SAN FRANCISCO, April 9, 2019 /PRNewswire/ -- The global automotive glass market size is anticipated to reach USD 21.72 billion by 2025 expanding at a CAGR of 5.7%, according to a new report by Grand View Research, Inc. Increasing automobile production across the globe on account of technological advancements and rising disposable income levels, especially in emerging countries like China, India, and Japan, will augment the product demand over the forecast period.
Key suggestions from the report:
Laminated glass segment held the highest revenue share of 55.1% in 2018 owing to various safety and value added features provided by the product
Sunroof is anticipated to be the fastest-growing application segment over the forecast period due to increasing integration of sunroof systems in mid-segment cars
OEM was the largest end-use segment in 2018 and is projected to maintain the dominance throughout the forecast years due to rising demand for passenger cars
Central & South America is forecasted to register the fastest CAGR of 7.4% from 2019 to 2025 due to increasing vehicle production in the region. Passenger car production in CSA grew by 21.4% in 2017 in comparison to 2016
Compagnie de Saint-Gobain S.A.; Asahi Glass Co. Ltd.; Fuyao Glass Industry Group Co., Ltd.; Nippon Sheet Glass Company, Ltd. (NSG); and Corning Inc. are some of the key companies in the market
China, in particular, is the largest market due to its significant vehicle production, which was estimated at approximately 29 million units in 2017. As a result, Asia Pacific region is anticipated to hold the largest share of the global automotive glass market over the forecast period. Moreover, rising investments by international OEMs in the region due to factors like land and raw material availability, high domestic demand, and cheap labor cost will drive the regional market further. The passenger car segment is likely to have a high growth on account of development of advanced automotive glass products with high-end features.
In addition, consumers' willingness to pay extra for premium passenger cars to get better quality and durability are likely to have a positive impact on the product demand. Laminated glasses are widely used in vehicle backlites as they offer lower visual distortion than other products, resulting in enhanced road safety. Furthermore, they can be easily repaired after damage unlike the tempered glass, which needs to be replaced completely.
Grand View Research has segmented the global automotive glass market on the basis of product, application, end use, vehicle type, and region:
Automotive Glass Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Automotive Glass Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
Automotive Glass End Use Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
- Original Equipment Manufacturer (OEM)
- Aftermarket Replacement (ARG)
Automotive Glass Vehicle Type Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 - 2025)
- Passenger Car
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Ambulatory Services Regional Outlook (Revenue, USD Million, 2015 - 2026)
Glass Substrate Market – The Glass Substrate Market is mainly driven by the growing demand from electronics industry, especially in television segment, as the product is extensively used in Liquid Crystal Displays (LCDs).
Building & Construction Glass Market – The global building & construction glass market is expected to witness considerable growth over the forecast period on account of development of green buildings and rising awareness regarding energy efficiency.
Printed Textile Market – The global printed textile market is expected to witness steady growth over the forecast period owing to rapidly expanding digital printing industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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