Global Automotive Glass Market Size Set to Record Steady Growth Touching USD 30.5 billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive glass market size at USD 22.47 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automotive glass market size to grow at a significant CAGR of 5.28% reaching a value of USD 30.5 billion by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive glass market size at USD 22.47 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automotive glass market size to grow at a significant CAGR of 5.28% reaching a value of USD 30.5 billion by 2029. Major growth drivers for global automotive glass market include an increasing demand for vehicles worldwide and growing consumer preference for safety and comfort features in vehicles, and the rise in demand for electric and hybrid vehicles. Automotive glass refers to the glass components of a vehicle, including windshields, side windows, rear windows, and sunroofs. These components are important for the structural integrity and safety of the vehicle, as well as for the comfort and convenience of the driver and passengers. Also, the growing trend towards lightweight and fuel-efficient vehicles has also contributed to the growth of the automotive glass market, as lightweight glass materials can help to reduce the overall weight of the vehicle and improve fuel efficiency. However, high initial and set up costs are anticipated to restrain the expansion of overall market during the period in analysis.
Global Automotive Glass Market – Overview
The global automotive glass market refers to the market for the various types of glass components used in automobiles, including windshields, side windows, rear windows, and sunroofs. These glass components are important for the safety, comfort, and convenience of the driver and passengers, as well as for the structural integrity of the vehicle. Automotive glass may be made from various materials, including tempered glass, laminated glass, and glass-plastic composites, and may feature various coatings and treatments to enhance its performance and durability. The automotive glass market is driven by factors such as the growth of the automotive industry, increasing consumer demand for safety and comfort features, and the trend towards lightweight and fuel-efficient vehicles.
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Impact of COVID-19 on Global Automotive Glass Market
COVID-19 pandemic affected the growth of global automotive glass market, as it did on many industries worldwide. In the early stages of the pandemic, automotive production and sales were severely impacted as many countries implemented lockdowns and travel restrictions. This led to a decrease in demand for automotive glass products, as well as disruptions in supply chains and manufacturing operations. However, as the global economy begins to recover from the pandemic, the automotive industry is expected to rebound, which is likely to have a positive impact on the automotive glass market. Additionally, the demand for safety and comfort features in vehicles, such as advanced glass technologies, is expected to remain strong, driving continued growth in the market.
Global Automotive Glass Market – By Application
Based on application, the global automotive glass market is divided into Windscreen, Backlite, Sidelite, and Sunroof segments. The sunroof segment is forecast to hold the highest market share, as sunroofs provide greater control over the amount of natural light that enters a car, and because of increasing investments from new market entrants, along with the demand for energy-efficient products, which is expected to drive growth in this segment. The windshield segment is also expected to see significant growth, primarily due to technological advancements like embedded sensors and smart materials, as well as augmented displays and self-cleaning glass. The sidelite segment is expected to record significant growth in the market, as the number of road accidents increases, which will heighten the demand for higher-quality side glass. The backlite segment is also expected to demonstrate steady growth in this market.
Competitive Landscape
Major players operating in global automotive glass market include AGC Inc., Central Glass Co. Ltd., Corning Incorporated, Fuyao Glass Industry Group Co., Ltd., Guardian Industries, Nippon Sheet Glass Co. Ltd., Saint-Gobain, Taiwan Glass Ind Corp, Vitro, S.A.B. DE C.V, Xinyi Glass Holdings Co., Ltd., and ÅžiÅŸecam Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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