Electrochromic Glass Market is Influenced by Surging Demand From Automotive, Medical & Healthcare, Aerospace and Other Sectors During the Forecast Period 2022-2027

The Electrochromic Glass Market size is estimated to reach US$2.9 billion by 2027, after growing at a CAGR of 7.5% during the forecast period 2022-2027. The growth of the Electrochromic Glass market would be highly influenced by surging demand from automotive, medical & healthcare, aerospace and others. Electrochromic Glass is a smart glass or dynamic glass that controls the passage of radiation and energy consumption. This electronically tintable glass has significant applications in windows, skylights, facades, electrochromic coatings in vehicles and others, thereby boosting demand. In addition, rapid growth from the automotive industry acts as a driver for the electrochromic glass industry. The growing medical sector, along with a flourished base for automotive, aerospace, construction and other sectors is fueling the growth scope for the Electrochromic Glass industry. 

Electrochromic Glass Market: The Automotive Segment Leads the Market

Based on the end-use industry, the Electrochromic Glass market can be segmented into automotive, medical & healthcare, building & construction, aerospace, electronics and others. The leading segment in the electrochromic glass industry has been evaluated to be the automotive industry. During the forecast period 2022-2027, the automotive industry is projected to grow with a CAGR of 7.7%. This can be attributed to growth factors such as increasing vehicle manufacturing, initiatives for vehicle electrification and industrialization. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4-282.8 billion by the year 2026. Thus, the Electrochromic Glass industry would grow significantly as a result of emerging applications of Electrochromic Glass in the automotive sector for windshields, car windows, screens and others over the forecast period.

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Electrochromic Glass Market: Asia-Pacific Holds the Largest Market Share

Based on geography, the Electrochromic Glass market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, Asia-Pacific held a 44% share of the total revenues earned by the market globally. The APAC region is estimated to grow rapidly due to the established base for transportation, increasing construction activities and urbanization trends. The automotive sector is lucratively growing in APAC due to surging demand for fuel-efficient vehicles, an increase in automotive production and rising income levels. According to the Federal Chamber of Automotive Industries, the new vehicle registration in Australia represented an increase of 1.2% with 101,233 units in March 2022 compared to March 2021. With robust growth scope for Electrochromic Glass in the automotive industry for coatings in door panels, windshields and others across APAC countries, the electrochromic glass industry would emerge significantly over the forecast period. The Electrochromic Glass market would also gain demand from the North American region. The USA, Canada and others are emerging countries in the Electrochromic Glass industry.  

Electrochromic Glass Market: Competitive Landscape

The key companies holding major shares in the Electrochromic Glass market are SAGE Electrochromics, Inc, Chromogenic AB, EControl-Glas, Magna Glass & Window, Inc., Guardian Industries, View, Inc., Asahi Glass Company, Gentex Corporation and Hitachi Chemical Co. Ltd.