Rear-view mirrors assist in driving and keep drivers aware of his surroundings. This helps drivers enjoy a better driving experience. This has made the inclusion of rear-view mirror mandatory in cars of both affordable and luxury ranges. The global automotive rear-view mirror market can bank on these positive influences to enjoy a 6% CAGR during the forecast period (2020-2023).
Market Research Future (MRFR) claims that several factors can chart the future course for the market.
Technological advancements, ability to block headlights of other cars with smart mirrors, increasing demand for advanced safety measures are factors that can impact the automotive rear-view mirror market. However, the intense competition among automotive manufacturers can also impact the automotive rear-view mirror market as this drives them towards innovation and the intent of making a mark in the industry by creating a differentiating factor.
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Mounting position, location, technology, and features are the four major segments in which MRFR segmented the global automotive rear-view mirror market for a better understanding. This study focuses more on the data-centric analysis to provide a good grasp of the entire market during the forecast period.
By mounting position, the automotive rear-view mirror market can be segmented into body-mounted and door-mounted. The door-mounted variety has the maximum market taker. And it is getting significant market traction due to the ease and freedom the system provides. Also, the feasibility in changing the part as per requirement is providing the segment much thrust.
Based on the location, the automotive rear-view mirror market can be segmented into an interior rear-view mirror and exterior rear-view mirror. Both varieties enjoy significant market penetration. However, the interior rearview mirror gets better customization options. At present, this can be transformed from a normal screen to a digital screen. This offers drivers a better scope in managing their driving style.
Based on the technology, the automotive rear-view mirror market can be segmented into a conventional rear-view mirror and smart rear-view mirror. The smart rear-view mirror segment is costly but comes with a lot of options. The conventional one is far more cost-effective and is perfect for cheaper car models.
Based on the features, the automotive rear-view mirror market can be segmented into power-controlled, auto dimming, turn signal indicator, blind spot detection, and auto foldable. The signal indicator, auto folding option and power-controlled are three types gaining substantial traction in the market. However, in luxury cars, segment features such as the auto dimming mirror and blind spot detection gain substantial acknowledgment.
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North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW) are regions getting considered in the reading of the global automotive rear-view mirror market. The market in North America is one of the biggest markets owing to a high number of automobile-users. This gives the automotive rear-view mirror market considerable leverage for strategic decisions in the coming days.
The APAC market has emerged as one of the strong zones for the regional market progress. Rising disposable income and massive population are providing thrust to the regional market for better possibilities of expansion. The region is also doing substantially well in getting expanded as many of the global titans are making their moves to enjoy regional benefits such as cheap labor and easy availability of products. Europe is expected to show remarkable growth in terms of high-end cars.
Several companies are getting involved in the global automotive rear-view mirror market to benefit from the surge in automotive sales. These companies are employing strategies for better individual growth, and their steps take the global market ahead. These companies are Ficosa International S.A. (Spain), FLABEG Holding GmbH (Germany), Gentex Corporation (U.S.), Magna International Inc. (Canada), Burco Inc. (U.S.), SL Corporation (South Korea), Lumax Automotive Systems Ltd (India), Valeo SA (France), Ichikoh Industries, Ltd. (Japan), Honda Lock Manufacturing (Japan), and Murakami Corporation (Japan).
Gentex recently launched a new type of rear-view mirror that would stream the back view of a car in the rear-view mirror. The rear-view mirror would do this with live video streaming. This technology is to help the driver with the actual state of the back side using a mirror with an integrated liquid crystal display.
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