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Global Automotive Glass Market Insight2022-01-06 Comments
Global Automotive Glass Market has witnessed growing treads over the five years. According to the World Knowledge Information (WKI)Global Automotive Glass Market Report 2020, Forecast to 2025. The compound annual growth rate (CAGR) for the 2020-2026 period is projected to be 7.5% base on WKI regression analysis model.
“With the sharp increase in sales of new energy vehicles and the demand for replacement of existing vehicles, governments of various countries have vigorously supported their own new energy enterprises, and the Automotive Glass industry has ushered in unprecedented opportunities，the market growth rate of Automotive Glass is very rapid”said Wikky, Senior analyst, Global New Energy Market Research Center in WKI. However, when Automotive Glass market participants are pursuing market share, they also need to consider safety and versatility to adapt to the rapid development of the market.
According to WKI Global Automotive Glass Market Research Report：In the first half of 2020, Tesla ranked first in cumulative production, and BYD PHEV passenger vehicles grew rapidly. In June, the domestic production of Tesla was 10,403, -9.55% from the previous month, which is still the best-selling pure electric vehicle in the Chinese market. BYD produced 2,727 PHEV passenger vehicles in June, which is 25.90% month-on-month. The difference in the output changes of auto companies reflects the gradual segmentation trend of the new energy vehicle market, and cost-effective models will continue to sell well. Under such circumstances, the production and sales of automotive glass are expected to rebound rapidly.
The global automotive glass industry is divided according to consumer market themes. Europe, North America, Japan, China and South Korea account for 34%, 26%, 19%, 9% and 5% respectively, and together account for 93% of the global automotive glass market. Divided by enterprise, the global automotive glass market is highly monopolized. Japan’s Asahi Glass Company is the world’s largest glass manufacturer, occupying almost 25% of the automotive glass market. Moreover, the glass industry giants also occupy a huge share of the automotive glass market. The world’s three largest automotive glass manufacturers, NSG, Asahi Glass (AGC) and Saint-Gobain, together with their joint ventures around the world, together account for about 60% of the global OEM market.
With the rapid development of China’s automobile industry, the demand for China’s automobile glass industry has increased, with an annual growth rate of 20%. Fuyao Group, a leading company in China’s auto glass industry, is China’s largest auto glass manufacturer, with 25% of the global auto glass market share, and a 70% share in the domestic OEM market.
Segmentation of Automotive Glass Market:
The global Automotive Glass market is segmented on the basis of application. By application, it is divided into Windshield, Sidelite, Backlite, Rear Quarter Glass, Side & Rear-View Mirrors. Sunroof is the largest and fastest growing smart glass application in the automotive smart glass market. It provides more control to the user to manage natural light in the vehicle. Smart glass technology in sunroof is being used by Daimler and Mercedes-Benz models such as SL, SLK series. Technological advancements, presence of interested industry players, and high demand of energy efficient products also play an important role in the growth of the market for sunroof made of smart glass.
Automotive Glass Market: Regional Analysis
In terms of geography, the Global Automotive Glass market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Asia Oceania is estimated to be the largest glass market for automotive and is projected to grow at the fastest CAGR during the forecast period. This growth can be attributed to the improving socio-economic conditions in emerging economies such as China and India. The growth in population in these countries has resulted in an increased vehicle production and sales. This has resulted in increased demand for automotive glass. The consumer preference for SUV in India and China is also driving this market as the volume of glass required in SUV is significantly more than that in sedans and other passenger cars.