Automotive glasses are aesthetics glass of a vehicle that protects passenger from harsh exterior environment such as rain, sun, and wind. Automotive glasses are designed in such a way that it contributes minimal weight to the vehicle, withstand high external forces, and minimize the strain induced on the vehicle. Hence, all these features increase comfort and aid in protecting passenger from external environmental factors such as dust and wind.
Major factors driving growth of the automotive glass market is increasing demand for vehicles, globally. For instance, according to International Organization of Motor Vehicle Manufacturers statistics (OICA), the total number of vehicles sold in 2016 were 94 million units and it increased to 96 million units in 2017, globally. Hence, increasing demand for vehicles is driving OEMs to manufacture more vehicles to meet consumer demand, which will proportionately increase demand for automotive glass. For instance, according to the OICA, the total number of vehicles produced in 2016 was 95 million units and it has grown up to 97million units, globally. Moreover, increasing per capita income of individuals has proportionally increased the sales of vehicles, which is further boosting growth of the automotive glass market. For instance, according to the World Bank Group, GDP per capita has increased globally from US$ 9,509.4 in 2010 to US$ 10,150.8 in 2016. This is an indicator of increasing standard living, which in turn has aided in high sales of vehicles. Therefore, strong and consistent sales growth of in the automotive industry, is further expected to fuel the market growth during the forecast period (2018–2026).
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Among vehicle types, passenger vehicles segment is the fastest growing segment, owing to increasing sales of these vehicles worldwide. According to International Organization of Motor Vehicle Manufacturers, in 2016, around 70 million units of passenger car were sold worldwide. Growing passenger cars per thousand inhabitants over the past few years have reached to 182 per thousand inhabitants in 2015 from 178 in 2014, which is major factor fuelling the growth of passenger cars. Hence, the increasing sales of passenger vehicles will inadvertently increase the demand of automotive glass for this segment.
Asia Pacific held a dominant position in the global automotive glass market in 2017 and expected to retain its dominance during the forecasted period (2018–2026). This growth is attributed to presence of emerging economies in this region such as India, China, and Japan positioned as the growth engines in the automotive sector. According to Organisation Internationale des Constructeurs d'Automobiles (OICA) in 2016, 39.4 million units of passenger cars were sold in this region, up from 36.1 million units in 2015. It also stated that in 2016, China held 61.8% share of the total Asia Pacific passenger cars sales and 35.1% of the global passenger cars sales. Hence, China was the largest market in the region in 2016. Thus, growing sales of passenger vehicles will inadvertently increase demand for automotive glass for passenger vehicles. Hence, this factor will help in boosting growth of the automotive glass in this particular region.
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Key players operating in the global automotive glass market are Fuyao Group Automobile Glass Co., Ltd., Asahi Glass Company Ltd, Saint Gobain S.A., Nippon Sheet Glass Co., Ltd., Magna International, Inc., Xinyi Glass Holdings Ltd, and Gentex Corporation.
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