The global automotive glass market size is anticipated to reach USD 21.72 billion by 2025 expanding at a CAGR of 5.7%
NEW YORK, May 23, 2019 /PRNewswire/ -- Automotive Glass Market Size, Share & Trends Analysis Report By Product (Laminated, Tempered), By Application (Windscreen, Sunroof), By End Use (OEM, ARG), By Vehicle Type (Passenger Car, LCV), And Segment Forecasts, 2019 - 2025
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The global automotive glass market size is anticipated to reach USD 21.72 billion by 2025 expanding at a CAGR of 5.7% Increasing automobile production across the globe on account of technological advancements and rising disposable income levels, especially in emerging countries like China, India, and Japan, will augment the product demand over the forecast period.
China, in particular, is the largest market due to its significant vehicle production, which was estimated at approximately 29 million units in 2017.As a result, Asia Pacific region is anticipated to hold the largest share of the global automotive glassmarket over the forecast period.
Moreover, rising investments by international OEMs in the region due to factors like land and raw material availability, high domestic demand, and cheap labor cost will drive the regional market further. The passenger car segment is likely to have a high growth on account of development of advanced automotive glass products with high-end features.
In addition, consumers' willingness to pay extra for premium passenger cars to get better quality and durability are likely to have a positive impact on the product demand.Laminated glasses are widely used in vehicle backlites as they offer lower visual distortion than other products, resulting in enhanced road safety.
Furthermore, they can be easily repaired after damage unlike the tempered glass, which needs to be replaced completely.
Further key findings from the study suggest:
-- Laminated glass segment held the highest revenue share of 55.1% in 2018 owing to various safety and value added features provided by the product
-- Sunroof is anticipated to be the fastest-growing application segment over the forecast period due to increasing integration of sunroof systems in mid-segment cars
-- OEM was the largest end-use segment in 2018 and is projected to maintain the dominance throughout the forecast years due to rising demand for passenger cars
-- Central & South America is forecasted to register the fastest CAGR of 7.4% from 2019 to 2025 due to increasing vehicle production in the region. Passenger car production in CSA grew by 21.4% in 2017 in comparison to 2016
-- Compagnie de Saint-Gobain S.A.; Asahi Glass Co. Ltd.; Fuyao Glass Industry Group Co., Ltd.; Nippon Sheet Glass Company, Ltd. (NSG); and Corning Inc. are some of the key companies in the market
Read the full report: https://www.reportlinker.com/p05763790/?utm_source=PRN
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