Rear-View Mirror Market for Automotive is projected to grow at a CAGR of 5.39% from 2017 to 2022, to reach a market size of USD 12.97 billion by 2022.
Posted April 4,2019 in Science and Technology.
The Rear-View Mirror Market for Automotive is projected to grow at a CAGR of 5.39% from 2017 to 2022, to reach a market size of USD 12.97 billion by 2022. Factors such as increasing awareness about passenger and vehicle safety and trend of integrating additional features are expected to drive the demand for smart rear-view mirrors during the forecast period.
According to Federal Motor Vehicle Safety Standards (U.S), all cars are required to have side and rear-view mirrors. The Alliance of Automobile Manufacturers has filed a petition to update these standards and allow them to replace side mirrors with cameras. If the National Highway Traffic Safety Administration (NHTSA) allows the replacement of side mirrors with the camera, it will change the landscape of the automotive mirror industry in the U.S. Changes in the European regulation allow mirrorless cars for road testing purpose. Likewise, Japanese regulators have approved the use of camera technology to replace mirrors on cars in 2017. This mixed scenario of regulations across the globe is a challenging situation for tier 1 players to form a coherent global strategy.
The study estimates Asia-Pacific as the fastest growing market for smart rear-view mirrors during the forecast period. The market growth in this region can be attributed to increased vehicle sales and cost competitiveness for original equipment manufacturers. The demand for automotive mirrors is directly linked to the vehicle production in the region. The companies involved in the production of mirrors and their components have started focusing on the Asia-Pacific market to cater to the growing demand. Almost all top tier 1 players are present in the region, either through a joint venture or subsidiary company. Hence, the Asia-Pacific market will act as a new revenue pocket for the automotive mirror manufacturers.
The blind spot detection is projected to grow at the fastest rate owing to the inclination of governments and consumers toward additional safety attributes of vehicles. Asia-Pacific is estimated to be the fastest growing market for blind spot detection in the automotive mirror. OEMs in this region are increasingly adopting rear-view mirrors that have blind spot detection feature. North America is estimated to be the second fastest growing market for blind spot detection. On the other hand, Europe is estimated to have the largest market share, by volume, of blind spot equipped automotive mirrors.
The smart rear-view mirror is estimated to be the fastest growing segment of the rear-view mirror market, by product. The smart rear-view mirror is enriched with features and services such as telematics and integrated camera technology. Currently, OEMs offer these services in their premium vehicle models. However, these will soon be adopted in the other vehicles also. The market for smart rear-view mirror is expected to grow at the fastest rate owing to increasing adoption by OEMs.
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