Meticulous Research®, a distinguished global market research enterprise, is pleased to announce the release of its latest research report, titled 'Automotive Glass Market by Glass Type (Laminated Glass, Tempered Glass), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Electric Vehicles), Sales Channel, Application (Sidelight, Windshield, Sunroof), and Geography—Forecast to 2031.’
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This meticulously crafted report forecasts the global automotive glass market to surge to $28.3 billion by 2031, exhibiting a compelling Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. The burgeoning growth is primarily attributed to the escalating demand for electric and hybrid vehicles, an upswing in vehicle sales, and the surging adoption of sunroofs in passenger cars. However, challenges like the substantial initial costs associated with automotive glass plants and fluctuations in raw material prices may restrain the market's overall growth trajectory.
Furthermore, the integration of smart glass in the automotive sector presents a remarkable avenue for the expansion of the global automotive glass market. Nonetheless, safety apprehensions related to laminated glass pose a challenge to the market's progression.
Meticulous Research® has meticulously segmented the market based on glass type, vehicle type, sales channel, application, and geography to facilitate a thorough analysis. The study delves into industry competitors and scrutinizes the market at both regional and country levels.
Key Findings and Segmentation Highlights:
Glass Type:
• Laminated Glass
• Tempered Glass
• Other Glass Types
In 2024, the laminated glass segment is anticipated to claim the largest market share, propelled by growing consumer preferences for safety standards and increased usage in windshields and side windows.
Vehicle Type:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Electric Vehicles
• Other Vehicle Types
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The passenger cars segment is poised to dominate the market in 2024, fueled by rising passenger car sales due to increased consumer disposable income and evolving trends. However, the electric vehicle segment is expected to exhibit the highest CAGR, driven by government support, environmental concerns, and consumer demand.
Sales Channel:
• OEMs
• Aftermarket
In 2024, the OEMs segment is projected to secure a larger market share, driven by the rising demand for safety and quality in automotive glass, increased adoption of advanced technologies, and consumer preference for OEM glass, offering warranties for added assurance.
Application:
• Sidelight
• Windshield
• Sunroof
• Rear Window
• Taillight
• Other Applications
The windshield segment is forecasted to command the largest market share in 2024, fueled by heightened demand for safety features and advanced functionalities in vehicles. However, the sunroof segment is anticipated to register the highest CAGR, driven by increasing sunroof penetration in passenger cars and evolving consumer preferences.
Geography:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
In 2024, Asia-Pacific is expected to dominate the global automotive glass market, buoyed by escalating vehicle production, surging electric vehicle demand, increasing preference for SUVs in China and India, and governmental emphasis on vehicle safety.
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Key Players: The global automotive glass market features prominent players such as AGC Inc. (Japan), Nippon Sheet Glass Co., Ltd. (Japan), Fuyao Glass Industry Group Co., Ltd. (China), Xinyi Glass Holdings Limited. (Hong Kong), Saint-Gobain (France), Webasto Group (Germany), Magna International Inc. (Canada), Corning Incorporated (U.S.), Guardian Industries (U.S.), Gentex Corporation (U.S.), TAIWAN GLASS IND. CORP. (Taiwan), Central Glass Co., Ltd. (Japan), Motherson Group (India), Schott AG (Germany), Vitro (Mexico), and Sisecam Otomotiv A.S. (Turkey).