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
    • Compact
    • Luxury
    • Mid-Size
    • SUV
  • 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

  • Sensors
  • Camera
  • ECU

Global Automotive Side Camera Mirror Market, by Sales Channel

  • OEMs
  • Aftermarket

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
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • 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
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

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.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

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?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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