Automotive Glazing Market Forecasts to 2028 – Global Analysis By Off-Highway (Agricultural Tractor and Construction Equipment), Vehicle Type (Passenger Car, Light Commercial Vehicle, Buses and Trucks), Electric Vehicles (Battery Electric Vehicle, Plug-In

Automotive Glazing Market Forecasts to 2028 – Global Analysis By Off-Highway (Agricultural Tractor and Construction Equipment), Vehicle Type (Passenger Car, Light Commercial Vehicle, Buses and Trucks), Electric Vehicles (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), Application and Geography

According to Stratistics MRC, the Global Automotive Glazing Market is accounted for $1.25 billion in 2022 and is expected to reach $2.45 billion by 2028 growing at a CAGR of 11.9% during the forecast period. The process of assembling a vehicle is made easier by glazing systems. Encapsulation and extrusion are two examples of modular solutions that are made to make it easier to adhere the glazing to the vehicle. Polycarbonate materials and laminated and tempered glass are frequently utilised in automotive glazing. These windows enhance the aesthetic appeal of the car while also enhancing vehicle safety and security. It is obvious how car emissions issues affect the automotive industry.

According to IEA the sales of BEV stood 9-10 % of the total car market in 2021. China emerged as the largest BEV market in 2021. Companies such as BYD(China) and Toyota have reiterated their commitment to increase the production of BEVs in the region.

Market Dynamics:

Driver:

Frequent usage of polycarbonate glazing’s

Carbon emissions have surged in recent decades, resulting in global climate change. As a reaction, regulatory authorities in some regions have set rigorous emission requirements in the automotive industry, which accounts for around 18% of global carbon emissions. To meet these pollution standards, Automakers have increased the use of lightweight materials in automobile components, reducing the overall weight of the vehicle. As a result, automotive component producers, such as glazing manufacturers, are focusing on developing and manufacturing polycarbonate glazing products, including the usage of polycarbonate in headlamps.

Restraint:

High cost of the polycarbonate glazing in the market

Bisphenol A, the most extensively produced transparent plastic derived from crude oil, is the component of polycarbonates. Changes in the bisphenol A manufacturing process affect polycarbonate pricing. Crude oil prices have fluctuated in recent years as a result of an erratic supply and rising demand. The manufacturer's entire profitability is impacted by the fluctuating price of the raw materials, which leads to market instability.

Opportunity:

Increase adoption to electric windshield systems

Automakers take into account all the attributes needed for the cars to function in the local weather while designing them. Several automakers design their vehicles with cold weather conditions in mind. In some countries, the major cities are completely covered in snow, which causes windscreens to be coated with snow throughout the winter. Electric devices with healing capabilities are being used in the windscreen to quickly defrost the snow that had accumulated on top of the windscreen to solve the problem. Such windscreens use electrochromic technology, which enables the change of light transmission. These factors are all increasing the demand for additional features such as automobile glazing.

Threat:

Low visibility and scratch-prone characteristics of polycarbonate material

Mostly for seeing through purposes, glazing components are employed. As a result, the primary quality of any automobile glazing components is clear vision. Vision from the car contributes to convenience in addition to safety. A few obstacles to visibility exist for polycarbonate material. Although polycarbonate sheets transmit lighter than glass, they are nonetheless more prone to scratches. As they may impair the driver's visibility, these scrapes could be fatal. Despite the benefits afforded by polycarbonate, including weight reduction and tensile strength, original equipment manufacturers and government agencies are opposed to using polycarbonate in windscreens which are hampering the growth of the market.

Covid-19 Impact

Covid 19 impacted in prolonged truncation of consumer demand while governments navigate through various lockdown scenarios during the corona virus pandemic might trigger a worldwide recession, resulting in widespread loss of consumer confidence and a major impact on car revenues and profitability. Automobile manufacturers may be obliged to divert resources to support ongoing operations, depriving R&D funding for advanced technology efforts and other discretionary projects. As production capacity is streamlined and consolidated, strategic decisions to abandon unprofitable global markets and vehicle categories may be accelerated, dramatically cutting output.

