PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401351
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1401351
Global Automotive Smart Window Market is valued at approximately USD 1.68 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 20.1% over the forecast period 2023-2030. Automotive Smart Windows are an innovative technology designed to enhance the functionality and comfort of vehicles while also improving their energy efficiency. These windows are typically made with special materials or coatings that can change their opacity or tint in response to various factors such as sunlight, temperature, or user preferences. The Automotive Smart Window market is expanding because of factors such as the surge in demand for electric and hybrid vehicles, high demand from the passenger car segment, and rising demand for ADAS in automobiles.
The global automotive industry is undergoing a significant transformation towards electrification, with numerous automakers increasingly focusing on electric vehicle (EV) production. As EVs gain traction due to their environmental benefits and improved performance, automakers are striving to enhance the overall driving experience, which includes integrating advanced technologies such as smart windows. Smart windows in EVs not only enhance the vehicle's aesthetics andalso contribute to energy efficiency by reducing the need for air conditioning, thus extending the driving range on a single charge. The International Energy Agency states that there were more than 16.5 million electric vehicles in use worldwide in 2021, an increase of 61% is 10.2 million units in the year 2020. Moreover, the U.S. Environmental Protection Agency announced new exhaust pollution limits in April 2023, mandating that 67% of newly registered vehicles in the U.S. be all-electric by 2032. In addition, as per Statista, in 2022, 57.5 million passenger automobiles were sold, representing a 1.9% increase year on year. In 2022, Chinese travelers purchased approximately 23.56 million passenger cars. Thus, the rising demand and adoption of electric vehicles and passenger cars are driving the market growth. Moreover, rising demand for advanced vehicle features and rising technological advancement are creating new opportunities for the market. However, the high cost of automotive smart windows stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Automotive Smart Window Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2022, the Asia Pacific region exhibited market dominance driven by several factors, including the increasing embrace of electric vehicles, heightened government efforts to encourage electric vehicle telematics adoption and advancements in technology. Conversely, Europe is anticipated to witness substantial market growth, primarily due to the burgeoning automotive industry, robust government initiatives aimed at fostering electric vehicle adoption, and a growing emphasis on investments in connectivity and IoT integration within electric vehicles across the region.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable