Automotive Windshield Market: Aftermarket Maintains its 1.5x Lead Over OEM; Asia Pacific Most Lucrat

From: Fact.MR
Published: Thu Sep 20 2018

Advances in technology in automotive sector, particularly in automotive glass continue to remain instrumental in driving sales of automotive windshield. Demand for automotive windshield is largely influenced by the increasing production and sales of cars, SUVs, trucks and other heavy commercial vehicles worldwide. Moreover, with Internet of Things (IoT) gaining ground in the automotive glass sector, manufacturers are introducing smart automotive windshield which is expected to auger well for the automotive windshield market. Fact.MR envisages that the sales of automotive windshield are estimated to cross US$ 17,000 Mn by end of the assessment year (2022). The demand for automotive windshield is projected to rise at a significant CAGR of 5.2% in terms of value during the period of assessment, 2017-2022.

Sales of automotive windshield are likely to remain resurgent in the emerging economies of Asia Pacific excluding Japan (APEJ) region. Countries such as China and India are expected to portray high market lucrativeness in the coming years on the back of rising production of vehicles. OICA reveals that production of passenger cars and commercial vehicles (including LCVs and HCVs) in China and India has remained consistently high since the past few years. In addition, these countries are being targeted by major automobile manufacturers including Volkswagen, Hyundai and Mercedes owing to favorable business environment offered by these countries. This factor is likely to present significant growth opportunities for manufacturers of automotive windshield in the forthcoming years.

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Sales of automotive windshield through OEM (original equipment manufacturers) are expected to grow at a steady pace throughout the period of forecast, reveals Fact.MR. However, aftermarket for automotive windshield is expected to remain strong in the coming years on the back of increasing replacements of automotive windshield. According to the Association for Safe International Road Travel (ASIRT), around 1.3 million fatalities every day due to car accidents have been recorded. Increasing road accidents across the globe have pushed the aftermarket growth for automotive windshield, in turn supporting marketís growth during the period of forecast. According to the report, sales of automotive windshield through aftermarket is estimated to cross US$ 11,000 Mn by end of the year of assessment, making it a lucrative distribution channel for automotive windshield manufacturers.

Growth of automotive windshield market is likely to remain influenced by increasing demand for bulletproof cars. On the back of major macroeconomic factors such as steady rise in GDP per capita and increasing purchasing power parity along with economic growth, the sales of b bulletproof cars are likely to be on an upswing. This aspect is expected to fuel demand for bulletproof automotive windshield. Moreover, manufacturers of automotive windshield are investing in developing touchscreen bullet proof automotive windshield in a bid to enhance safety and operational performance of the vehicle. This trending aspect is expected to auger well for the growth of the automotive windshield market.

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The sales of glass automotive windshield are likely to soar at a significant pace as compared to polycarbonate automotive windshield, says the report. High durability and strength offered by glass has fuelled its adoption as a superior material in manufacturing automotive windshield, particularly in passenger cars. On the contrary, the market for polycarbonate automotive windshield is likely to remain influenced by its steady demand from race cars segment of the automotive market, reveals Fact.MR.

Demand for automotive windshield is expected to grow at a steady pace on the back of increasing production of passenger cars, especially in the emerging economies. For instance, according to OICA, production of passenger cars in India grew by 274,945 units in 2017 as compared to the previous year and is expected to further grow in the coming years. Likewise, sales of commercial vehicles in developed economies of Europe and North America are anticipated to surge in the forthcoming years, in turn paving potential growth opportunities for automotive windshield manufacturers.

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