The Global Automotive Smart Glass Market- Growth, COVID-19 impact and Forecast (2021-2025)
Global automotive smart glass market is segmented based on technology type as electrochromic, polymer dispersed liquid device and suspended partial device; based on applications as rear and side windows, sunroof glass and other applications; based on geography as APAC, North America, Europe and ROW.
Introduction
Automotive glasses are an integral part of a vehicle, and they will continue to remain so in the future. Continuous innovations and implementation of smart glasses are expected to fuel the growth of the automotive smart glass market.
Smart Glass is also called intelligent or switchable glass and—while it’s currently only produced for luxury cars—it will soon become common within the general automotive market. With benefits ranging from privacy to safety to entertainment, this is one innovation we are revved up to see.
The automobile industry is growing at a fast pace since its revival after the financial meltdown in 2008. Renewed consumer confidence in the economy and higher spending have driven up the sales of light- and heavy-duty vehicles. The demand for automotive glass is influenced by several factors.
Table of Contents
Market Overview
The global automotive smart glass market is expected to reach $6.73 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with a 12.1% CAGR.
Global automotive sales are expected to decline by 8–10% in this fiscal year, depending upon the progression of the virus.
Post COVID-19, the market is expected to recover from 2021 onwards, with industrial and transportation activities getting back on track and functioning with full capacities.
The UK is expected to lead the overall smart glass market in the coming years.
Key Trends
Innovations in technology to offer sustainable products with minimal cost are projected to drive the demand for automotive ceramics
Increasing Demand From Automotive Electronics Applications and in Battery-Powered Vehicles Is expected to trigger the market growth in future.
Key Market Players
Some of the key players in the market are Saint Gobain, AGC., Guardian Industries, Pilkington, Research Frontiers, Gentex and Hitachi Chemicals
The key players are rigorously competing and offering custom solutions for high-performance low-cost automotive smart glasses
The companies are focusing on innovative technologies and following strategies, like acquisition, licensing the technology, and partnership, to expand, sustain, and capture the potential demand for rapid adoption of technological trends in the automotive industry.
Growth Drivers and Challenges
Increasing global population and a subsequent spike in vehicle-owning households raised the demand for comfortable ride features, such as sunroofs.
Stringent emission regulations, ban on tinted glasses in countries like India, limited durability of window blinds, increasing emphasis over interiors to improve the comfort, as well as aesthetics of the vehicle, are some of the significant factors that are driving the market for automotive smart glass towards growth.
There is limited awareness of automotive smart glass in the market of the characteristic benefits as the technology has only been commercialized for few applications across different verticals.
The high capital cost required to set up a glass plant and the huge cost of smart glass can hamper the growth of the Automotive Glass Market.
Global sales of smart glass for major applications such as architecture and automotive are expected to decline by 10–15% in this fiscal year, depending upon the progression of the virus in different parts of the world.
COVID-19 has severely impacted the global automotive industry, wherein a number of automobile production facilities across the world have been shut down.