Automotive Glass Market – Key Research Findings
- The global automotive glass market was valued at over US$ 19 Bn in 2017.
- The automotive glass market is expected to experience robust growth, with a 4.0% CAGR over 2018–2028.
- East Asia and Europe are expected to remain the largest regional markets in the global automotive glass market throughout the forecast period.
- Increase in vehicle production, coupled with increase in the demand for luxury vehicle in European countries such as Germany & the UK, and the presence of most of the glass manufacturers in Europe, are expected to be the key factors driving the demand for automotive glass.
- North America and South Asia are expected to create high growth opportunities for the manufacturers of automotive glass over the forecast period.
- The growing adoption of sunroof/moonroofs in luxury cars in the region, coupled with the increase in joint ventures with local and global players, is expected to be the key factor contributing to the growth of the automotive glass market in these two regions
- Passenger cars is expected to remain a high volume segment in the automotive glass market, owing to the increasing need for personal commute from one place to another.
- With the continuous increase in the global population, from ~6.9 Bn in 2010 to ~7.4 Bn in 2016, and it is estimated that, the automotive industry will show the same trend in the coming years. Additionally, high standard living of consumers is a gaining trend worldwide, which will accelerate the growth of the automobile industry, which, in turn, would drive the growth of the automotive glass market.
Increasing Demand for Hybrid & Electric Vehicles to Augment the Sales of Automotive Glass
With the rising implementation of stringent environmental regulations and emission control measures, hybrid & electrical vehicles (HEVs) are boosting growth in the global market. Manufacturers are already increasing the percentage of electric and hybrid cars in the market.
This number is anticipated to increase in the near future, as both, vehicle buyers and manufacturers seek more sustainable alternatives, giving a push to the market for hybrid and electric cars, which, in turn, will accelerate the demand for automotive glass in the global market.
Rising Demand for Luxury Vehicles to Spur the Demand for Automotive Glass
In luxury vehicles, expensive automotive glass is used to enhance their overall aesthetics and safety. Currently, Daimler AG’s Mercedes-Benz and BMW are focused on enhancing the comfort level of their luxury cars. In terms of production of luxury vehicles, Western Europe was pegged at 771,001 '000 units in 2017.
By the end of 2026, this production volume is projected to reach 1,143,840 '000 units, owing to the increasing demand and rising consumer spending on luxury vehicles. Among all the developing nations, China is expected to have the highest growth potential.
Growth in the Global Automotive Industry to Fuel the Demand of Automotive Glass
Increasing industrialization, urbanization, and economic growth across the globe is boosting the demand for automobiles in the market, which, in turn, is accelerating the demand for automotive glass. Increasing disposable income is forcing investors to invest more in the automotive industry.
The rise in the total automotive production, from 95.6 Mn in 2016 to 96.2 Mn in 2017, shows that the demand for automobiles is increasing year by year in the global market, which, in turn, will significantly progress the growth of the overall automotive glass market.
Automotive Glass Market: Structure Analysis
- The global automotive glass market represents a fairly consolidated competition landscape, wherein, tier-1 companies hold around 72-76% revenue share.
- Top companies in the automotive glass market include AGC Inc., Nippon Sheet Glass Co., Ltd, Saint-Gobain S.A., Fuyao Glass Industry Group Co., Ltd., Xinyi Glass Holdings Ltd., Magna International Inc., Vitro, S.A.B. de C.V., Glas Trösch Holding AG, Corning, and CENTRAL GLASS CO., LTD., among others.
- The emergence of a large number of manufacturers from China that offer low-cost automotive glass has created a huge price variation in the automotive glass market around the globe.
- Leading players in the automotive glass market are concentrating on the expansion of their market footprint in key developing regions, along with strategic collaborations with domestic players to maintain their position as market leaders.
Automotive Glass Market: Segmentation
- Back Glass
- Door Glass
- Quarter Glass
- Vent Glass
- Laminated Glass
- Tempered Glass
- Original Equipment Manufacturers (OEM)
- Original Equipment Suppliers (OES)
- Independent Aftermarket
- Passenger Vehicles
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- Electric Vehicles
- BEV (Battery Electric Vehicles)
- HEV (Hybrid Electric Vehicles)
- PHEV (Plug-In Hybrid Electric Vehicles)
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
- Companies Covered in This Report -
- 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 Trösch Holding AG
- Gentex Corporation
- Magna International Inc.
- Vitro, S.A.B. de C.V.
- Guardian Industries Corporation