Automotive Glass Market to Reach $30.6 Billion by 2027
The automotive glass market is projected to grow at a CAGR of 5.4%, from an estimated USD 23.6 billion in 2022 to USD 30.6 billion by 2027. Increasing global vehicle production, growing demand for cabin comfort, and government safety regulations for enhanced vehicle safety are expected to drive the automotive glass market. Growing sales of premium and luxury cars are projected to drive the demand for advanced glass technologies in the coming years.
“Suspended Particle Device (SPD) is estimated as the
leading automotive smart glass technology.”
With the growing demand for luxury cars and SUVs, the demand
for smart glass has grown significantly in the last couple
of years. SPD offers various benefits, such as 99% protection from harmful UV
radiation, controlling the cabin temperature, reducing the air conditioning
unit’s consumption, and enhancing vehicle performance. Considering all these
benefits, SPD technology dominates the automotive smart glass market. A majorly
adopted application of smart glass is sunroofs. For instance, Mercedes-Benz has
already manufactured five models with SPD technology, with adjustable light-blocking
glass. Mercedes’ use of this technology will significantly help introduce SPD
to the general market and make it a standard technology within the next three
to five years. As smart glass is very expensive, the penetration is currently
held by expensive and high-end cars. There is very low penetration of smart
glass in commercial vehicles. Although the penetration is expected to increase
in the coming years, passenger cars would hold the majority of the market
share. Countries such as China, the US, and Germany are major markets for
automotive smart glass as these are the largest markets for premium and luxury
cars.
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Laminated Glass is the fastest growing Automotive Glass
Type
Lamination offers enhanced protection, safety, and clear
visibility; hence, these are majorly used in windshields. The trend of using
laminated side glazing in automobiles has also shown a remarkable increase
during the last five years. European carmakers have already pioneered the
installation of laminated side glass in the premium car segment.
Laminated side glazing has emerged as a key growth driver for the
automotive glass market in the developed countries of Europe and North America.
For instance, less than 5% of vehicles sold globally today have laminated side
windows; though, the number is expected to increase in the coming years many
experts have raised concerns regarding safety of passenger as laminated glass
is harder to break than toughened glass. However, many automotive OEMs are
defending the regulations by use of laminated sidelite on driver and front
passenger window to upkeep the structural integrity of the vehicle while
providing toughened glass on back windows to allow emergency exit during any
accident.
The Asia Pacific is expected to be the largest market for
laminated glass owing to the growing vehicle production. As countries such as
China, and Japan are major passenger car markets in the Asia Pacific, the
passenger car segment is expected to be the largest vehicle type segment.
“Asia Oceania: Largest Automotive Glass Market”
Asia Oceania is the largest automotive glass market and is
projected to be the largest market over the forecast period. Luxury passenger
cars and SUVs are usually equipped with large windshields; most also have
sunroofs. As per the latest trends, these vehicles are equipped with panoramic
sunroofs. This increases the overall glass usage in a vehicle. Asia Pacific
region has experienced promising growth in luxury cars and SUVs in the past few
years, which has boosted the automotive glass market in the region. Another
factor driving the growth of automotive glass in the region is the growing sale
of electric vehicles. Leading vehicle manufacturers are entering in Chinese
automobile market by establishing local manufacturing plants. For example,
Tesla Motors (US) started production at its Shanghai plant in April 2019, and
BMW Motors (Germany) started production at its third plant in Liaoning province
in June 2022. These expansions help the companies to increase their market
share in the growing automotive glass market in the region.
Currently, passenger cars hold the largest automotive glass
market. According to MarketsandMarkets Analysis, Asia Pacific holds ~58-60% of
total passenger car production. Growing demand for LCVs, and trucks due to the
growing e-commerce & industry, the automotive glass demand is expected to
boost.
Key Market Players
The Automotive Glass Market is dominated by a few global
players and comprises several regional players. Some of the key manufacturers
operating in the market are Saint-Gobain (France), Asahi Glass (Japan),
Fuyao Glass (China), Samvardhana Motherson (India), Webasto (Germany) and
Nippon Sheet Glass (Japan).
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