According to a report by Grand View Research, Inc., global automotive glazing market is estimated to value USD 33.02 billion by 2025. The market is also expected to expand at a healthy growth rate of 4.2 % during the forecast years (from 2018 to 2025). Growing requirement for advanced safety measures in automobiles attributed to increasing number of road accidents can boost the demand for automotive glazing systems. These glazing systems offer excellent mechanical resistance and stability under extreme weather conditions. In addition, it also offers enhanced safety and comfort for consumers.
High demand for essential safety, security, and comfort in automobiles is estimated to fuel the market growth in the forthcoming years. Stringent regulations in the automotive sector pertaining to consumer safety and security can further influence the market growth. Growing adoption of light-weight components in cars is also expected to stimulate the product demand thereby augmenting the market development during the forecast years.
The automotive glazing market can be segregated on the basis of product, end-use, application, and region. Based on product, the market can be categorized into laminated glass, tempered glass, and polycarbonate. In 2016, laminated glass account for 45 % of the total revenue share. Advanced safety properties such as high impact resistance is expected to stimulate the demand for laminated glass in front windshields.
Browse Research Report on Blood Gas and Electrolyte Analyzers Market:
Based on application, the market can be classified into rear windshield, front windshield, sidelites, and sunroof. In 2016, front windshield segment dominated the market and accounted for maximum market share. It is projected to display a healthy rate of 3.8 % from 2018 to 2025 owing to rising demand for smart glass technology embedded on windshields. In addition, high demand for passenger cars is also estimated to spur segment growth in future.
In addition, sidelites segment accounted for 25 % of the overall revenue in 2016. Growing need for stronger side window glass in automobiles attributed to increasing number of road accidents can augment segment development. In addition, increasing use of laminated glass in sidelites offering enough fire and impact resistance can also influence its growth in the forthcoming years. The sunroof segment is expected to grow at a CAGR of 8.7 % during the forecast years owing to rising demand for air circulation, illumination, and comfort in automobiles.
Based on end-use, the market can be divided into, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and passenger cars. In 2016, passenger cars segment dominated the market and accounted for 75 % of the revenue share. Growing demand for advanced safety systems and aesthetic cars is expected to fuel the segment’s growth. Furthermore, increasing use of passenger cars in developing economies of Asia Pacific can foster market demand in the forecast period.
Regional segmentation includes Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. In Asia Pacific, the market is expected to grow at a remarkable CAGR of 5.5 % from 2018 to 2025. Increasing automotive production in the region is expected to be the major growth-driver. In addition, low transportation & labor charges along with easy availability of land in Asian countries such as India, China, and Japan are expected to fuel the market growth in Asia Pacific.
In North America, the market is anticipated to witness a moderate growth rate due to large-scale manufacturing of LCVs in the region. This, in turn, is expected to spur the demand for automotive glazing in the region. In 2016, Europe region dominated the global market owing to production of 5,746,800 cars influencing the demand for automotive glazing. The market would experience a steady expansion on account of rising need for innovative glazing systems among European manufacturers to create esthetic and luxury.
In the Latin America region, Brazil accounted for a market share equivalent to USD 937.4 million in 2016. It is predicted to grow at CAGR of 2.3 % from 2018 to 2025. Rising investments from several international companies including Toyota, Renault, and Group PSA for expanding their product portfolio in the region may fuel its growth. Some of the leading companies offering automotive glazing are Pilkington, Fuyao Group, Asahi Glass Co. Ltd., Central Glass, and Xinyi Glass holdings Limited. To cater to rising demand, most companies are focusing on R&D activities to develop advanced automotive glazing systems. For instance, a Japanese company named Teijin Limited recently developed new plasma-enhanced Chemical Vapor Deposition (plasma CVD) hard coating technology. The new technology offers weather and abrasion resistance similar to glass windows. The company collaborated with Tsukishima Kakai Co. to develop plasma CVD pilot plant to treat polycarbonate (PC) windows.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-the-global-automotive-glazing-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
For more information: www.grandviewresearch.com
