With an increase in the demand in the automobile sector, year after year, the components used to build a vehicle are expected to be consumed more. The growth in the market is primarily driven by the increasing tilt angle in windshields, for greater viewing angles, as well as the increasing demand for sunroofs.
New York, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Glass Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05976758/?utm_source=GNW
The increasing casualty rates in automobile accidents, globally, has brought automobile safety under the focus. This also has emerged as a driver for the automotive glass market, as automobile manufacturers are pushing the OEMs to manufacture glass, with much higher safety standards, for all vehicle segments.
Technological advancements in the automotive industry help attain maximum fuel efficiency and safety of the passengers. This, in turn, has influenced the manufacturers to engage in extensive R&D, which is expected to fuel the growth of the automotive glass market. Lightweight properties, along with better security, are the key factors that are stimulating product penetration in the industry. The North American and European markets are the leaders and are improvising on the technology in the automotive glass sector, such as smart glass. Smart glass products featuring value-added functions, such as improving driving efficiency, comfort, and safety through head-up displays (HUDs), are also factors that are driving the market. The main players in this market include Asahi Glass, Fuyao, Benson Auto Glass, Saint-Gobain, and others.
Key Market Trends
Increasing Application of Glass in Automobiles
Increasing usage of sunroof glass, particularly in high-end vehicles, is anticipated to have a positive impact on the growth of the automotive glass market. Nowadays, consumers are showing preference toward a sunroof in the car, which has lead to an increase in the utilization of glass. Installation of the sunroof is now not only limited to the luxury car segment, but has also been introduced to the other segments, by car manufacturers, like Honda and Toyota. In addition, advancements in vehicle design have led to an increase in the size of the windshield and side windows, thereby leading to the overall development of the industry.
Smart glass has been forecast as the future of the automotive industry. Most of the research has been directed toward improving and making smart glass applicable to mainstream vehicles. It can be used to provide a head-up display in the automobiles, just like in the glass cockpit of a helicopter. This makes accessibility to all the controls much more comfortable, and also enhances the ambiance of the vehicle. Manufacturers, like Mercedes and Volvo, are putting in a lot of effort to make this into a reality, in automobiles.
Asia-Pacific - Expected to be the Fastest Growing Region
Countries in the Asia-Pacific region, like China and India, are forecast to be the fastest growing automotive glass markets. Some of the major factors driving the growth of the market are a rise in sales of passenger cars in the ASEAN countries, increasing sales of luxury cars in China and India, and the increasing demand and preference for a sunroof in the vehicles (aftermarket segment, especially for low-cost vehicles). China, despite a struggling economy (for last few years), is expected to continue to be the driver of the market, with Japan being the hub of technology in the automotive sector. These are driving the growth of the Asian market’s car segment. Some of the other rising markets in the Asian region are Vietnam, Indonesia, and the Philippines.
The automotive glass market is a consolidated one. The top six global players account for almost 75% of the total market share. The major companies in the automotive glass market include Asahi Glass Co., Fuyao, Nippon Sheet Glass, Saint-Gobain, and Xinyi. Mergers and acquisitions, and partnerships with regional automobile manufacturers, are some of the dynamics that are shaping the competitive landscape of this market.
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