According to study, “Global Automotive Rear-view Mirror Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” some of the other major companies currently operating in global automotive rear-view mirror market are SamvardhanaMothersonReflectec (SMR), Gentex Corp., Magna International Inc., Continental AG, MEKRA Lang, Ficosa International SA, Murakami Kaimeido,Tokai Rika Co., Ltd., Mitsuba Corp., Ichikoh Industries Ltd., Flabeg Automotive Holding GmbH, Ishizaki Honten Company Limited, Honda Lock Mfg. Co., Ltd., Burco Inc., Sakae Riken Kogyo Co., Ltd., SL Corporation, Mobvoi Inc., Shanghai Lvxiang, Flabeg, Sichuan Skay-View, Beijing Goldrare.
Automotive rear view mirrors are majorly a convex mirror that are designed to permit drivers to see rear-view of the vehicle’s rear window or rear the windshield. The rearview mirrors integrates driving recorder, GPS, ADAS, electronic speed detection alerting, navigation system, gesture recognition,entertainment, and voice operation.
The use of automotive rear-view mirror are installed to ensure safety, and use of focused novel technologies for expansion of innovative automotive rear view mirrors. Recently, the use of rear- view mirror have launched use of incorporation of a rear-view camera, which have wide use of display mirror converted over a video display which gives a panoramic sight of the objects behind the vehicle.
Based on type, global automotive rear-view mirror market is segmented into interior rear-view mirror and exterior rear-view mirror. Exterior mirrors aid in route changing & parking. Based on the product type, market is categorized into flat mirror, aspheric mirror or wide angle mirror, convex mirror, two piece tow mirror and two piece spotter mirrors. Based on component, type market is segmented into body shell, power fold unit, mounting base, mirror glass and others. Based on technology, market is segmented into smart rear view mirror and conventional rear view mirror. Based on feature type, market is segmented into heated, power adjusted, manual adjusted, signal, cross path detection, auto dimming or electro chromatic, and blind spot detection. The auto dimming mirror and blind spot detection provide better vehicle control & reduction in the accident. Based on position, market is segmented into side, dashboard, windshield, and interior roof. Based on vehicle type, market is defined as compact passenger cars, premium passenger cars, mid-sized passenger cars, luxury passenger cars, heavy commercial vehicles (HCV) and light commercial vehicles (LCV).
The global automotive rear-view mirror is driven by the increase in awareness about vehicle & passenger safety. Some of the other driving factors increasing the demand include premium segment vehicles and the growing trend of integrating the additional features. Apart from the major advantages, the other major restraints associated with the market include high replacement cost of smart rear-view mirror, followed by regulations pertaining to rear-view mirror etc. The integration of infotainment & navigation applications is major opportunity for market.
The North America region with the key countries US and Canada are the major automotive market in the world owing to increase the number of SUVs & mini trucks. Additionally, Asia Pacific region is further expected to support the risein middle class and increasing purchasing power. In Asia-Pacific region, China is the largest consumer of and is anticipated to retain the high growth rate due to substantial growth in the automotive industry. Globally, automotive rear-view mirror is projected to grow at a CAGR of about 2.1% over the forecast period and it is expected to reach US $8310 million in 2024, from US$ 7320 million in 2019.
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Ankur Gupta, Head Marketing & Communications