stimulate the product demand significantly.
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Global automotive glass industry share from sidelite applications will grow at a CAGR of more than 6.5% over 2016-2024. Sidelites, commonly referred as side windows, have witnessed an increased adoption owing to its visibility properties.
Light commercial vehicle segment is projected to witness a CAGR of more than 6.5% over the coming years of 2016 to 2024. Escalating use of light weight vehicles for the transportation of goods across the rural areas may boost the product demand substantially.
Original equipment manufacturer (OEM) dominated the end use segment with a contribution of more than 80% to the overall revenue in 2015 and will record considerable growth rate over the coming seven years. The growing awareness about ensuring safety while driving will augment the industry growth.
Based on the products, automotive glass market is primarily divided into tempered and laminated. Tempered automotive glass market will register an annual growth rate of more than 6% in terms of volume over the years ahead. This product is extensively used in commercial vehicles for backlite and sidelite applications.
Laminated product segment, having had a revenue of USD 4.5 billion, is slated to earn twice of its valuation by 2024 with a CAGR of more than 6.5% over the period of 2016 to 2024. The attributing factor for the market growth is the increasing use of the product for windshields coupled with the adoption of safety norms.
Considering the geographical landscape, Asia Pacific automotive glass market contributed majorly toward the regional revenue share, owing to supportive foreign direct investment policies. Japan, China, and India will be the prominent revenue contributors for APAC automotive glass market.
U.S. automotive glass market is slated to record an annual growth rate of more than 4.5% over the period of 2016 to 2024. Surging use of glass parts in the manufacturing of light-weight vehicles will contribute toward the industry growth. In addition to this, strict rules and regulations regarding passenger safety collision resistance will also influence the regional growth.
Europe market was primarily led by Germany which will exhibit a considerable growth over the years ahead. Rising innovation to enhance passenger safety and reliability will significantly influence Germany automotive glass market – after all, Germany is a well-known global hub of innovative automotive production.
The key participants in automotive glass market are AGC Glass Europe, Guardian industries, Central Glass America, Shenzhen Benson automobile glass co.,ltd., Nippon, PPG Industries, Inc., Xinyi Glass, Saint Gobain Sekurit, Duratuf Glass Industries Pvt. Ltd., Corning, Inc., Magna International, Inc., Fuyao Glass Industry, Pittsburgh Glass Works LLC., Fuso Glass India Pvt. Ltd., and Webasto.
Author Name :Sunil Hebbalkar