The Buses segment is expected to be the largest during the forecast period

The Buses segment is estimated to have a lucrative growth, due to the average bus glazing size is larger than that of any other vehicle type, and the bus's surface area is two to three times greater than that of a passenger car. This is a result of the large surface area of applications like windscreen and sidelight. The least number of vehicles produced worldwide are buses. The use of polycarbonate in bus glass, however, is thought to have a significant impact on the vehicles' fuel economy. The number of megacities has increased due to the rate of urbanisation, creating a demand for quick, inexpensive transportation.

The Battery electric vehicle segment is expected to have the highest CAGR during the forecast period

The Battery electric vehicle segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the sale of electric vehicles has expanded significantly during the past few years due to the strict pollution standards. An electric motor and powerful rechargeable battery packs power battery-electric vehicles. Hence, with battery electric vehicles, weight reduction is the key criterion. Therefore, it is anticipated that polycarbonate glazing will account for a sizeable portion of the market for battery electric vehicles.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to to the presence of several automakers in the area. These automakers concentrate on introducing new vehicles in a variety of market sectors, such as hatchbacks, sedans, crossovers, SUVs, and MUVs. Additionally, developing as well as developed countries such as India, China, and Japan are key contributors to annual car sales output. Furthermore, rapid demographic growth, increase in urbanization, higher living conditions, and an increase in individual disposable income are fuelling market expansion in this region. Owing to the presence of significant automobile firms in this region and rapid adoption of modern technologies by the automakers are encouraging the growth of the market in this region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to emerging market economies and a substantial presence of manufacturers in this region are driving the market. Fast technological advancements in transportation and the region's ever-increasing population will open up new opportunities for the automotive glazing sector. Also, the size of automotive glazing goods is expanding, with some automakers even experimenting with whole canopies. Efficiency performance becomes crucial in terms of safety and comfort as a result of these developments.

Key players in the market

Some of the key players profiled in the Automotive Glazing Market include Xinyi Glass Holdings Limited, Fuyao Glass Industry Group Co, Covestro AG, SABIC, Webasto Thermo & Comfort, Trinseo, TEIJIN LIMITED, AGC Inc, GuardIian Glass, LLC, Nippon Sheet Glass Co, Sisecam Group, Mitsubishi Motors Corporation, CHIMEI, Dongguan Benxun Automotive Glass Co., Ltd, Evonik Industries AG and Sumitomo Corporation .

Key Developments:

In Nov 2022, Webasto and Charge-V sign agreement to manufacture fast charging systems, the charging systems will be assembled according to Charge-V’s specifications at Webasto’s Schierling plant in Bavaria, Germany, where preparations for commissioning a dedicated assembly line are currently underway.

In Oct 2022, Covestro launches capital increase with exclusion of shareholders' subscription rights through accelerated book building, the new shares will be offered for purchase exclusively to institutional investors in a private placement by way of an accelerated book building process.

In Sep 2022, Webasto Launches the Webasto Go™ Charger in the US and Canada, The mobile charger, developed, tested, and produced by Webasto, is a globally certified product and is now available in the US and Canada for EV-owners to purchase at major retail stores

In Sep 2022, Covestro acquires the Resins & Functional Materials business (RFM) from DSM, through this transaction; Covestro is taking a significant step in its long-term corporate strategy to strengthen its sustainable and innovation-driven businesses.

Off-Highways Covered:
• Agricultural Tractor
• Construction Equipment

Vehicle Types Covered:
• Passenger Car
• Light Commercial Vehicle
• Buses
• Trucks

Electric Vehicles Covered:
• Battery Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Applications Covered:
• Windscreen
• Sidelite
• Backlite
• Front Lighting
• Rear Lighting
• Rear Quarter Glass
• Sunroof

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements