(EMAILWIRE.COM, July 05, 2019 ) 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 market for automotive is primarily driven by the increasing awareness about vehicle and passenger safety.
Exterior mirror is projected to be the largest segment of automotive rear-view mirror market
The exterior mirror segment is projected to dominate the automotive rear-view mirror market, in terms of value, during the forecast period. The use of exterior mirrors is imperative in all types of vehicles. Passenger cars commonly have two exterior mirrors. However, in the case of trucks and buses, the number of exterior mirrors is higher than passenger cars. Exterior mirrors often comprise features such as auto dimming, blind spot detection, and turn signal indicator. OEMs are increasingly offering these features in the exterior mirror.
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“The market for smart rear-view mirror is estimated to witness the highest growth in the automotive rear-view mirror market”
The smart rear-view mirror comprises services and features such as telematics, infotainment, navigation, and integrated camera display. Leading OEMs are adding new features in the rear-view mirror and increasingly adopting smart rear-view mirror to gain a competitive advantage in the market. The advanced services such as telematics and integrated camera technology with mirrors provide enhanced visibility with real-time information to the driver. Due to increasing adoption of the smart rear-view mirror, the market for smart rear-view mirror is expected to grow at the highest rate during the forecast period. However, in terms of market size, the conventional rear-view mirror is estimated to dominate the rear-view mirror market.
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Asia-Pacific expected to be the largest market for automotive rear-view mirror market
Asia-Pacific is estimated to dominate the automotive rear-view mirror market during the forecast period. The region represents countries such as China, Japan, South Korea, and India with the worlds highest vehicle production. The demand for the automotive mirror is directly linked to the vehicle production in this region. According to the Organisation Internationale des Constructeurs d Automobiles (OICA) publication, these countries together contributed ~48% to the global vehicle production in 2016.
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The automotive 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), Ficosa International S.A. (Spain), Gentex Corporation (U.S.), and Murakami Corporation (Japan).
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