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Industry Insights, Market Size, CAGR, High-Level Analysis: Automotive Aftermarket Glass Market The global automotive aftermarket glass market size was USD 3.02 billion in 2018 and is anticipated to register a CAGR of 3.8% in terms of revenue from 2019 to 2025. Increasing cases of road traffic accidents across the world coupled with the high vehicle production is anticipated to boost the consumption of glass in automotive aftermarket. Rising popularity of car rental services is projected to further propel growth of the aftermarket, as these new fleet owners have raised the maintenance standards of the vehicles. This has also led the glass suppliers to develop dedicated offerings for the fleet owners along with customized solutions. Presence of a large number of millennials is bringing about a change in the ideology pertaining to owing a personal vehicle like a car. Factors, such as depreciation, rising fuel prices, availability of affordable mobility like care rental services, has led to growth of vehicle leasing. According to the Association of Dutch Vehicle Leasing Companies, leased vehicles constituted over 45% of newly purchased light vehicles in 2017.Thus, growing trend of leasing, re-leasing, and mobility services is anticipated to boost the global market for automotive aftermarket glass. The automotive industry has witnessed phenomenal growth over the past few years, leading to a rise in the number of vehicles on the roads, thus, offering a bigger target market to the aftermarket players. According to the National Highway Traffic Safety Administration, the average number of car accidents in U.S. is six million per year. Sidelite and windshield are the most common vehicle parts that require replacement after an accident. The rising number of vehicles on the roads along with accident cases is projected to propel the market growth over the forecast period. Although the market is anticipated to witness steady growth in the forthcoming years, there are certain challenges such as inventory management and rising digitization, may hinder the growth to an extent. Presence of innumerable car models across the world makes it challenging for the vendors in the market to manage inventory as per customer requirement. Also, increased consumer awareness regarding product prices and available options due to digitization is likely to lead to diminished margins for vendors. Product Insights of Automotive Aftermarket Glass Market On the basis of product, the automotive aftermarket glass market is categorized into tempered, laminated, and other types of glass. Tempered glass segment held over half of the revenue share in 2018, on account of its exceptional characteristics and low-cost compared to laminated glass. The manufacturing process of tempered glass gives it high strength and robustness, which has increased its utilization in vehicles, mainly in sidelite and backlite. Laminated segmented is expected to register the fastest growth, over the forecast period. Growing consumer awareness pertaining to the safety concerns is projected to drive the demand for laminated glass for windshields in the replacement market. The structure of the glass restricts into falling and breaking into pieces, which has boosted its utilization in windshields. Rising demand for glass in automotive aftermarket is encouraging the manufacturers to enhance their production capacities and invest in new and advanced technologies. For instance, in January 2019, Fuyao North America Inc., announced the launch of a new processing center with an investment of USD 16.1 million in U.S., and its parent company has been engaged in producing glass for both OEMs and aftermarket suppliers. Also, in March 2019, Vitro announced about its investment of USD 60 million in new technologies focusing towards the supply of automotive glass to both OEMs and aftermarket customers. Vehicle Type Insights of Automotive Aftermarket Glass Market Based on vehicle type, the market is categorized into passenger car, Heavy Commercial Vehicles (HCV), and Light Commercial Vehicles (LCV). The passenger car segment held the largest volume share of around 33% in 2018. Passenger cars account for a share of over 70% in the global vehicle production and their demand is driven by increasing consumer spending especially in developing economies. Despite the decline in the overall vehicle, commercial vehicle production increased by 5.5% in 2018, owing to rising demand from transportation industry. This is a positive sign for the market growth over the forecast period. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), Asia Oceania witnessed the fastest growth rate of 10.2% from 2017 to 2018 in terms of the production of light commercial vehicles, followed by North America with 4.8%, and South America with 3.5%. The demand for glass in commercial vehicles is propelled by the depreciation in the quality and visibility along with increasing number of road accidents, which lead to glass replacement. Application Insights of Automotive Aftermarket Glass Market On the basis of application, the market is segmented into windshield, backlite, sidelite, and others. Windshield and sidelite accounted for majority of the market share in terms of volume in 2018 due to the fact that these vehicle parts incur maximum damage in case of and require frequent replacement. The increasing size of windshield, is anticipated to drive the usage of glass, thereby, boosting the growth of the segment. Sidelites, also known as side windows along with backlite, also known as rear windshield, or rear window, of vehicles are generally manufactured using tempered glass. Technological developments coupled with increasing cases of car component thefts and road accidents worldwide are expected to boost the utilization of better-quality glasses for sidelites and backlites. Increasing market for sunroofs is a key factor anticipated to augment the demand for glass in the automotive market. However, sunroofs are less likely to get damaged in case of accidents. This factor is expected to limit the product demand in the aftermarket. Regional Insights of Automotive Aftermarket Glass Market North America has been witnessing an increase in the number of vehicles registered since the past few years, particularly in U.S. and Mexico. Increasing car registrations coupled with road accidents are some of the factors propelling the demand for glass in the regional automotive aftermarket. For instance, according to the World Health Organization (WHO) estimates, the traffic fatality rate in U.S. is 12.4 deaths per thousand accidents. Asia Pacific emerged as the largest market in 2018, owing to the factors such as increasing number of accidents, capacity expansion, and rising investments in car rental companies. For example, Hyundai Motor Company invested USD 14.3 million in the Indian self-drive car rental startup Revv and Ford and Mahindra & Mahindra Ltd. invested in Zoomcar. These investments indicate the future growth prospects for the car rental companies in India, which is a positive sign for the global market. China is the leading market for automotive glass aftermarket in Asia Pacific, with the largest motor fleet in the world of around 340 million units in operations, in 2018. In addition, the rising cases of accident in China and India are projected to propelling the demand for vehicle replacement parts from both these countries. According to the estimates of WHO, in 2017, road traffic fatalities rate in India was 22.51 per 100,000 inhabitants-even higher than that of China. Market Share Insights of Automotive Aftermarket Glass Market The market is competitive in nature with presence of various established players including AGC, Inc.; Fuyao Glass Industry Group Co., Ltd.; Nippon Sheet Glass Co., Ltd.; Saint-Gobain; Xinyi Glass Holdings Co., Ltd.; Taiwan Glass Ind. Corp.; and Vitro. Multiyear agreements, new product development, and capacity expansion are the key strategies adopted by the market players to strengthen their market positions. In June 2019, AGC Automotive Europe signed a franchise agreement with Belron, a VGRR group. Under this agreement, AGC’s 37 VGRR locations in Poland operating under the NordGlass brand and 19 VGRR locations in Czech Republic operating under AG Experts brand are expected to now operate under the Belron brand. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Automotive Aftermarket Glass Market Research Report This report forecasts revenue and volume growth at the global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global automotive aftermarket glass market report on the basis of product,application, vehicle type, and region: Product Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2019 - 2030) Tempered Laminated Others Application Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2019 - 2030) Windscreen Backlite Sidelite Others Vehicle Type Outlook (Volume, Thousand Square Meters; Revenue, USD Million, 2019 - 2030) Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Research Methodology 1.3. Research Assumption 1.4. Information Procurement 1.4.1. Purchased Database 1.4.2. GVR’s Internal Database 1.4.3. Secondary Sources & Third-Party Perspectives 1.4.4. Primary Research 1.5. Information Analysis 1.5.1. Data Analysis Models 1.6. Market For | read more...