The Asia Pacific automotive glass market is predicted to gain a substantial share and is anticipated to witness attractive growth prospects during the forecast period. This growth can be attributed to the improving socio-economic circumstances in developing economies such as India, Indonesia, and Thailand. The increasing per capita income is likely to result in a growing shift of customers towards luxury vehicles, thereby justifying the regional scenario. Lower manufacturing costs, as well as easy availability of labor will drive regional revenue.
The Europe automotive glass market share is forecast to experience a potential growth owing to the presence of several OEMs across the region. Furthermore, stringent policies pertaining to driver’s safety formulated by the European Union justifies the regional growth over the next eight years.
The U.S. automotive glass market is predicted to demonstrate moderate growth prospects due to mandatory safety norms from Federal Motor Vehicle Safety Standards in the U.S.
Automotive Glass Market size is estimated to surpass USD 25 billion by 2024, growing at around 5% CAGR from 2016 to 2024.
Rising production and sales of vehicles are likely to result in an increased product usage. Escalating demand for aesthetic enhancements, security concerns, and inclination towards laminated side glazing are predicted to drive the automotive glass market size over the forecast period.
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High costs associated with these products accompanied by the lack of skilled workforce required for installation of these systems are likely to hamper the industry demand. Furthermore, large quantities of toxic chemicals used in the manufacturing may hamper the automotive glass market growth.
R&D activities to enhance and manufacture smart glass for conventional vehicles is predicted to offer massive growth potential over the forecast period. These devices are used to provide a head-up display in the automotive vehicles. In addition, it enables convenient accessibility of all controls and aids in the enhancement of vehicle ambience.
On the basis of application, the industry can be categorized into sunroofs, sidelights or backlights, side view or rear view mirror, and windscreen. Based on the technologies, the industry can be segregated into active and passive. The active segment can be further categorized into suspended particle device, electrochromic, and liquid crystal/polymer dispersed liquid crystal. Passive type is further segregated into photochromic and thermochromic.
Growing R&D efforts by industry participants to introduce an innovative and wide product range are likely to aid in achieving an edge over others. For instance, Asahi manufactures several sub-assembly products and unconventional materials such as acoustic, defogger, and encapsulated glass. Furthermore, it also provides advanced products such as water-repellent glass, plug-in windows, and rain-sensor car windscreens.
This latest Automotive Glass Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across number of regional markets. The report also analyzes the Automotive Glass industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
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