"Increasing demand of Sustainable Solution projected to boost the overall demand for smart glass/ mirror in automotive sector"
The global smart glass/mirror in automotive market value was at US$ 1,514.04 Mn in the year 2021 and projected to reach US$ 3,594.1 Mn by 2033, witnessing a CAGR of 10.2% during the forecast from 2025 to 2033.
Smart mirror is among those futuristic technologies that have paved its way into the world of intelligent automobiles through integration with computer-aided information service. Its distinctive aesthetic and technical attributes have increased its demand among various automobile manufacturers. Despite the sluggish growth of the automotive sector, smart mirror has registered double-digit growth in the past few years. Its protective features from UV and other harmful rays along with its contribution towards energy saving are some of the prime factors contributing towards the escalating growth of smart mirror.
"SPD held the Largest Revenue Share in the Smart Glass/ Mirror in Automotive Market in the year 2021"
Suspended Particle Devices (SPD) glasses held the largest revenue share in the smart glass or mirror in the automotive market owing to its feature of saving electricity greater than 25%. SPD glasses control solar radiation that automatically reduces HVAC energy consumption. These glasses have an increasing demand in the automotive sector mainly due to favorable government policies regarding energy consumption. For instance, the USA has set a definite standard for the electricity consumption in light-duty vehicles for around 570 to 1140 Tera Watt-hour (TWh).
On the other hand, electrochromic glasses are expected to witness magnificent growth during the forecast period. Its property to offer a high blockage ratio for harmful ultraviolet and infrared rays coupled with reduced response time are some of the prime factors favoring its escalating growth.
"Asia Pacific is projected to garner the Highest Growth during Forecast Period"
In 2021, Europe dominated the global smart glass/ mirror in the automotive market in terms of revenue share as automobile manufacturing is one of the most enduring industries of the region. North America is another prime region contributing to the revenue share of the global market. Increasing demand for smart and connected solutions is the prime reason supporting regional growth.
However, Asia Pacific projected to witness significant growth in the adoption of smart glasses in the automotive sector. The escalating growth of the region is mainly attributed to the high production rate of luxury and autonomous vehicles, especially in China and India. In addition, an increasing trend of alliances between auto manufacturers and technology companies in the Asia region to modify their self-driving solutions is very common these days. Recently, Honda signed an agreement with General Motors Cruise Holdings LLC to develop a new autonomous car. The company also plans to invest US$ 1.15 Mn in the upcoming 12 years plan for the same.
Key Players & Competitive Landscape:
"Increased research and development with a strong product portfolio in the developed regions"
Global smart glass/ mirror in the automotive market is highly competitive owing to the presence of a few players who specializes in manufacturing all smart glass technologies. Gentex Corporation is one of the leading market players that specializes in manufacturing SPD glasses for automotive. Similarly, Glaston Corp. and AGC Ltd. offer a diverse range of electrochromic and smart-tinting glass respectively.
These days market competition has fiercely increased due to increasing technology investment by various market players. Each player in the market is actively working on product advancement coupled with regional expansion. The Asia Pacific offers a huge consumer base to the smart glass manufacturers because of which several companies have planned their regional expansion in the Asia Pacific in the forthcoming years. In addition, some players are also involved in the joint venture or partnership activities to strengthen their market position.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2023 to 2033 considering 2024 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2025 to 2033.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Glass/Mirror in Automotive market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2023-2033 |
| Base Year | 2024 |
| Forecast Period | 2025-2033 |
| Historical Year | 2023 |
| Unit | USD Million |
| Segmentation | |
Functionality
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Technology
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Application
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Vehicle
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Region Segment (2023-2033; US$ Million)
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Key questions answered in this report
