The automotive glass market revenue is expected to reach USD 3,310.4 million by 2030, exhibiting a CAGR of 5.3% during 2024–2030.
The number of automobiles on the road is rising with the expansion of the automotive manufacturing capacity. Further, a constantly growing market for automotive glass products is created as the aftermarket as well as auto component repair and replacement service demand grows with the aging of vehicles.
Additionally, electric mobility has been resulting in a noticeable transformation in the worldwide car sector. Governments, customers, and manufacturers are all embracing electric vehicles as a means of lowering carbon emissions and halting climate change. Energy efficiency is important for electric vehicles since it increases their range. For the vehicle to be lighter overall and use less energy, lightweight components are necessary. To satisfy the unique requirements of EVs and ensure they contribute to the overall energy-saving objectives of countries, market players are producing thinner and lighter glass variants.
Through a number of indirect channels, the automobile glass sector supports pollution reduction. Lightweight glass components reduce the weight of vehicles, thus increasing fuel economy and lowering pollution. In addition, modern windscreens for ADAS improve driving habits and fuel economy. Moreover, better thermal insulation in this material reduces the need for excessive heating and cooling, thus saving energy and cutting down emissions.
The increasing vehicle ownership rate raises the demand for glass components, thus having a beneficial effect on the market. Furthermore, advanced variants, such as smart glass and HUDs, as well as fashionable glass designs, are in high demand in urban areas, as more affluent consumers buy automobiles with high-end amenities.
This, in turn, offers opportunities to the aftermarket for the repair and replacement of these components. In this regard, due to its effects on vehicle density and driving conditions, urbanization has a considerable impact on the automotive glass market. With the higher accident rates and a greater car density in cities, the demand for automotive glass repair and replacement continues to burgeon. In addition, the lengthening commute durations in congested cities highlight the necessity of components that improve comfort, including noise-reducing laminated glass and HUDs.
Commercial vehicles hold a significant share, of 40%, in 2023, and they are expected to witness a high CAGR during the forecast period.
Commercial vehicle sales are rising due to the expanding need for both passenger and freight transportation brought on by e-commerce and urbanization. The demand for glass parts, including windscreens, side windows, and rear windows, increases in direct proportion to the number of commercial vehicles on the road.
Due to their frequent use for passenger and freight transportation and exposure to a variety of road conditions, commercial vehicles' glass parts experience extensive wear and tear. Therefore, the demand for replacement components in the aftermarket and for repair services remains strong.
The demand for commercial automobiles with sophisticated components and safety features rises as cities invest in public transit infrastructure. By lowering emissions and encouraging sustainable urban mobility, investing in public transit also addresses environmental concerns. Laminated glass offers impact protection and decreased glare, thus enabling higher passenger safety and comfort. Similarly, HUDs and touch-screen displays improve user experience, while also aligning with the idea of smart mobility.
Some of the key players are Compagnie de Saint-Gobin S.A., AGC Inc., Fuyao Glass Industry Group Co. Ltd., Central Glass Co. Ltd., Nippon Sheet Glass Co. Ltd., Gentex Corporation, Magna International Inc., Guardian Industries Holdings, Corning Incorporated, and Vitro, S.A.B de C.V.