India Bullet Resistant Glass Market is Anticipated Growing at a CAGR of 9.7% by 2024
Sales of bullet-resistant glass in India is estimated to be valued at INR 5.8 Bn by the end of 2016, up 8.1% Y-o-Y. The automotive sector is estimated to account for a bulk of the demand for bullet-resistant glass market by 2016 end and is expected to account for a market share of 56.8% by 2024 end.
The growth of automotive sector in India, infrastructural development in the financial sector, national policies and regulations mandating installation of bullet-resistant glass at locations vulnerable to man-made disasters are major factors fueling demand for bullet-resistant glass in India. However, failure of locally manufactured bullet-resistant glass to meet international quality standards and low-cost imports from China are factors anticipated to adversely hamper the growth of the bullet-resistant glass market in the country over the forecast period.
Among states, Maharashtra is expected to account for the highest share of the bullet-resistant glass market in India over the forecast period, owing to increasing demand from HNWIs. Delhi is estimated to account for a revenue share of 11.2% by 2016 end, registering y-o-y growth of 9.0% over 2015. Sales of bullet-resistant glass in rest of India—which includes Jammu & Kashmir, Chhattisgarh, Odisha, and Andhra Pradesh—is estimated to be valued at INR 848.3 Mn by 2016 end and is expected to expand at a CAGR of 10.1% over the forecast period.