Rear-View Mirror Market for Automotive by Product (Conventional and Smart), Feature (Auto dimming, BSD, Power Control, Automatic Foldable, Heated, Indicator), Type, Mounting Location, Vehicle Type, and Region - Global Forecast to 2022
Posted March 3,2019 in Science and Technology.
The Rear-View Mirror Market for automotive was estimated to be USD 9.53 Billion in 2016 and is projected to grow at a CAGR of 5.39% during the forecast period. The base year for the report is 2016 and the forecast period is 2017 to 2022. The rear-view mirror market for automotive is primarily driven by the increasing awareness about vehicle and passenger safety. Additionally, the trend of integrating additional features in automotive mirrors has led to a rise in demand for rear-view mirrors. OEMs have launched new variants in mirrors with advanced features for driver assistance.
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Blind spot detection is estimated to be the fastest growing automotive mirror feature globally, in terms of volume. Blind spot detection system detects the distance and closing speed of objects in adjacent lanes. It also alerts the driver if a collision is imminent. The growth of this segment can be attributed to its ability to prevent blind spot accidents. However, the power control feature of the mirror is estimated to dominate the automotive rear-view mirror market. The driver can control the mirror without any manual effort.
The smart rear-view mirror is estimated to be the fastest growing product of the automotive rear-view mirror market. On the other hand, the conventional rear-view mirror is estimated to be the largest market. The market for smart rear-view mirror is in the high growth stage. Leading OEMs are adding new features in the rear-view mirror and are adopting smart rear-view mirror to gain competitive advantage. While the interior mirror market is estimated to grow at the fastest pace, the exterior mirror has the largest market size. In the interior mirror, OEMs are adding features such as camera monitoring, navigation, and infotainment. Likewise, OEMs are also adding features in the exterior mirror.
Asia-Pacific is estimated to dominate the automotive rear-view market during the forecast period. The region has emerged as a major automotive hub with the majority of the market share of vehicle production as well as sales. Almost every major automotive mirror manufacturer is present in the Asia-Pacific region. The demand for automotive mirrors is directly linked to the vehicle production in this region. To cater the growing demand and capitalize on cost efficiencies, the companies involved in the production of rear-view mirrors and their components have started focusing on the Asia-Pacific market. Being the largest market for automobiles, the Asia-Pacific region is estimated to witness the largest demand for automotive rear-view mirrors.
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A key factor restraining the growth of the automotive rear-view mirror market is the high cost of replacement. The smart rear-view mirror involves complex interlinking of electronic systems. It also increases the overall cost of the vehicle. If the conventional mirror gets damaged, it is easy to replace and cost effective. However, if a smart rear-view mirror gets damaged, the customer has to replace the rear-view mirror system. The high cost involved is restraining the growth of the automotive rear-view mirror market. The rear-view mirror market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Magna International (Canada), Samvardhana Motherson Reflectec (Germany), Gentex Corporation (U.S.), Ficosa International S.A. (Spain), and Murakami Corporation (Japan).
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