Safety Considerations Will Help Drive the Worldwide Automotive Glass Market
The market size for the automotive glass industry is projected to grow at a compound annual growth rate (CAGR) of 5.74% to reach $65.82 billion by 2020, according to a recent report entitled “Automotive Glass Market by Vehicle & Glass Type, Smart Glass Market by Technology, Application & by Region - Forecast to 2020.” In 2015, the major trends in the automotive industry include delivering more fuel-efficient vehicles, enhancing safety for end users, and reducing exhaust emissions. Automotive glass manufacturers are therefore striving to improve their products to provide adequate safety. Growth in the automotive glass industry has been on the rise, given the changing safety norms around the globe and increasing vehicle production. To meet the rigorous standards, glass manufacturers have developed new and advanced technologies.
Asia-Pacific has emerged as a hub for automotive production, given the changing consumer preferences, increasing per capita income of the middle class, and cost advantages for original equipment manufacturers (OEMs). The region is well-known for small and cost-effective passenger cars. The region has witnessed higher growth for various reasons, including low cost of production, easy availability of skilled labor, lenient emission and safety norms, and government initiatives to attract foreign direct investments (FDI).
China has been the leading automobile manufacturer in the world for the past couple of years. In Asia-Pacific, China and India are expected to be the most promising markets. The rise in production levels is accompanied by a growing inclination toward luxury cars, as well as for lightweight automotive glass by manufacturers such as Saint-Gobain S.A. (France) and Asahi Glass Co. Ltd. (Japan), among others.
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