Automotive Glass Market – Increasing Production & Sales of Electric Vehicles is Expected to Lead the Market Growth – Growing at a CAGR (Compound Annual Growth Rate) 5.1% from 2022 to 2028

Automotive Glass
  • Automotive Glass Market

As stated in our extensive report; the Global Automotive Glass Market accounted forUSD 23.2 Billionin 2021.

Major market players have been pushed to produce cutting-edge products for automobile manufacturers by the rapid pace of technological development and constant iteration in car design. Over the course of the forecast period, we anticipate that an increase in the production of electric vehicles as well as the adoption of a variety of new technologies in the context of display and battery will have a favorable impact on the demand for Automotive Glass.

Factors Influencing Global Automotive Glass Market Growth

The growth of the global Automotive Glass Market can be attributable to the following factors:

i. Manufacturers in this market are growing the percentage of electric and hybrid cars. This number is expected to expand during the forecast period as both vehicle buyers & manufacturers look for more sustainable alternatives, giving a drive for hybrid and electric cars to the market. This, in turn, fuels the demand for Automotive Glass in the market worldwide.

ii. Growth in industrialization, urbanization and economic expansion worldwide is driving the need for automobiles in the market, expediting the demand for the Automotive Glass Market.

iii. With the increasing implementation of strict environmental regulations and emission control measures, hybrid & electric vehicles are enhancing market growth worldwide.

iv. Top participants in the Automotive Glass industry are more focused on their market footprint development in major emergent countries with strategic collaborations and domestic market players in maintaining their position as market leaders, which will help this market to expand in the future.

Asia Pacific Region to Take Over the Market

Asia Pacificholds the largest share in theAutomotive Glass Market and is projected to continue this trend during the forecast period. China is the foremost manufacturer of automobiles worldwide. Moreover, the growing R&D capacities, established glass manufacturing market players, and numerous new production plants in China to provide for the rising requirements for electric cars are key factors driving the market growth in this region. In addition, the plenty of economic resources to assemble and manufacture automotive parts in developing countries such as China and India will support the regional Automotive Glass Market expansion.

Conclusion

As per Vantage Market Research, the latest technologies and applications in the Automotive Glass industry, such as the smart glass and gorilla glass that aims at improving comfort and efficiency, have certainly impacted the overall Automotive Glass Market.

Some of the key players in the Global Automotive Glass Market include- Dura Automotive Systems, Saint-Gobain S.A., Asahi Glass Co. Ltd., Fuyao Glass Industry Group Co. Ltd., Nippon Sheet Glass Co. Ltd., Xinyi Glass Holding Ltd., Central Glass Co. Ltd., Glas Trosch Holding AG, Gentex Corporation, Magna International Inc., Vitro S.A.B de C.V., Guardian Industries Corporation and others.