Automotive Windshield Market to Register a Healthy CAGR for the Forecast Period, 2018-2028
Fact.MR has announced the addition of the “Automotive Windshield Market Forecast, Trend Analysis & Competition Tracking - Global Market insights 2017 to 2022"report to their offering.
Rockville, MD -- (SBWire) -- 12/24/2018 --The demand for glass automotive windshield is growing significantly owing to the introduction of new and stronger glass type offering an increased level of safety. Solar reflective glasses and gorilla glass technology are some of the emerging trends driving automotive windshield market.
The automotive windshield market is projected to witness moderate growth, with the revenue expected to surpass US$ 14,000 million by the end of 2018, according to a latest study by Fact.MR. Growing vehicle production and use of new materials in the windshield to ensure better protection, and integration of latest display technology are some of the factors influencing automotive windshield market growth.
Customers and automotive manufacturers are increasingly shifting from conventional glasses to solar reflective glass windshield. Reducing the effects of ultraviolet radiation, solar reflective glass are also enhancing vehicle styling. Meanwhile, gorilla glass being lighter and thinner than conventional glass is likely to gain traction in the near future.
Companies are also focusing on developing a chemically tempered glass that is much stronger than conventional glass, for example, soda lime glass that can offer strength and lighter weight to the windshield.
With vehicles becoming smarter, automotive windshields are becoming technologically advanced. Technology integration in windshield has increased and is likely to continue in the years to come. With the integration of technology such as Advanced Driver Assistance System (ADAS) in automotive windshield vehicle glass replacement cost has increased and is likely to rise further with more features being added.
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Rising Sales of Cars in APEJ: A Hotbed of Opportunities for Automotive Windshield Manufacturers
The significant rise in the rates of vehicle production and sales in the APEJ region is resulting in the expansion of automotive windshield market. As per the report by Fact.MR, APEJ is likely to continue its dominance in the automotive windshield market, with the steady rise in sales by 2022.
Passenger car sales is constantly increasing in India and China. Meanwhile, new car sales have also shown a significant growth in Association of East Asian Nations (ASEAN), with car sales reaching around 3.33 million units in 2017, as per the Institute of International Studies and Training. Indonesia and Thailand have witnessed a steep rise in new car sales.
Moreover, Asia's automotive market is expected to continue rapid expansion, and likely to emerge as the third largest and fastest growing region for vehicle sales in the coming years. The automotive windshield market in Asia is also highly driven by the growing demand and use of laminated glasses, especially front windshield owing to the protection against UV rays and safety. Meanwhile, China and India are also witnessing rapid growth in new car model launches and increasing demand for luxury cars, thereby, driving demand for vehicle exterior components including automotive windshield.
Aftermarket Sales Channel to Account for Highest Sales of Automotive Windshield
According to the Fact.MR report, sales of an automotive windshield is projected to remain strong through the aftermarket sales channel. While the automotive windshield sales through Original Equipment Manufacturers (OEMs) is likely to grow at a steady phase.
Increasing replacements of automotive windshield across various regions is driving the sales of automotive windshield through the aftermarket sales channel. The cost of replacing the automotive windshield is expected to rise in the coming years owing to the increasing cost of materials used in the automotive windshield. However, aftermarket service providers are working closely with insurance companies to ensure safe, affordable, and fast replacement.
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Rising number of road accidents across the globe is also resulting in the increasing sales of automotive windshield through the aftermarket sales channel. According to the Centers for Disease Control and Prevention (CDC), road traffic injuries are likely to be the eighth leading cause of death worldwide. Around 3,400 people are killed each day resulting in 1.25 million people killed each year in road traffic accidents involving cars, buses, motorcycles, and trucks.
Tech giants are also focusing on integrating Augmented Reality (AR) and Internet of Things (IoT) in automotive windshield with an aim to offer smart products, especially for newly launched vehicles. For instance, Apple has filed a patent for augmented reality powered automotive windshield system, which is called as Heads-Up Display. This technically advanced windshield may allow the passenger to conduct FaceTime calls. The smart windshield from Apple is also likely to use external sensors to detect and display current speed on the windshield.
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