Rear-View Mirror Market for Automotive Booming by Top players Magna International, Samvardhana Motherson Reflectec and Ficosa International S.A.
The Rear-ViewMirror 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.
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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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