Automotive Side Camera Mirror Market: Introduction
- The primary purpose of the automotive side camera 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 role in maintaining driver safety on the road, by providing rear view to the vehicle driver, enabling the driver to drive safely.
- Advanced side camera mirrors comprise a camera and screen, and they do not have any glass in them. In this mirror system, two rear-facing cameras replace the traditional side view mirrors.
Key Drivers of Automotive Side Camera Mirror Market
- 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. In case of traditional mirrors, visibility may be hampered due to rain and snow; however, advanced side camera mirrors can provide an accurate view of the vehicle surroundings irrespective of rain and snowy weather.
- The camera in the mirror coupled with LiDAR sensors can help the driver in terms of driving, parking, and lane departure on highways. The trend of offering such advanced features in side rear-view mirrors for trucks and cars is boosting the market.
- Increase in adoption of side camera mirrors in entry and mid-entry level vehicles by automakers is expected to drive the global side camera mirror market. Initially, side view camera systems were expected to be incorporated in premium passenger cars. Additionally, luxury carmakers such as Audi, BMW, and Mercedes Benz, have increased their focus on superior comfort and safety features supported by automotive cameras owing to fierce rivalry in the premium car segment.
- An increasing number of features in this segment are being automated and handled by onboard systems. OEMs, such as Lexus, have already launched vehicles without side-view mirrors in 2018.
- Stringent vehicle safety regulations regarding side-view camera systems, which mandate installation of side camera in vehicles in Europe, are estimated to be a major factor boosting the market in the region
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COVID Impact on Automotive Side Camera Mirror Market
- Disruptions in supply chain catering to the automobile industry, owing to the shutdown of production and manufacturing facilities caused by the coronavirus pandemic across the world, is estimated to contract the market in 2020-2021. Consequently, the coronavirus pandemic has hampered the global automotive side camera mirror market.
- However, governments providing support to the automotive industry in order to recover from economic losses coupled with automakers reducing pricing of their vehicles in order to increase vehicle sales is anticipated to propel the automotive side camera mirror market during the forecast period.
Europe to account for prominent share of global automotive side camera mirror market
- In terms of region, the global automotive side camera mirror market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- 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. Sales of luxury vehicles recorded an approximate 18% and 2.5% rise, respectively, as compared to 531,600 and 311,071 sales of luxury cars units in 2017.
- Demand for luxury vehicles, such as premium sedans and SUVs, is increasing the region. These vehicles are fitted with camera mirrors as a part of luxury features.
- Presence of automotive giants, such as Robert Bosch GmbH, Ficosa Corporation, in the manufacture of side camera mirrors is likely to drive the advanced vehicle side mirror market globally
Key Players Operating in Automotive Side Camera Mirror Market
The global automotive side camera mirror market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive side camera mirror market are:
- Continental AG
- Ficosa International
- Magna International Inc.
- Mitsubishi Electric Corporation
- Motherson sumi systems Ltd.
- Murakami Corporation
- Robert Bosch GmbH
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Global Automotive Side Camera Mirror Market: Research Scope
Global Automotive Side Camera Mirror Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicle
- Medium Duty Commercial Vehicle
- Heavy Duty Commercial Vehicle
Global Automotive Side Camera Mirror Market, by Technology
- Camera Based
- Radar Based
- LiDAR Based
Global Automotive Side Camera Mirror Market, by Mounting Location
- Body mounted
- Door mounted
Global Automotive Side Camera Mirror Market, by Component
Global Automotive Side Camera Mirror Market, by Sales Channel
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.