Automotive Glass market COVID-19 Impact, Trends & Business Statistics By 2030Posted by Mrudula Anil Karmarkar on November 29th, 2023 San Francisco, 29 November 2023: The ReportAutomotive Glass MarketSize, Share & Trends Analysis Report By Product (Tempered Glass, Laminated Glass, Others), By Vehicle Type, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030 The global automotive glass market size is expected to reach USD 46.39 billion by 2030, registering a CAGR of 5.1% during the forecast period, according to a new report by Grand View Research, Inc. Growing emphasis on electric vehicles and new norms such as BS VI in India which would bring Indian motor vehicle regulations into alignment with European Union regulations are anticipated to drive the automotive glass production across the forecast period. Despite the decline in automotive production in 2018 and 2023, the market is expected to witness growth on account of the rise in production of commercial vehicles and increasing product demand from the aftermarket. The increasing number of vehicles on the road, along with growing accidents, drives the need for repair, maintenance, and replacement, which would subsequently drive the demand for glass. Innovation and technological advancements are the key factors driving the market growth. Various technological advancements are being witnessed in the applications of automotive glass. For instance, new features were introduced in windshields and sunroofs for luxury cars in 2023. Growing demand for smart glass technology is likely to drive the product utilization in windshields over the forecast period. Increasing demand for commercial transportation services such as buses and taxicabs are anticipated to boost the demand for light commercial vehicles (LCVs). In addition, rapid urbanization, improved road infrastructure, and supportive regulatory policies are expected to boost the demand for LCVs, thereby resulting in market growth. Tempered dominated the product segment in 2023. Rapidly growing commercial vehicle production in Asia Pacific is expected to drive the demand for tempered glass over the forecast period. Moreover, about 30,000 people are killed by road accidents every year in America. This has led to an increased focus on the development of vehicles with high safety levels, thereby driving the market growth. Tempered glass dominated the product segment in 2022. Rapidly growing commercial vehicle production in Asia Pacific is expected to drive the demand for tempered glass over the forecast period. Moreover, about 30,000 people are killed by road accidents every year in America. This has led to an increased focus on the development of vehicles with high safety levels, thereby driving the market growth. Request sample report of Automotive Glass Market@https://www.grandviewresearch.com/industry-analysis/automotive-glass-market/request/rs1 An increasing emphasis on lightweight cars on account of rising harmful emissions from vehicles that have an adverse effect on the environment is driving glass penetration in the automotive industry. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of automobiles reached 85.02 million vehicles globally in 2022. The strong production volume is attributed to the development of the automotive manufacturing sector, particularly in countries such as China and India, owing to increasing government initiatives regarding motor vehicle regulations. Technological advancements in the automotive sector, along with continuous upgradation in vehicle designs, have compelled market players to introduce advanced products for automotive manufacturers. For instance, in FY 2018-2023, AIS Glass in India offered its products to various new car models with several innovative changes, including solar green glass and acoustic PVB, for the Toyota Yaris and a 2.8mm backlite for the new Wagon R. Automotive Glass Market Report Highlights
The rise in the production of electric vehicles and the incorporation of various new technologies in terms of display and battery are expected to have a positive influence on the demand for automotive glass over the forecast period. For instance, in June 2023, Lightyear, a Dutch company, introduced the first prototype of its electric car called the Lightyear One, which has five square meters of integrated solar cells beneath the roof and hood. These solar panels are produced from safety glass and can recharge directly from the sun. The major challenge for the market is concerning the raw materials required to produce glass. Raw materials and energy utilization account for a major share in the cost structure of glass and their supply has a direct impact on glass production and its prices. For instance, the price of a key raw material, soda ash, has witnessed a constant increase over the past few months, one of the reasons being its limited supply. In order to remedy this situation, soda ash manufacturers are increasing their production capacities to fulfill the demand from key markets such as automotive glass, chemicals, and industrial products. Growing emphasis on fuel efficiency and reduction in harmful emissions from vehicles has led to increased production of lightweight and electric vehicles. This is anticipated to boost the demand for glass in the automotive industry in the coming years. The automotive industry has been witnessing significant technological innovations over the past many years. Despite the decline in the overall production of vehicles, the demand for automotive glass is anticipated to remain steady over the forecast period due to the increasing production of commercial vehicles and electric cars. The rising production of commercial vehicles is a positive sign for the global market for automotive glass. In addition, a significant rise in the production of EVs is further anticipated to provide lucrative opportunities for the growth of the automotive glass industry. Along with advancements in vehicles, such as the transition from fuel-based to electric and from manual to automatic, technological developments are also being witnessed in the case of glass, such as the dimmable and display glass technology by Gentex Corporation. The company introduced a full-display mirror, which turns the rearview mirror into a screen. This can be seen in the Chevy Bolt EV. Automotive Glass Market Report Scope
Furthermore, solar technology is being increasingly incorporated into the automotive industry and is anticipated to be an excellent feature in electric cars over the coming years. In 2023, Lightyear, a car company founded in 2016, launched the first prototype of its electric vehicle, the Lightyear One. The car is covered in solar panels on the roof and hood. The company claims that the solar panels are capable of charging the car battery with up to 12 kilometers of range per hour. Rapidly changing consumer demand has led to numerous advancements in the technology used in automotive glass products. Moreover, the ascending demand for sunroofs in recent years has led to an increase in the utilization of automotive glass. A high consumer focus on luxury is expected to propel innovation in vehicles. Today, automotive manufacturers offer either built-in or optional sunroof systems, especially in mid and premium car segments, which, in turn, is anticipated to propel the demand for automotive glass over the forecast period. The growth of the market for automotive glass is, however, restricted by one key disadvantage in the form of high manufacturing costs. Over 90% of the world’s automotive glass is manufactured by the float glass process. Float glass plants require significantly large capital to become functional and only turn out to be profitable if working at a capacity utilization of over 70%. A major share of the overall cost structure of automotive glass is accounted for by its raw material and energy consumption. List of Key Players in the Automotive Glass Market
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