VANCOUVER, BC, Oct. 15, 2020
The growth of the market is attributed to the increasing demand for smart glass across the automobile industry and declining prices of electrochemical materials over the recent past.
Market Size – USD 4.28 Billion in 2019, Market Growth - CAGR of 15.1%, Market Trends –Consumer preference for energy-efficient and eco-friendly buildings
VANCOUVER, BC, Oct. 15, 2020 /PRNewswire/ -- The Global Smart Glass Market is projected to reach USD 13.19 billion by 2027, according to a recent report by Emergen Research. Renewed confidence of consumers in the economy, coupled with higher spending, has boosted the sales of light-and heavy-duty vehicles. The demand for automotive glass is driven by various factors. with a rise in the total vehicle population and kilometers driven, the replacement volume of glasses is estimated to mount. Adverse road conditions with difficult weather are likely to stimulate the demand for automotive glass replacement. However, buyers typically defer from fixing minor damage to a windscreen until their vehicle is up for sale or scrutiny. Therefore, sales of recent vehicles, turnover of used vehicles, and laws for vehicle scrutiny propel the demand for smart glasses in the global automotive sector.
Smart glass is ideal for automobile, aviation, and other transportation applications, wherein heat and glare management is vital. Smart glass is employed in applications across the automotive sector like windows, rearview mirrors, sunroofs, and windshields. Smart glass assists in heat management in vehicles, protects from harmful ultraviolet (UV) rays by reducing glare, and reduces energy consumption, enhancing vehicle operation efficiency.
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While the smart glass technology was introduced in the market almost a decade back, it is only recently that makers have secured the funding and support necessary to initiate mass production. With the introduction of volume production units, makers are likely to attain scalability, which, in turn, can lower the price. With the increasing volume of production, the price of smart glass is anticipated to lessen by around 35-42%.
Key Highlights from The Report.
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