The demand for premium vehicles and their parts, including windshield and sunroofs, seems to be driving the forecasted market as industries and people recover from COVID-19.
At the start of 2020, research for new auto glass technology drove the industry with a CAGR of around 7%, but as the year unfolded, this demand went down below 1%. Since cars weren’t really being used much, the only service driving the industry was that of windshield replacement.
However, the recovering economy has ushered in a demand for premium vehicles, including sports cars and feature-rich ones. The expected CAGR is forecasted to be just over 3% during 2020-2024 according to Technavio.
The increased demand is led by Asia-Pacific countries, followed by the US and European nations. This optimistic forecast looks promising for all auto glass manufacturers and those in the repair and replacement business.
It is important to note here that repair and maintenance providers didn’t suffer much as innovative ways of offering said services came into existence during the pandemic. These include mobile windshield replacement, no-contact windshield repair, and more.
Windshield technology itself has also driven an increase in demand, as most of these technologies focus on safety and accessibility for the driver. There is also the concept of assisting passengers via enhanced auto glass technology, such as Smart Window Display View, also known as Feel the View.
Auto glass revolves around the convenience of the driver and passengers and therefore the industry won’t fall short anytime soon. At the same time, windshield repairers need to be vigilant because of new technologies. They need to ensure cost-effective repair and windshield replacement for all – while doing a remarkable job as well.
If you’re looking for a trustworthy, reliable, convenient, and cost-effective windshield replacement or repair company, consider True Blue Auto Glass. One call – that’s all it’ll take!