16th August 2019 – Rear-view
Mirror Market is anticipated to reach USD 15.76 billion by 2025. It is
anticipated to grow at a healthy rate in the years to come. The important
function of rare-view mirror is to provide the driver a clear vision of all the
objects at the side of the vehicle. To confirm safety, manufacturers are
concentrating on innovative technologies for the growth of rear-view mirrors.
For instance, a newly launched rear view mirror includes a rear camera, where
the whole display mirror is changed into a video display that offers a
panoramic view of the things behind the car.
In addition, the advancement in the
technology, concept cars are coming with camera installed instead of mirrors;
which will upsurge the demand for rare-view mirror. On the other hand, high
cost of cameras as compared to traditional rear-view mirrors will hamper the
market in the years to come. The rear-view mirrors market is anticipated to
grow at a significant CAGR of 5.7% in the upcoming period as the scope, product
types, and its applications are increasing across the globe.
Rear-view mirror industry may be
explored by feature type, mounting location outlook, product type, type
outlook, vertical outlook, and geography. It may be explored by feature type as
Blind Spot Detection, Auto-Dimming, Power Control, Heating Function, Automatic
Folding, and Others. The “heating function” dominated the market in 2016 and is
anticipated to remain its dominance over the upcoming period.
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Rear-view mirror industry may be
explored by mounting location outlook as Door Mounted, and Body Mounted. The
“Door mounted” segment is anticipated to dominate the rare-view mirror market
in the forecast period. It is also termed as “Wing Mirrors” and are extensively
used in luxury vehicles.
Rear-view mirror market may be explored
by product type as Smart Rear-View Mirror, and Conventional Rear-View Mirror.
It may be explored by type as Exterior Mirror, and Interior Mirror. The
Exterior mirror is anticipated to dominate the automotive rare-view mirror
market in the forecast period. The usage of exterior mirrors is essential in
all types of vehicles. The passenger cars usually have two exterior mirrors.
However, in the case of buses and trucks, the number of exterior mirrors is
higher than passenger cars. Exterior mirrors frequently comprise features such as
blind spot detection, auto dimming, and turn signal indicator.
Rear-view Mirror industry may be
explored by Vertical Outlook as Passenger Vehicles, and Commercial Vehicles.
The Passenger vehicle is anticipated to dominate the automotive rare-view
mirror market in the forecast period. Passenger vehicles comprise all
personal-use transportation vehicles, such as luxury vehicles, SUVs, and
sedans, and are usually considered to accommodate five to eight persons.
Asia-Pacific accounted for the major
share of the Rear-view Mirror Market Size in 2016 and will continue to lead in
the forecast period as demand for automotive mirror is directly associated to
the vehicle production in this region. The Asia-Pacific represents countries
such as South Korea, China, India, and Japan. These regions, with the world’s
highest vehicle manufacturing units, will upsurge the demand for the market in
the upcoming period.
Some of the key players that fuel the
growth of the rear-view mirror industry include Magna International Inc.,
Murakami Corporation, Ichikoh Industries Ltd., Samvardhana Motherson Reflectec,
Lumax Automotive Systems Ltd, Flabeg Automotive Holding GmbH, SL Corporation,
Ficosa Internacional SA, Burco Inc., Valeo SA, and Gentex Corporation. The
leading companies are taking up partnerships, mergers and acquisitions, and
joint ventures in order to boost the inorganic growth of the industry.
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