Global sidelite automotive glass market revenue share is predicted to hold more than 63% over the study time span.
Sellbyville, DE -- (SBWIRE) -- 02/26/2019 -- Automotive Glass Market is predicted to exhibit around 7% CAGR with USD 21 billion by 2024. Backlite will observe gains around 5% in the coming years. Safe shattering, high impact resistance and superior defrosting properties are the driving factors for industry growth. Sidelite will witness strong growth owing to increasing technological advancement including solar control glass. Original Equipment Manufacturers (OEM) accounted for more than 80% of the overall industry share in 2017. Rising safety norms along with expansion in automotive industry are the factors surging industry growth.
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The rapidly escalating growth of the automotive sector across the globe is quite overtly, the principal driving force for automotive glass market. With the rising disposable incomes of the growing middle class populace, automobiles are becoming more of a necessity than a luxury, consequently impelling car sales. As the standards of living continue to rise and the requirement for automobiles escalates more than ever before, the demand for highly advanced smart glass technologies to enhance visibility and improve sunlight protection will also witness an upsurge. In consequence, this would have a remunerative impact on automotive glass industry trends.
Automotive glass market by product
Automotive glass market by application
Automotive glass market by end-use
- Aftermarket replacement glass (ARG)
- Original equipment manufacturer (OEM)
Automotive glass market by vehicle type
- Light commercial vehicle
- Heavy commercial vehicle
- Passenger cars
Automotive glass market draws sales from two essential distribution systems – the OEMs and the aftermarket. Driven by the rising concerns about safety, OEMs held more than 80% of automotive glass market share in 2017, emerging as the dominant segment. Automotive glass industry firms are known to establish partnerships with automakers in order to liaison with OEMs to ensure effective automotive assemblies. OEMs, also known to harness the latest technology as it lowers the production costs and improves capital productivity, will thus emerge as a lucrative distribution channel for automotive glass market firms in the years ahead.
With ever increasing demand for automobiles worldwide, the automotive glass market is expected to be a perpetual industry underlined with numerous innovations and regulations supporting its development. The rising disposable income especially in the developing economies will push the automobile production and create a favorable environment for the consumption of automotive glass. Designed and produced with safety in mind, glass is used in windshields, sidelites & backlites, parking lights, headlights and other sections of a vehicle. A USD 12 billion market in 2017, higher awareness regarding passenger safety and constant technological improvements in vehicle manufacturing will further propel the automotive glass industry.
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The automotive glass market is also boosted by consistent innovations in glass features and replacement of metal components by glass supports to reduce overall vehicle weight. Automobile features like sunroofs are also increasing in demand and the availability of sunroof is not restricted to luxury vehicles any more, with manufactures installing it in many low and middle-end vehicles as well. Tinted windows allow for reduced glare, security, privacy and enhanced aesthetics for automobiles, but their use is restricted in most countries through government regulations. Amidst this backdrop, upgraded glass products such as smart glass is gaining traction within the automotive glass industry with upward trend in the premium car segment.
The U.S. automotive glass market from laminated product was worth more than USD 700 million in 2017. Stringent regulations for passenger safety in conjunction with consumer awareness pertaining superior quality glass capable of handling impact and bad weather will drive the regional demand. Shifting trends for supercars and modified cars with increased utilization of tinted products particularly in the U.S. is supporting product innovations. Large presence of the leading automobile manufacturers in Germany and Italy will favor the overall Europe automotive glass market growth.
China automotive glass market from OEM is estimated to witness over 7% growth up to 2024. High consumer spending on vehicles accompanied by inclination towards luxury and supercars are the factors driving industry demand. Large presence of manufacturing facilities coupled with rapid industrialization mainly in China and India will propel the product growth.
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Global automotive glass market share is consolidated in nature with the presence of key players including Saint Gobain Sekurit, AGC, Nippon, Xinyi, Guardian and Fuyao accounting for major industry share in 2017. Other notable players include Magna International, Inc., Shenzhen Benson, PGW, Gentex Corporation and Webasto.
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