Increasing Customer Spending on Vehicles Boost Automotive Glass Market

The automotive glass market is estimated to touch USD 2,317.8 million in 2023, which will touch USD 3,310.4 million, propelling at a 5.3% compound annual growth rate, by 2030.

The progression of this industry is primarily ascribed to the constant rise in automotive manufacturing all over the world. Moreover, the demand for glass with enhanced safety features is increasing due to the rising focus of the automobile sector on passenger safety.

Furthermore, government guidelines also mandate specific safety features, which has encouraged the implementation of laminated and tempered glass, which is durable.

The laminated category, based on glass, will be a significant contributor to the industry, with a 45% share, in 2023. The increasing customer requirement for luxury, comfort, and safety is making this material a popular option among automobile manufacturers, mainly in high-end vehicle models.

The windshields category, on the basis of application, will account for the largest automotive glass market share, in 2023. This can be because windshields are essential to guarantee passengers’ safety. They act as a physical barrier between the exterior and safety, defending residents from insects, flying objects, rain, wind, or various other possible hazards.

Furthermore, to comply with the shifting requirements of vehicle consumers, original equipment manufacturers are cooperating with component makers to enhance glass safety, usefulness, and performance.

APAC will be a significant contributor to the automotive glass industry, with a share of 45%, in 2023, and it will further propel at a 5.0% CAGR during this decade. This can be ascribed to the flourishing automobile sector of this region, which led to the surging sales and production of automobiles in India and China.

In addition, the number of middle-class populaces who own automobiles is increasing continuously, leading to the surging need for automotive glass in this region.

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What are Key Factors Fuelling the Surge of Indian Advanced Driver Assistance Systems Market?

One of the biggest factors propelling the demand for advanced driver assistance systems (ADAS) in India is the rising incidence of road accidents in the country. Since the last few years, there has been a massive surge in the prevalence of road accidents and fatalities in the country, which have consequently boosted the need for the installation of ADAS in vehicles in order to improve vehicular safety. The Government of India (GOI) intends to make the integration of ADAS in passenger vehicles mandatory by 2022, in order to reduce the incidence of road accidents in the country.

The other important factors responsible for the surge in the demand for ADAS in India are the soaring disposable income of people and the increasing demand for vehicles equipped with automated artificial intelligence (AI)-driven systems. 

Nowadays, people are preferring vehicles equipped with various types of advanced systems, mainly on account of their higher purchasing capability and the rapid technological advancements in the automotive sector. Driven by these factors, the Indian advanced driver assistance systems market size is predicted to witness rapid growth during the forecast period (2020–2030).

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The biggest trend currently being observed in the Indian ADAS market is the increasing number of technical collaborations amongst the major automobile and ADAS manufacturing companies. These collaborations are being formed mainly in order to meet the surging technology demands in the country. 

Moreover, the rapid technological advancements are significantly boosting the need for enhanced safety and comfort features in vehicles, which is in turn, propelling the demand for vehicles equipped with ADAS, in the country. For instance, Mando Corp. signed a contract for the supply of ADAS, with Mahindra & Mahindra Ltd. in April 2019.

Hence, it is clear that owing to the increasing prevalence of road accidents in the country and the rising disposable income of the people, the demand for ADAS is expected to shoot-up in India over the next few years.

Read more: https://www.psmarketresearch.com/market-analysis/india-adas-market

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Business impacts of COVID-19 on Urban Air Mobility Market. Strategies of major industry competitors

The traffic on roads is increasing at a rapid pace day-by-day. These days, people are able to afford vehicles easily and the number of public transport vehicles has also risen considerably in the past few years on account of the growing population. Road congestion is a major problem in urban and highly populated cities, and results in wastage of time and also impacts economic growth. Take for instance the situation in the U.S., where people spend about 90 hours in traffic jams each year, on an average. This increases the transportation expenditure of people by more than $1,000. The situation is same, if not much worse, in countries such as China and India.

As per a report by P&S Intelligence, the global urban air mobility market is predicted to reach $895 million by 2023, and it is expected to generated a revenue of $6,889.4 million by 2030, advancing at a 33.9% CAGR during the forecast period (2023–2030). Among passenger and cargo aircraft type, the larger demand in 2023 is projected to be registered for passenger flights. Air taxi, air ambulance, and airport shuttle come under UAM passenger flights. These services are expected to be available for both intercity and intracity commuting. At the present time, aircrafts are being developed for intracity travel due to the strict regulations and limitations in battery technology.

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This being said, the demand for intercity travel is also predicted to rise considerably in the near future, since with technological advancements in battery, motors, and in the fuselage, the range of electric vertical take-off and landing (eVTOL) aircraft will increase as well, thereby allowing people to travel easily from one city to another. Piloted and autonomous are two aircrafts types which are going to be used for UAM. Between these two, the utilization of autonomous aircrafts is projected to be higher in 2030, as they are being considered to be the better suited option for passenger and cargo services.

In the coming years, North America is expected to emerge as the largest urban air mobility market in throughout the time period 2023–2030. This is due to the fact that major cities in the U.S. are registering high traffic congestion, which, in turn, would result in the rapid adoption of airport shuttle and taxi services. Apart from this, the demand for UAM services is also predicted to rise considerably in Europe in the coming years, which is ascribed to the heavy investments in the domain by France and Germany for procuring the eVTOL technology for commercial applications.

In conclusion, the surging road congestion is driving the demand for UAM services. 

Read more: https://www.psmarketresearch.com/market-analysis/urban-air-mobility-market

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