Global COVID-19 impact on Automotive Glass Market Size, Share, Growth, Analysis Forecast to 2025
Posted May 5,2020 in Cars and Vehicles.
Automotive glass refers to all glass products used in the production of automotive vehicles. Most commonly observed in windows, and windshields, automotive glass is often also used on dashboards and other automotive features. Automotive glass is normally made from laminated glass and tempered glass. Some types of automotive glass may contain heating coils or antennae depending on the vehicles. Market Research Future has surveyed the COVID-19 impact on Automotive Glass Market in its most recently launched report. MRFR has ascertained that the global COVID-19 impact on Automotive Glass Market will grow at a CAGR of 7.73% during the review period from 2017 to 2023 with a final market value predicted at USD 28,135.7 Mn by the end of 2023.
The automotive industry is growing at a truly rapid pace and will continue to do so for some time. The flourishing nature of the automotive industry has had a positive impact on the COVID-19 impact on Automotive Glass Market. Rising production and sales of automotive vehicles are expected to drive the demand for automotive glass in production applications. Moreover, there is a growing demand for luxury and value-added features in automotive vehicles. Electronically switch-ables smart glasses are a prime example which is driving growth. Increasing personal disposable incomes also support the growth of the COVID-19 impact on Automotive Glass Market, as it has boosted the demand for vehicles. Moreover, automotive glass is safe, tempered glass which is used for certain windows will often break in circular tiny bead-like pieces which do not cause any harm upon breaking. Moreover, automotive glass can be made soundproof and offer thermal comfort, which propels the growth of the market. The rising demand for lightweight, fuel-efficient vehicles is expected to drive demand for ultra-thin and ultra-tough automotive glass in the near future.
However, the market's growth is challenged by the high costs of manufacturing automotive glass. Moreover, there is a significant lack of awareness with regards to the usability of automotive glass and its benefits, thus slowing down market growth.
The global COVID-19 impact on Automotive Glass Market has been segmented on the basis of vital factors such as type, vehicle type, application, and region. Types of automotive glass have been segmented into tempered glass and laminated glass. Both are used for varying purposes and are essential to the production of a vehicle.
Vehicle type has been segmented into light commercial vehicle, heavy commercial vehicle, and passenger car.
Applications of automotive glass have been segmented into windscreen, sidelite, backlite, and sunroof.
The Asia Pacific regional market has generated the highest market value and possesses the largest share of the global COVID-19 impact on Automotive Glass Market. China, Japan, and India are the prominent market-leading countries in the APAC due to the large population present in the region and the growing demand for vehicles among this population. Moreover, with rapid urbanizations, exports and technological advancements, the region has witnessed an increase in personal disposable income. Luxury vehicles are witnessing increased growth in this region, and the APAC market is expected to thrive over the forecast period. Meanwhile, the North American market closely followed the APAC market and is expected to grow at a CAGR of 7.19% during the review period.
Xinyi Glass Holdings Limited (Hong Kong), Vitro, S.A.B. de C.V. (Mexico), Olimpia Auto Glass Inc. (Turkey), Asahi Glass Co., Ltd. (Japan), Guardian Industries Corp (U.S.), Saint Global S.A. (Paris), Shatterprufe (South Africa), Fuyao Glass Industry Gro, p Co. Ltd (China), Nippon Sheet Glass Co. Ltd (Japan), Central Glass Co. Ltd (Tokyo), and others have been included in MRFR’s assessment of competitors participating in the global COVID-19 impact on Automotive Glass Market.
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