A new report covers Automotive Glass Market outlook providing historical facts, current status and future development trends information along with data on leading players and regions.
Automotive glass market is slated to experience rapid expansion, pertaining to the ever-growing automotive sector across various geographies. Evolving smart glass technology, which offers the benefits such as improved visibility, comfort, and UV rays resistance will also enhance automotive glass industry size. The robust production of light weight vehicles to increase the overall fuel efficiency is also providing a substantial impetus to the overall industry trends. As per a study conducted by Global Market Insights, Inc., automotive glass market will generate a revenue of USD 29 billion by 2024 with a CAGR estimation of more than 7% over 2016-2024.”
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Based on the products, automotive glass market is mainly divided into tempered and laminated. Laminated automotive glass market collected a revenue of USD 4.5 billion in 2015 and will exhibit a CAGR of more than 6.5% over the years ahead. Growing utilization of windshields pertaining to safety norms will stimulate the product demand.
Passenger cars, heavy commercial vehicles, and light commercial vehicles are the major vehicle segments propelling the demand for automotive glass market. Automotive glass market from light commercial vehicles will collect a considerable revenue by 2024 with an annual growth rate of more than 6.5% over 2016-2024. Surging deployment of light commercial vehicles for the transportation of goods across rural areas is slated to enhance the industry growth.
Automotive glass finds applications in the manufacturing of windscreens, backlites, and sidelites. Windscreen application segment will register an annual growth rate of 6.7% over the coming seven years. Deployment of strict safety norms leads to the installation of windshields in the vehicles.
Asia Pacific automotive glass market will collect significant revenue over the years ahead, with China, Japan, and India as the major revenue pockets. China automotive glass industry is slated to register an annual growth rate of more than 7% over 2016-2024. Deployment of supportive FDI regulations along with presence of a strong automotive base across this region will contribute toward the industry growth. Additionally, the availability of affordable labor and land has led to automakers shifting their manufacturing base in this region.
U.S. automotive glass market will exhibit a CAGR of more than 4.5% over 2016-2024, owing to the surging requirement of the product from OEMs. Implementation of strict norms regarding vehicle safety will stimulate the product demand, especially for the production of windshields.
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Germany led Europe automotive glass market size in 2015 and will generate notable revenue over the coming timeframe. There has been a substantial rise in the number of investments to manufacture innovative products using automotive glass, solely for the purpose of passenger safety. In addition, increasing compliance of stringent rules and regulations about vehicle safety will augment the product demand.
Central Glass America, PPG Industries, Inc., AGC Glass Europe, Shenzhen Benson automobile glass co.,ltd., Webasto, Guardian industries, Corning, Nippon, Fuyao Glass Industry, Saint Gobain Sekurit, Magna International, Inc., Xinyi Glass, Fuso Glass India Pvt. Ltd., Duratuf Glass Industries Pvt. Ltd. and Pittsburgh Glass Works LLC are the key participants of automotive glass market.
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