LONDON, Jan. 23, 2017 /PRNewswire/ -- The global automotive glass market size is expected to reach a market size of USD 28.93 billion by 2025, according to a new report by Grand View Research, Inc. Rapidly changing consumer demand has led to numerous advancements in the technology used in manufacturing. Increasing demand for sunroof over the past years has led to increase in utilization of the product.
The consumers' high focus towards luxury is expected to propel innovation in vehicles. The automotive manufacturers now offer either built-in or optional sunroof systems, especially in mid and premium car segments. Value-added features and functions including electrically-switchable smart glass, water-repellant glass, and head-up display (HUD) have been developed in order to improve the energy efficiency and driving comfort & safety of the vehicles.
The high price of laminated glass coupled with high cost associated with the manufacturing of the product is likely to restrain the entry of new market players, thereby posing a significant challenge for the market over the forecast period. The majority of the manufacturers setup a float glass manufacturing facility near the production facility in order to ensure proper and timely supply of raw material. This increases the establishment cost for the manufacturers.
Further key findings from the report suggest:
Laminated glass is anticipated to witness significant growth over the forecast period as it is also being increasingly used in front side windows of the vehicles in order to increase the level of safety
Sidelite segment is expected to witness growth over the forecast period on account of increasing utilization of laminated glazing on the side windows particularly in Europe, Asia, and North America
Asia Pacific dominated the market in 2015 and is expected to witness the significant growth of over 7% from 2016 to 2024. The presence of numerous manufacturers including AGC, Fuyao Group, and NSG in the region is expected to have a positive impact on the market growth over the forecast period.
In August 2016, AGC Asahi Glass announced that its subsidiary, Asahi Automotive Europe, entered into a joint venture with Induver Holding, Morrocco. This venture led to the setup of company's first product base in North Africa, thereby allowing ease in the supply of glass in the region.
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