Automotive Glass Market Analysis by Product Type (Laminated Glass, Tempered Glass); by Vehicle Type (Passenger Vehicles, Commercial Vehicles); by Fuel Type (Internal Combustion Engines, Electric Vehicles); by Application (Windshield, Door Glass, Back Glass, Quarter Glass, Vent Glass, Moon/Sun Roof); and by Distribution Channel {Original Equipment Manufacturer (OEM), and Aftermarket} – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Regionally, the global automotive glass market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong motor vehicle network in the region, a growing number of vehicle registration, as well as the rising demand for automotive glass amongst the automobile manufacturers. For instance, the total of all registered vehicle fleets in China amounted to ~400 million units by the end of March 2022.
The global automotive glass market is further classified on the basis of region as follows:
Growth Drivers
Growing Research & Development Spending in Automobiles & their Parts – as R&D investment is driven by consumer demands for better performance, improved safety, product variety, higher emission standards, and lower costs. It was found that the global automobile and parts industry spent more than 5.5% of its revenue on R&D in 2019.
Rising Penetration of Sunroofs – the global automotive sunroof sales were recorded at just less than 50 million units in 2021.
Increasing Glass Damage in Accidents – as per estimation a global loss of ~USD 1.5 trillion is expected owing to road accidents between 2015 and 2030.
Upsurge in the Fleet of Commercial Vehicles – the production of which was ~23 million units in 2021 worldwide.
Challenges
The global automotive glass market is segmented and analyzed for demand and supply by fuel type into internal combustion engines and electric vehicles. Amongst these segments, the electric vehicles (EV) segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing penetration of electric vehicles along with the surge in the sale of EVs worldwide. For instance, the global sale of EVs was recorded at over 3 million units in 2020.
Our in-depth analysis of the global automotive glass market includes the following segments:
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By Product Type |
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By Vehicle Type |
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By Fuel Type |
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growing production of vehicles as well as increasing R&D in the automobile industry along with rising sales of electric vehicles are some of the major factors anticipated to drive the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2033.
Ans: Shortage of glass, as well as fluctuating cost of raw materials, are some of the factors estimated to hamper the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are AGC Group, Fuyao Glass Industry Group Co., Ltd., Central Glass Co., Ltd., Nippon Sheet Glass Co., Ltd., Saint-Gobain Sekurit, Corning Incorporated, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, vehicle type, fuel type, application, distribution channel, and by region.
Ans: The electric vehicles segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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