LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive windshield market to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global automotive windshield market for 2017-2021. The report also lists passenger cars, LCVs, and M&HCVs as the three major application segments, of which the passenger cars segment accounted for more than 84% of the market share in 2016.
“With the advances in technology, OEMs have been able to develop automotive windshields that enhance passenger safety in case of collisions and improve visibility even in unfavorable weather conditions such as rain and fog. OEMs are also working to reduce distractions with virtual enhancements,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive windshield market:
- Stabilization in prices of raw materials
- Rise in sales of passenger cars
- Increase in electronic applications in passenger cars
Stabilization in prices of raw materials
The market prices of automotive windshields depend on their demand in the market and the raw material cost. The prices of automotive glass were highly variable during the recession of 2008-2010. However, they stabilized after 2012, owing to growing stability in the automobile market. Automotive glass is composed of several such as sodium oxide, silica, and calcium oxide. The price of these materials has been stable over the last few years, which will lead to stability in the price of automotive windshields during the forecast period.
Rise in sales of passenger cars
The sale of automotive windshields is directly proportional to the sale of passenger cars. Car sales worldwide grew by 3.25% in 2015. SUVs and crossovers accounted for the highest sales in the passenger car markets in China and Europe. The lowering of interest rates on car loans in the US has also enabled consumers to buy larger and more expensive vehicles.
OEMs like Toyota have laid out plans to increase their production of passenger cars. Toyota is planning to relocate its auto production to Mexico by 2019 to meet the rising demand for SUVs and crossovers in Canada and the US. The new plant is also set for manufacturing its flagship model, Corolla.
“The increasing sales of passenger cars, including electric vehicles, will positively drive the market for automotive windshields,” says Praveen.
Increase in electronic applications in passenger cars
The passenger car segment has seen high adoption of electronic solutions in the last decade due to advances in technology. The growing demand for better navigation, safety, comfort, and electronic content is pushing the adoption of electrical distribution systems in passenger cars. Manufacturers have seen a boost in demand for high-speed wiring, connectors, heated windshields (connected with the electrical system of the vehicle to heat the tungsten wire and defrost snow and ice), HUD windshields, and others.
OEMs are leveraging technology from other industries like consumer electronics to adopt more advanced technologies in automotive applications. This cross-technology concept has provided considerable benefits to the passenger cars segment, and a similar trend is likely to follow in the commercial vehicles segment over the coming years. The increase in the use of electronics in passenger cars will boost the adoption of advanced windshield technologies in the overall automotive sector.
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