The global Smart Glass Market is predicted to garner a revenue of USD 13.19 Billion by 2027, as per the latest study by Emergen Research. The sales of light and heavy-duty vehicles has witnessed a soaring demand due to the increasing expenditure in the emerging economies. This is boosting the expansion of smart glass in the automotive industry. The rise in the total number of on-road vehicles and the kilometers driven is likely to propel the adoption of smart glasses. The market growth is also driven by the rising replacement volume of glasses in the automotive industry. The prevalence of smart glass in the automotive industry is also driven by the extreme road and weather conditions. However, the reluctance to fix minor damages until the vehicle is put for sale is impacting the sales and turnover of recent and used vehicles. This is further impacting the requirement for smart glasses in the automobile industry vertical.
The smart glasses find usage in various industry verticals such as aviation, automotive, and other transport applications that require glare and heat management. These smart glasses are deployed in windows, sunroofs, windshields, and rearview mirrors. They provide resilient protection against UV rays, reduce glare, and manage the heat inside the vehicles. Moreover, they increase the efficiency of vehicles by reducing the consumption of energy.
Although smart glass technology has been in use for a long time, the industry has just started gaining momentum. With the development of volume production units, the industry players are anticipated to attain scalability. With the rising production volume, smart glasses’ prices are anticipated to decrease by more than 35%.
Key Highlights from the Report:
- In 2019, the electrochromic smart glass technology contributed significantly to the market revenue and is expected to hold its dominance during the forecast years owing to its extensive usage in rearview mirrors in the automobile vertical. Advancements in product development have expanded their application in windows and sunroofs.
- While the electrochromic smart glasses are not extensively used in building or architectural sectors, it is presumed to change the dynamics’ design industry. It is presumed to hold a significant market share over the projected timeline. The adoption of electrochromic smart glass is anticipated to witness a rapid rate in the commercial infrastructure and government buildings.
- The transportation application segment is presumed to account for the market’s largest share through the projected timeline due to the rapid incorporation of smart glasses in automobiles, leveraging their remote access capability, antiglare property, and dynamic light emission adjustment property.
- North America led the market in 2019 with the largest market share. However, Europe is anticipated to command the market in the estimated timeframe, with the United Kingdom registering massive sales figures. The increasing disposable income, technological upgradations, and economic rise are presumed to bolster the market growth in the region during the estimated years.
- Moreover, the soaring demand for clean energy and energy-efficient products is also presumed to be a major market driver. In addition to this, the advantages of smart glasses in maintaining the vehicle’s internal temperature during uncertain weather conditions in Europe are further adding traction to the market growth in the region.
- Some of the prominent players operating in the industry are Smartglass International, AGC Inc., Central Glass, NSG Group, Polytronix, Saint-Gobain, View Inc., TaiwanGlass Group, Hitachi Chemicals, AGP Americas, SPD Control Systems, Innovative Glass Corp, Fuyao Glass, and Gentex Corporation, among others.
- View Dynamic Glass, an American smart glass firm, in November 2018, closed a massive USD 1.1 billion funding round led by Softbank Vision Fund. The funding would be used for the manufacturing of dynamic glass windows capable of changing the tint on windows to let a controlled amount of natural light pass through the window without blocking any view.
For the purpose of this report, Emergen Research has divided the Global Smart Glasses Market based on application, technology, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Power Generation
- Consumer Electronics