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 Automotive Rear View Mirror Market
Posted on : Wednesday, 06 November, 2019  10:30
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Automotive Rear View Mirror Market is estimated to propel US$ 16.01 Bn in 2026 and is expected to grow at a CAGR of 5.09% during the forecast period. The main function of the automotive rearview mirror market is given to the driver a clear vision of all the objects to the side or rear of the vehicle. Also, safeties of passengers and vehicles have become the prime concern for consumers and OEMs are integrating different safety features in the automotive mirror which drives the rear-view mirror market. The rear view mirror market covers vital aspects like the collection of data from the rearview camera and projecting it onto the rear view mirror screen, switching of the rear view mirror between a conventional mirror and digital screen.

Increase in stringency of vehicle safety standards is the main factor driving market growth. Increases in demand for premium vehicles have further raised demand for rear-view mirrors. Concerns related to the safety of drivers and passengers in cases of accidents are one of the key factors driving the growth of the rear view mirror market. The growing demand for safety systems with an increase in the number of vehicles is projected to fuel the demand for global automotive rear view mirror market. With the advanced technology, concept cars are coming with camera installed instead of mirrors. Cameras possess various advantages over traditional automotive rear view mirrors and help improve safety. This jump in technology is estimated to restrict the growth of the automotive rear view mirror market.

Automotive Rear View Mirror Market

Automotive rear view mirror market is segmented into type, features, product, mounting location, vehicle type, and region. On the basis of type, the exterior mirror segment is expected to dominate the automotive rear view mirror market during the forecast period. The use of exterior mirrors is imperative in all types of vehicles. The use of exterior mirrors is essential in all types of vehicles. Exterior mirrors are the option to side view ones. They aid in route changing and parking. Furthermore, they assist avoid accidents, driving fatigue, and traffic violations. Based on features, the heating function segment dominated the market in 2017 and is estimated to continue its dominance over the forecast period. The most commonly used features are the heating, automatic foldable and power controlled variety. The more expensive features are auto dimming mirror and blind spot detection offer better vehicle control and reduction in the accident. In terms of product, the smart rear view mirror is costly and offers more plenty of options in terms of the functionality. The conventional rear view mirror is a more cost-effective option and can be fitted even in budget vehicles. The market for smart rear-view mirror is expected to grow at the highest rate during the forecast period.

On the basis of mounting location, the door mounted variety is more commonly used. This is mainly due to the comfort and freedom it provides in syndicating the electrical and electronic system. These assist in easy mirror part replacement and repair if needed. They can be adjusted by the driver as per convenience and visibility. The body-mounted segment is projected to be illustrating the highest growth rate by 2026. Demand for the same is the increase in as heavy commercial vehicles, such as trucks or carriers, do not have interior rear-view mirrors. Based on vehicle type, the passengers' segment holds the dominant share in the rear-view mirrors market and is anticipated to expand at a CAGR of 6.5% over the forecast period. The light commercial vehicle segment is projected to witness the fastest growth over the upcoming years.

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