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Automotive Glass Market Size, Growth Analysis, Share, Key Trends And Forecast To 2033
Automotive Glass Market Size
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According to The Business Research Company's, The automotive glass market size has grown strongly in recent years. It will grow from $20.13 billion in 2023 to $21.49 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to advancements in safety regulations, innovations in glass technology, increasing vehicle production, rising consumer demand for comfort and aesthetics, growth in the automotive aftermarket, the proliferation of electric vehicles, and economic development in emerging markets.
The automotive glass market size is expected to see strong growth in the next few years. It will grow to $28.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to advancements in vehicle design, rising demand for electric and autonomous vehicles, increased emphasis on safety and advanced driver-assistance systems (ADAS), growing automotive production, stringent regulations on vehicle emissions and safety, expanding automotive aftermarket services, and technological innovations in smart glass and lightweight materials. Major trends in the forecast period include the integration of smart glass technology, increasing adoption of lightweight and eco-friendly materials, enhanced use of solar control glass, growth in panoramic sunroof installations, advancements in augmented reality windshield displays, rising demand for acoustic glazing, and the incorporation of advanced driver-assistance systems (ADAS) compatible glass.
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Market Drivers and Trends:
The increasing demand for passenger and commercial vehicles is expected to propel the growth of the automotive glass market going forward. Passenger vehicles refer to cars and other vehicles designed primarily for transporting passengers, while commercial vehicles include vans, trucks, and buses used for business and transportation purposes. The demand for passenger and commercial vehicles is rising due to economic growth, increasing urbanization, and improved consumer confidence, driving transportation needs. Automotive glass is used in passenger and commercial vehicles primarily for providing visibility, protection from external elements, and structural support. For instance, in February 2023, according to the International Energy Agency, a France-based intergovernmental organization for energy policies, the sale of electric passenger cars in emerging and advanced economies rose from 1.3 million and 2.2 million to 1.5 million and 3.8 million, respectively. Additionally, in April 2024, according to the European Automobile Manufacturers' Association (ACEA), a Belgium-based lobby of Europe's 15 major car, truck, van, and bus makers, new commercial vehicle registrations saw notable growth in 2023, with vans increasing by 14.6%, trucks by 16.3%, and buses by 19.4%. Therefore, the increasing demand for passenger and commercial vehicles will drive the automotive glass market.
Major companies operating in the automotive glass market are adopting a strategic partnership approach to provide advanced automotive immersive displays to enhance the driver experience and vehicle safety. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in July 2021, Corning Inc., a US-based automotive glass technology company, partnered with Hyundai Motor Group, a South Korea-based automotive manufacturer, to launch automotive glass solutions in a new augmented reality head-up display. This partnership aims to enable immersive and interactive driving experiences through advanced augmented reality (AR) technology integrated into vehicles.
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Major Key Players of the Market:
Saint-Gobain S.A., Magna International Inc., Asahi Glass Co Ltd, Corning Incorporated, Samvardhana Motherson, Nippon Sheet Glass Co. Ltd, Webasto Group, Guardian Industries Corp, Fuyao Glass Industry Group Co. Ltd., Xinyi Glass Holdings Limited, Türkiye Sise ve Cam Fabrikalari, Gentex Corporation, Vitro S.A.B. de C.V., Taiwan Glass Ind Corp., Central Glass Co. Ltd., Pittsburgh Glass Works Auto Glass LLC, Carlex Glass America LLC, Shenzhen Benson Automobile Glass Co. Ltd., Suyog Glass Industries, Magnum Tuff India Pvt Ltd
Automotive Glass Market 2024 Key Insights:
• The automotive glass market size is expected to see strong growth in the next few years. It will grow to $28.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Driving Forces Behind the Growth of the Automotive Glass Market
• Strategic Partnerships Drive Innovation In Automotive Glass Market
• Asia-Pacific was the largest region in the automotive glass market in 2023
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