Global Automotive Rear View Mirror Market: Snapshot
The global automotive rear view mirror market is expected to grow at a fast pace in the next few years. The introduction of advanced features that are likely to ensure safety to vehicles is predicted to ensure the growth of the overall market in the next few years. As per the market research report presented by Transparency Market Research, the global market for automotive rear view mirror in 2017, stood at US$8.96 bn and is projected to reach a value of US$11.13 bn by 2022. The market is further anticipated to exhibit a 4.40% CAGR between 2017 and 2022.
Growing Demand for Advanced Safety Features to Drive Market
The growing demand for premium segment vehicles is one of the prime factors that is estimated to support the growth of the automotive rear view mirror market in the next few years. The growing trend of integrating the additional features and the increasing awareness among people regarding the passenger and vehicle safety are projected to enhance the market growth in the near future. On the flip side, the high cost of replacement of smart rear-view mirror and the rules and regulations pertaining to the rear-view mirror are estimated to curb the market growth in the near future. Nonetheless, the rising integration of infotainment and navigation applications are expected to create several growth prospects for the players in the next few years.
The global market for automotive rear view mirror has been categorized on the basis of product into five important segments and among these, the flat mirror segment is projected to account for a large share of the market in the next few years. The rising demand for flat mirrors due to the growing preference of consumers are projected to accelerate the market growth throughout the forecast period. As per the research study, this segment is projected to hold a 27.10% share of the market by the end of 2022 and further exhibit a strong growth rate in the coming few years.
Europe and North America to Gain Traction in Coming Few Years
Among the key regional segments, Europe and North America are projected to witness high growth in the coming few years, thanks to the presence of a large number of leading players. The rise in the adoption of new technology and the strict rules and regulation regarding safety are projected to enhance the growth of these two regions in the near future. In addition to this, the increasing spending capacity of people and the advent of new products are likely to support the market growth in the near future. On the other hand, Asia Pacific is likely to register a strong growth in the near future, thanks to the high rate of urbanization. Moreover, the rising disposable income of consumers and the increasing contribution from India and China are expected to propel the automotive rear view mirror market in the next few years.
The global market for automotive rear view mirror is fragmented in nature with several players operating in it. Advancements and developments and the increasing focus on the research activities are projected to accelerate the market growth in the next few years. In addition to this, the rise in the number of collaborations and mergers are likely to enhance market growth in the near future. The key players operating in the automotive rear view mirror market across the globe are FLABEG, Ficosa, SL Corporation, Valeo SA, Continental AG, Murakami, Gentex Corporation, Honda Lock Manufacturing, Magna International, Tokai Rika, Ichikoh Industries Ltd., Sakae Riken Kogyo Co., Ltd., Samvardhana Motherson, and Burco Inc.
Global Automotive Rear View Mirror Market: Overview
This report on the global automotive rear view mirror market aspires to serve as a credible business tool for targeted audiences such as the manufacturers of automotive rear-view mirror, automotive component suppliers, automotive original equipment manufacturers (OEMs), industry associations and other driver assistance systems manufacturers, and the end users of the automotive industry. The report provides in-depth assessment of every driver or restraint, catches the latest trends, segments it to represent the lucrativeness of smaller aspects, evaluates the potential of the market in various regions, and profiles some of the major companies in order to represent the competitive landscape.
Global Automotive Rear View Mirror Market: Research Methodology
This research, done by a combination of experienced market research analysts, is a summation of primary and secondary research, conducted specifically to understand and arrive at trends before using them to forecast the expected revenue of the global automotive rear view mirror market. A major chunk of our research efforts depended on information collected from in-depth interviews and discussions with a number of experts of the industry as well as opinion leaders. On the other hand, the secondary research for the development of this report included study of company websites, press releases, annual reports, investor presentations, various international and national databases. The logic behind the secondary research was for the report to provide qualitative and quantitative estimated market size in terms of US$ Mn for each product, feature, and vehicle type. In addition to that, the report provides estimated market size in terms of US$ Mn for various geographic regions for the period 2017 to 2022, considering the macro and micro environmental factors. To evaluate the revenue generated from each product, the report has considered their launch date in the market, customer acceptance, price of the product, volume sales, trends in industry, and adoption rate across all the geographies.
Global Automotive Rear View Mirror Market: Segmentations
Based on product-wise, the global automotive rear view mirror market has been segmented into flat mirror, aspheric or wide angle mirror, convex mirror, two piece spotter mirror, and two piece tow mirror. Based on feature type, the automotive rear view mirror market has been bifurcated into heated, power adjusted, manual adjusted, auto dimming or electrochromatic, cross path detection, signal, and blind spot detection. On the basis of position, the market for automotive rear view mirror market has been categorized into side, dashboard, windshield, and interior roof. Vehicle type classification has been done according to compact passenger cars, premium passenger cars, mid-sized passenger cars, luxury passenger cars, light commercial vehicles, and heavy commercial vehicles.
Global Automotive Rear View Mirror Market: Regional Outlook
The report evaluates the potential of the automotive rear view mirror market in the regions of North America (The U.S., Canada), Europe (the U.K., Germany, France, Spain, Italy, and Nordic), Latin America (Brazil, Argentina, and Mexico), Asia Pacific except Japan (India, China, Malaysia, Singapore, Thailand, and Australia), and The Middle East & Africa (South Africa, GCC countries, Israel, and Nigeria). The size of the market and its forecasted valuations for each of these regions as well as the mentioned countries have been given for the period from 2017 to 2022, along with their independent CAGRs for the forecast period from 2017 to 2022, considering 2016 as the base year. The research study also covers the competitive scenario in these regions.
Global Automotive Rear View Mirror Market: Competitive Landscape
Some of the key companies holding a position of strength in the global automotive rear view mirror market are: Gentex Corporation, Murakami, Ficosa, Samvardhana Motherson, Magna International, Honda Lock Manufacturing, Ichikoh Industries Ltd., FLABEG, SL Corporation, Sakae Riken Kogyo Co., Ltd., Flabeg Automotive Holding GmbH, Valeo SA, Lumax Automotive Systems Ltd, Burco Inc., Continental AG, and Tokai Rika.