Automotive Smart Glass Market Worth $25.12 Billion by 2021
New product smart glass is more popular for car owner, Smart glass is a kind of two pieces of glass with a layer of film of product . When electricity is applied to the film the liquid crystals line up, changing the glass from opaque to clear.Smart glass has many applications,such as commercial center,home,hotel,office etc.The automotive smart glass market is projected to grow at a CAGR of 5.46% from 2016 to 2021, to reach a market size of USD 25.12 billion by 2021.
The major drivers of this market are the increasing global vehicle production, progressively stringent safety regulations, changing consumer preferences, and demand for lightweight glass that increases the fuel efficiency of the vehicle. Upcoming smart glass technologies are contributing to the growth of the automotive glass market, as smart glass provides benefits such as enhanced visibility, protection from ultraviolet (UV) rays, and increased comfort.
Asia-Oceania is estimated to dominate the automotive glass market, and is projected to grow at the highest CAGR during the forecast period. This growth can be credited to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The sizeable populations in countries such as China and India have resulted in an increased vehicle parc, which has boosted the demand for automotive glass.
A key factor restraining the growth of the automotive glass market is the high cost of smart glass, which restricts the use of this technology in entry-level and mid-segment vehicles and limits its widespread adoption to premium luxury vehicles. The automotive glass market is dominated by a few global players, and comprises several regional players.