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Dec 02, 2020 (Market Insight Reports) —
Selbyville, Delaware Market Study Report LLC recently added a new title on 2020-2027 Global Automotive Smart Glass Market Report from its database. The report provides study with in-depth overview, describing about the Product, market size, share, Industry Scope and elaborates market outlook and status to 2027.
Global Automotive Smart Glass Market is valued approximately at USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XXX% over the forecast period 2020-2027. Smart glass is a type of glass in which light diffusion properties are modified and controlled when light, heat, or voltage is applied. Initially, the use of smart glass was narrow and was only limited to the building and architecture application, but it has found extensive application in the automotive sector in recent years. Smart glass is increasingly used in a range of automotive applications, including sunroofs, windshields, review mirrors, and windows.
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Automotive smart glasses are an integral part of vehicles since it provides comfort by inhibiting the heat to enter, controls brightness due to sunlight, and also improves the security and privacy of the individuals. As a result, several automobile manufacturers are extensively involved in the deployment of smart glass in automotive vehicles, which is expanding the automotive smart glass market across the globe. Furthermore, the rise in the production of passenger cars and commercial vehicles around the world, along with the rising penetration of sunroof in luxury and premium vehicles are the few factors responsible for the CAGR of the market during the forecast period. According to the World Economic Forum estimated the number of cars traveling on the road would be approximately 2.0 billion by 2024, up from the number of cars in 2015 (1.1 billion). While as per the International Organization of Motor Vehicle Manufacturers (OICA), the global commercial vehicle production was estimated at 25.13 million units in 2018, representing an increase from 23.84 million units in 2017. This, in turn, is expected to strengthen the demand for smart glass all over the world. However, the high material and fabrication cost is one of the major factors inhibiting the market growth over the forecast period of 2020-2027.
The regional analysis of the global Automotive Smart Glass market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-pacific is the leading/significant region across the world in terms of market share owing to the rise in the production of automotive vehicles with advanced systems, and the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the growing disposable income of individuals along with the rise in demand for luxury and premium vehicles across developing countries,