Global Automotive Rear View Mirror Market: Snapshot
As the automotive industry touches new peaks each year, electric- and fossil-fuel-based collectively, the demand in the global automotive rear view mirror market is projected to increment at a healthy CAGR of 4.4% during the forecast period of 2017 to 2022. Among the urban populations, awareness regarding the safety benefits offered by these rear view mirrors is increasing, and consumers are now willing to pay additional costs for the premium features offered by these mirrors.
The trend of integrated features such as auto dimming, camera, and radar, rising adoption in aftermarket, and growing focus on safety by the consumers of mid- and small-segment cars are some of the key factors driving the global automotive rear view mirror market. While cost factors will continue to hinder the growth of the market in a number of emerging markets, the stockholders are expected to gain new opportunities from the research and development of smart mirrors with advanced features.
Flat Mirrors Projected to Sustain Strong Demand as Product Segment
Product-wise, the global automotive rear view mirror market has been segmented into flat mirror, convex mirror, aspheric or wide angle mirror, two piece spotter mirror, and two piece tow mirror. Throughout the forecast period, the flat mirror segment is expected to maintain maximum demand, which is estimated to be 27.1% of the overall demand by 2022, although the growth is moderate for this segment with other products gaining popularity.
Based on feature type, the automotive rear view mirror market has been bifurcated into heated, manual adjusted, power adjusted, auto dimming or electrochromatic, signal, cross path detection, and blind spot detection, whereas on the basis of position, the market has been classified into side, windshield, dashboard, and interior roof. Vehicle type classification has been done according to compact passenger cars, mid-sized passenger cars, premium passenger cars, luxury passenger cars, light commercial vehicles, and heavy commercial vehicles.
Europe to Overtake North America as Most Lucrative Regional Market
Geographically, North America, Latin America, Europe, and Asia Pacific excluding Japan (APEJ) are the regions studied for their potential of automotive rear view mirror market, apart from a separate section on Japan, which is projected to exhibit a CAGR of 4.1% during the forecast period of 2017 to 2022. Region-wise, this market gains the most prominent chunk of demand from the developed regions of Europe and North America. While the Europe automotive rear view mirror market is estimated to increment the demand at a CAGR of 4.2% and reach a valuation of US$2.9 bn by 2022, the North America automotive rear view mirror market is projected to reach a worth of US$2.4 bn by the end of the forecast period. High adoptability of new technology, strict safety regulatory, and substantial buying power of the citizens of these two regions are some of the factors aiding to the demand. However, the APEJ region is forecasted for the best growth rate of 4.8%, which is a reflection of rapid urbanization and increasing disposable income among the vastly populated countries of China and India, who are also two of the most promising emerging economies in the World.
Product Innovation to Define Market Leader
Evaluated to be worth US$8.96 bn in 2017, the global automotive rear view mirror market is estimated to reach a valuation of US$11.13 bn by the end of 2022. There are quite a few major companies connected to this value chain, including Gentex Corporation, Magna International, and Ficosa, Murakami. Gentex Corporation, for instance, which is a highly respectable name in the global automotive rear view mirror market, were the first ones to introduce electromechanical auto dimming mirrors. The company currently serves some of the leading automotive manufacturers such as Audi, BMW, and Ford Motor Company.
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.