Advanced Vehicle Side Mirror: Introduction
- The primary purpose of the automotive side view mirror is to offer the driver a clear view of all the objects to the side or at the rear of the vehicle. Side view mirrors perform a key a role in maintaining driver safety on the road. Advanced mirrors comprise a camera and screen, and do not have any glass in them. Two rear-facing cameras replace the traditional side view mirrors.
- Rise in penetration of advanced vehicle side mirrors, globally, is attributed to an increase in technological advances in vehicle safety systems, which offer the driver a more detailed view of his surroundings. However, in traditional mirrors, visibility reduces due to rain and snow. Advanced side view mirrors provide an accurate view of the vehicle surroundings.
Key drivers of advanced vehicle side mirror market
- Advancements in vehicle side view mirrors are likely to propel the global advanced vehicle side mirror market. Advanced features, such as heated mirrors, LED turn indicators, and electric control, were offered only in passenger vehicles. However, the number of electrically adjustable ORVMs (Outside Rear View Mirrors) installed in medium and heavy-duty trucks have increased over the last few years. Automotive OEMs are offering advanced vehicle management systems (ADAS) with electrically adjustable ORVMs (Outside Rear View Mirrors) in pickup trucks.
- An advanced vehicle side mirror enhances safety by displaying illuminated signals on the side view mirrors and alerts driver about obstacles in the driver’s blind spot. The trend of offering such advanced features in side rear-view mirrors for trucks and cars is boosting the market.
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Asia Pacific to hold prominent share of global advanced vehicle side mirrors market
- Automakers are emphasizing on enhancing security and safety of vehicles in order to cater to a rise in consumer demand for safer and secure vehicles. The factors mentioned above drive the global market for digital side view mirrors; however, lack of stringent global regulations and vehicle standards is a key challenge for automakers. Absence of such standards fails to guarantee the life of side view mirrors. Rise in integration of advanced functions in electrically adjustable ORVMs is a key driver that is projected to boost the market during the forecast period.
- Increase in demand for luxury cars in countries such as Germany, France, and Russia in Europe is boosting the market in the region. For instance, in 2018, Volkswagen and BMW sold 541,200 and 319,134 units of luxury vehicles, respectively, in Germany, which accounted for approximately 18% and 2.5% rise in sales, respectively, as compared to sales of 531,600 and 311,071 units of luxury vehicles, respectively, in 2018. Furthermore, presence of automotive giants, such as Robert Bosch GmbH, Ficosa Corporation, in the manufacture of side view mirrors is likely to drive the advanced vehicle side mirror market globally.
Key players operating in advanced vehicle side mirror market
The advanced vehicle side mirror market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global advanced vehicle side mirror market are:
- Continental AG
- Mitsubishi Electric Corporation
- Robert Bosch GmbH
- Ficosa International
- Magna International Inc.
- Motherson sumi systems Ltd.
- Continental AG
- Murakami Corporation
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Global Advanced Vehicle Side Mirror Market: Research Scope
Global Advanced Vehicle Side Mirror Market, by Vehicle Type
- Passenger Vehicle
- Commercial vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Advanced Vehicle Side Mirror Market, by Type
- Interior Side Mirror
- Exterior Side Mirror
Global Advanced Vehicle Side Mirror Market, by Features
- Blind spot detection
- Power control
Global Advanced Vehicle Side Mirror Market, by Technology
- Camera Based
- Radar Based
- LiDAR Based
Global Advanced Vehicle Side Mirror Market, by Mounting Location
- Body mounted
- Door mounted
Global Advanced Vehicle Side Mirror Market, by Product
- Smart rear view
- Conventional rear view
Global Advanced Vehicle Side Mirror Market, by Component
Global Advanced Vehicle Side Mirror Market, by Autonomous Type
- Semi-autonomous Vehicle
- Fully autonomous Vehicle
Global Advanced Vehicle Side Mirror Market, by Sales Channel
Global Advanced Vehicle Side Mirror Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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