East Asia to Remain Prolific in Automotive Glass Market, CAGR to Rise at 4% through 2030 - Future Market Insights
Automotive glass market is showing promising growth due to in numerous demand in electric car segment and other industries. East Asia is set to boost their production in the upcoming years with lucrative opportunities for manufacturers too.
DUBAI, UAE / ACCESSWIRE / October 14, 2020 / The automotive glass market is likely to surpass US$ 16.8 billion through the forecast period. Manufacturers and key players are regularly focussing on expanding sales opportunities in the market which will in turn widen value and revenue, thereby, paving a path for opportunities. Tough competition between players and inadequate standardization might hinder market growth which can act as key restraints in the market.
“Advancement in technology and increasing demand in electric segments or car manufacturing companies is promoting the market. Cost efficiency and access to technologies plays a key role in shaping the market scenario. The escalating need for passenger vehicles and widening sales is likely to drive the market growth globally,” says the FMI Analyst.
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Automotive Glass Market - Key Highlights
- On the basis type, tempered automotive glass accounts for 65% of the total revenue share.
- Electric segment will dominate the automotive glass market in a better way.
- East Asia is expected to hold largest market share with better lucrative opportunities.
- The market is expected to expand at a CAGR of 4% through the forecast period with adoption of adequate standardization.
Automotive Glass Market - Driving Factors
- Increased demand in electronic sensors, cameras and rear-view cameras is helping the market expand globally.
- High demand for smart glass in implanting moon roof, sun roof by car manufacturing companies is driving the market to a great extent.
- Availability of products at a lower cost and access to advanced technology is paving tracks for market expansion.
- Continuous demand for environmental friendly products to manufacture innovative products and use in high-performing raw has led to a steady growth of this market.
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Automotive Glass Market - Key Restraints
- Strict regulations, testing and research requires higher capitalization, preventing investment in this sector.
- Hiking price of raw materials is causing gap in demand and supply, thereby, restricting market growth.
Expected Impact on Market by Coronavirus Outbreak
Strict lockdown and social distancing has definitely affected this market. Pandemic has also led to lesser demand and supply of automotive glass and this market has witnessed considerable disturbance in the supply chain too. There are chances that it will revive soon due to easy restrictions now and higher demand for fast-growing electric vehicles. Key producers and players are likely to improve their strategies by working on innovation and relying on a greener approach for marking a better footprint in the market.
Companies are planning to take up unique strategies to expand their market by widening service portfolio. Dura Automotive Systems, Saint-Gobain S.A., Asahi Glass Co. Ltd., Fuyao Glass Industry Group Co. Ltd., Nippon Sheet Glass Co. Ltd., Xinyi Glass Holdings Ltd., Central Glass Co. Ltd., Glas Trosch Holding AG are few of the important participants.
For an instance, key players are expanding their market presence among the peers by working on technological developments. Prominent players are planning to merge with manufacturers too to develop flat-glass production line.
Key participants are working on expanding online platform to maintain the level of competition throughout to boost their revenue system.
More on the report
This report presents an analysis on the basis of segments including glass type (laminated, tempered etc.) application (windshield, back glass, door glass etc.) vehicle (passenger cars, buses, coaches, trucks, trailers) and region (North America, East Asia, Europe, Latin America etc.)
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SOURCE: Future Market Insights
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