The global Automotive Smart Window market is driven by factors such as surge in demand for electric & hybrid vehicles and high demand from passenger car segment.
WILMINGTON, Del., Dec. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Smart Window Market by Technology (Electrochromic (EC), Polymer Dispersed Liquid Device (PDLC), and Suspended Particle Device (SPD)), Type (OLED Glass, Self-Dimming Window, and Others), Vehicle Type (Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, and Passenger Cars): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global Automotive Smart Window industry generated $1.7 billion in 2022, and is anticipated to generate 12.3 billion by 2032, witnessing a CAGR of 22.50% from 2023 to 2032.
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- 123 - Tables
- 66 - Charts
- 251 - Pages
Prime Determinants of Growth
The automotive smart window market is expected to witness notable growth owing to surge in demand for electric and hybrid vehicles and high demand from passenger car segment. Moreover, lower prices of advanced materials and high demand from Asia-Pacific are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high product cost and capital investment for R&D limit the growth of the automotive smart window market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size in 2022 | $1.7 billion |
Market Size in 2032 | $12.3 billion |
CAGR | 22.50 % |
No. of Pages in Report | 251 |
Segments covered | Technology, Type, Vehicle Type and Region. |
Drivers | Surge in demand for electric and hybrid vehicles High demand from passenger car segment |
Opportunities | Lower prices of advance materials High demand from Asia-Pacific |
Restraints | High product cost and capital investment for R&D |
COVID-19 Scenario
- Manufacturing and distribution were delayed by lockdowns and supply chain interruptions, which extended project schedules.
- Major players operating in the automotive smart windows are expected to make moderate R&D cuts, which are anticipated to allow them to sustain a rich and evolving product portfolio. In addition, companies are expected to fund new innovations, rather than setting the bare minimum budget needed to keep R&D running.
- Key players in the automotive smart windows have shifted toward agile supply chain network model that has multiple pathways to prevent single points of failure. It can help them balance costs with better assurance for business continuity and sustainability.
The Suspended Particle Device (SPD) Segment to Maintain its Lead Position during the Forecast Period
By technology, the suspended particle device (SPD) segment holds the largest share in 2022, contributing to more than half of the global automotive smart window market revenue, and is projected to maintain its lead position. This is because this technology is being highly used in every sector that is using smart glass-based products. The electrochromic (EC) segment is projected to manifest the highest CAGR of 24.20% from 2023 to 2032. The stringent CO2 regulations in various countries are pushing hard the automobile manufacturers to manufacture light-weight vehicles with better energy performances, which are influencing electrochromic materials consumptions and are estimated to boost the overall growth of the automotive smart window market for electrochromic materials industry over the forecast period.
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The OLED Glass Segment to maintain its Lead Position during the Forecast Period
By type, the OLED glass segment holds the largest share in 2022, contributing to more than three-fifths of the global automotive smart window market revenue, and is expected to maintain its leadership throughout the forecast period. This is because OLED glass does not require any type of backlighting as compared to LCD. The self-dimming window segment is projected to manifest the highest CAGR of 24.58% from 2023 to 2032. Self-dimming windows protect the internal heating and cooling of the ambience, which saves energy and cuts down the operation costs. Therefore, high demand from automotive sector for self-dimming windows, which leads to the market growth.
The Passenger Cars Segment to Maintain its Lead Position during the Forecast Period
By vehicle type, the passenger cars segment holds the largest share in 2022, contributing to nearly three-fifths of the global automotive smart window market revenue, and is expected to maintain its leadership. The light commercial vehicles segment is projected to manifest the highest CAGR of 22.98% from 2023 to 2032. This is due to the development of the automotive industry, increase in industrial activities, and development of the e-commerce industry.
North America to Maintain its Dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global automotive smart window market revenue and dominates the market and is projected to maintain its lead position throughout the forecast period. Growing sales of sports, utility, and luxury vehicles would add to the market growth of the automotive smart window HYPERLINK "https://www.alliedmarketresearch.com/press-release/automotive-smart-window-market.html" HYPERLINK "https://www.alliedmarketresearch.com/press-release/automotive-smart-window-market.html" HYPERLINK "https://www.alliedmarketresearch.com/press-release/automotive-smart-window-market.html" industry. Leading players in the segment are already integrating smart windows into their mass-market models. Asia-Pacific is projected to manifest the highest CAGR of 24.16% from 2023 to 2032. This is due to the development of the automotive industry, increase in industrial activities, and development of the e-commerce industry. Rapid growth of industrialization, low operating cost, and increase in population are some key factors responsible for the market growth in Asia Pacific.
Leading Market Players:
- Pleotint LLC
- PPG Industries
- Hitachi, Ltd
- Gentex Corporation
- Ravenwindow
- Saint Gobain
- View, Inc.
- Corning Incorporated
- Research Frontiers Inc.
- AGC Inc.
The report provides a detailed analysis of these key players in the global Automotive Smart Window market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Benefits For Stakeholders:
- As per the automotive smart window market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive smart window market analysis from 2022 to 2032 to identify the prevailing automotive smart window market opportunities.
- The automotive smart window Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive smart window market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive smart window market trends, key players, market segments, application areas, and automotive smart window Market growth strategies.
Automotive Smart Window Key Segments:
By Technology
- Electrochromic (EC)
- Polymer Dispersed Liquid Device (PDLC)
- Suspended Particle Device (SPD)
By Type
- OLED Glass
- Self-dimming Window
- Others
By Vehicle Type
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Passenger Cars
By Region
- North America (U.S., Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)
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