The automotive glass market is projected to reach USD 30.6 billion by 2027 from an estimated USD 23.6 billion in 2022 at a CAGR of 5.4% during the forecast period, driven by developments in the automotive glass sector and growing smart glass technology adoption. For instance, in July 2022, AGC Inc announced the development of low carbon glass manufacturing method, which helps to reduce the carbon emissions in the manufacturing of automotive glass, which is expected to reduce regulatory pressure on automotive glass industry and allow them to introduce newer glass technology. Further, automotive glass OEMs are experimenting with newer and more advanced glass technologies in premium and luxury car models. For instance, in September 2021, Webasto Group launched a roof sensor module that utilizes Lidar technology to make sunroofs more appealing and responsive to weather conditions.
By vehicle type, passenger car is estimated to be the largest market for automotive glass market owing to the largest production volume globally and growing demand for SUV and premium and luxury cars which has larger average glass area as compared to economical cars with smart glass technology. The recent trends of making automotive glass more responsive to weather changes is also one of the major drivers of increasing demand for advanced automotive glass in the passenger car. In November 2021, the Volvo Group (Sweden) announced that it is researching making a whole windscreen a smart AR display using a thin optic layer. Under the initiative, Volvo has invested in optical imaging start-up company Spectralics (Israel). The technology is in the initial phase of development, but once deployed will significantly improve road safety and utilization of automotive glass. Thus, developments in advanced glass technologies will drive the market for passenger cars.
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Countries like the US and, Canada have introduced laminated glass at sidelite for passenger cars to boost the safety and integrity of the vehicle in an accident. However, many experts have argued against it. Even though the demand for laminated glass is expected to grow in north America in the long run tempered glass market will lead the glass type segment.
Tinted glass is expected to hold the largest market share and IR-PVB glass is expected to see the fastest growth in the given forecast period. Tinted glass windows can block between 40% and 75% of the heat that enters a vehicle while also blocking out harmful UV rays. This keeps the interior of the vehicle much cooler both, when parked and in motion. However, safety concerns regarding passengers and regulations that ban the tinting of automotive glass in some countries can hinder the adoption of tinted glass in the forecast period.
Asia-Pacific is estimated to be the largest-growing market due presence of major automobile manufacturers in China, India, Japan, and South Korea. Factors, such as low production costs, availability of economical labour, lenient emission and safety norms, and government initiatives for FDIs, have led to the region witnessing higher growth than the matured markets of Europe and North America. The Asia Pacific accounts for 40–45% of global vehicle production. China is the largest vehicle manufacturer in this region, followed by Japan, South Korea, and India. The growing consumer preference for compact SUVs is expected to significantly drive the automotive glass industry. Also, growing market share of premium and luxury car models is expected to prominently boost automotive glass market. China is the largest market for high-end luxury cars in the world.
Thus, safety standards, increasing share of premium and luxury cars and SUVs coupled with growing adoption of smart glass technology is expected to drive automotive glass market globally.
Key Market Players
The Automotive Glass Companies are Saint-Gobain (France), Asahi Glass (Japan), Fuyao Glass (China), Samvardhana Motherson (India), Webasto (Germany) and Nippon Sheet Glass (Japan).
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