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The global automotive glass market is expected to reach $27.75 billion in 2026.
Published Time:
2021-08-30
The global automotive glass market is projected to reach $27.75 billion by 2026, with a compound annual growth rate of 6.9% during the forecast period. Strong logistics infrastructure in developed countries will be a key driver of market growth. A World Bank bi-annual report indicates that the global logistics industry is currently valued at $4.3 trillion. Logistics transportation is a key component of international trade, facilitating the movement of goods and requiring robust infrastructure for smooth operation, an infrastructure that is highly developed and well-established in developed countries worldwide.
For example, in the World Bank's Logistics Performance Index, the top four countries are Germany, Sweden, Belgium, and Austria from the European Union, with Japan from Asia ranking fifth. Efficient cross-border flows require the use of various types of vehicles, which may increase the demand for advanced automotive glass products in the coming years.
Impact of COVID-19 on the Market
The emergence of COVID-19 brought the world to a standstill. We know that this health crisis has had an unprecedented impact on businesses across all sectors. However, this too shall pass. Governments and several companies are continuously increasing support to combat this highly contagious disease. Some industries are struggling, while others are thriving. Overall, every sector is expected to be impacted by this pandemic.
Competitive Landscape
Increased Production Capacity Fuels Competition
Analysis indicates that automotive glass market analysis shows that major companies increasing production capacity will be a prominent feature of market competition. These activities are helping competitors expand into foreign territories and penetrate untapped regions and countries.
The global automotive glass market is projected to reach $27.75 billion by 2026
Companies Covered in the Report
Guardian Glass
Nippon Sheet Glass Co., Ltd.
AGC Inc.
Saint-Gobain
Magna International Inc
Xinyi Glass Holdings Limited
Fuyao Glass Industry Group Co., Ltd.
Market Drivers
Increased Demand for Electric Vehicles to Accelerate Market Growth
Alarming levels of air pollution have shifted consumer preferences, leading to a shift from traditional vehicles to Electric Vehicles (EVs) over the past decade. Automakers have intensified their R&D efforts to cater to changing consumer behavior. According to the International Energy Agency (IEA), global electric vehicle sales already exceeded 5 million units in 2018, a 63% increase from 2017 levels. The IEA further notes that nearly 45% of these vehicles were in China. The IEA also projects that the global electric vehicle stock will increase by 44 million units year-on-year by 2030. The lighter weight of electric vehicles will necessitate robust glass solutions for their market, and the expanding market for EVs will benefit the automotive glass market growth.
The global automotive glass market is projected to reach $27.75 billion by 2026
Regional Analysis
Asia-Pacific Economies Contribute to Market Development
The Asia-Pacific region is projected to hold the major market share for automotive glass, as the market size in the Asia-Pacific region was $8.62 billion in 2018. The key drivers of the market in this region are the rapid economic development of India and China, stimulating demand for luxury goods such as automobiles. In addition, high population growth rates are encouraging automakers to increase production in this region.
In Europe, the growing preference for electric vehicles and stringent regulatory norms for vehicle safety will drive market development. In North America, the increasing demand for glass products and the need for manufacturers to innovate bode well for the market there.
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