East Asia to Remain Prolific in Automotive Glass Market, CAGR to Rise at 4% through 2030
Automotive glass market is showing promising growth due to in numerous demand in electric car segment and other industries. East Asia is set to boost their production in the upcoming years with lucrative opportunities for manufacturers too.
DUBAI, UAE / ACCESSWIRE / October 14, 2020 / The automotive glass market is likely to surpass US$ 16.8 billion through the forecast period. Manufacturers and key players are regularly focussing on expanding sales opportunities in the market which will in turn widen value and revenue, thereby, paving a path for opportunities. Tough competition between players and inadequate standardization might hinder market growth which can act as key restraints in the market.
“Advancement in technology and increasing demand in electric segments or car manufacturing companies is promoting the market. Cost efficiency and access to technologies plays a key role in shaping the market scenario. The escalating need for passenger vehicles and widening sales is likely to drive the market growth globally,” says the FMI Analyst.
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Automotive Glass Market – Key Highlights
- On the basis type, tempered automotive glass accounts for 65% of the total revenue share.
- Electric segment will dominate the automotive glass market in a better way.
- East Asia is expected to hold largest market share with better lucrative opportunities.
- The market is expected to expand at a CAGR of 4% through the forecast period with adoption of adequate standardization.
Automotive Glass Market – Driving Factors
- Increased demand in electronic sensors, cameras and rear-view cameras is helping the market expand globally.
- High demand for smart glass in implanting moon roof, sun roof by car manufacturing companies is driving the market to a great extent.
- Availability of products at a lower cost and access to advanced technology is paving tracks for market