The Automotive Glass Market is projected to grow at a CAGR of 4.80% during the forecast period, to reach a market size of USD 23.59 billion by 2025 from USD 16.21 billion in 2017. The global market is driven by increasing vehicle production (especially in SUV segment), upcoming smart glass & device embedded glass technologies, and increasing glass applications to improve the aesthetics of the car.
The key players in the automotive glass market are Saint-Gobain (France), Asahi Glass (Japan), Fuyao Glass (China), Samvardhana Motherson (India), Webasto (Germany), Xinyi Glass (China), Nippon Sheet Glass (Japan), Gentex Corporation(US), Corning (US), and Magna International (Canada).
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The sunroof is projected to remain the largest market for smart glass in automotive
The sunroof is the largest and fastest-growing smart glass application in the automotive smart glass market. It provides more control to the user to manage natural light in the vehicle. Smart glass technology in sunroof is being used by Daimler and Mercedes-Benz models such as SL, SLK series. Technological advancements, the presence of interested industry players, and the high demand for energy-efficient products also play an important role in the growth of the market for sunroof made of smart glass.
Laminated glass type is estimated to be the fastest-growing segment globally
Laminated glass has major applications in the vehicle windshield. Laminated side glazing in automobiles is one of the most desired automotive technologies. Some European OEMs such as BMW and Mercedes have standardized side glazing in some of their top-selling models. It provides enhanced safety to passengers in case the vehicle rolls over in an accident.
Rearview mirror is the largest segment of the device embedded glass market
Rearview mirror is among the first applications of device embedded glass in passenger cars. It not only provides important information to the driver when parking the vehicle but also warns about any obstacle approaching the vehicle from behind. Technological advancements by Gentex (US) and Samvardhana Motherson (India) have ensured that device embedded rearview mirrors are available at an economical price point.
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Asia Oceania: Fastest growing market for Automotive Glass
Asia Oceania is estimated to be the largest glass market for automotive and is projected to grow at the fastest CAGR during the forecast period. This growth can be attributed to improving socio-economic conditions in emerging economies such as China and India. The growth in population in these countries has resulted in increased vehicle production and vehicle parc. This has resulted in increased demand for automotive glass. The consumer preference for SUV in India and China is also driving this market as the volume of glass required in SUV is significantly more than that in sedans and other passenger cars.
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