The Automotive Rear-View Mirror Market is USD 5.46 Billion and is projected to reach USD 8.94 Billion by 2031, growing at a CAGR of 6.35% from 2024 to 2031.
Surge in Passenger and Commercial Vehicle Production Fueling Growth in Automotive Rear-View Mirror Market
This upward trajectory is primarily driven by the burgeoning demand for advanced driver-assistance systems (ADAS) across passenger vehicles and commercial vehicles worldwide. ADAS features like auto-dimming mirrors, blind-spot detection, and lane departure warning systems rely heavily on sophisticated rear-view mirrors, propelling market expansion. It delves into cost analysis, market segmentation, regional trends, and key player profiles, providing a roadmap for future market developments.
Increased demand for electric vehicles and the development of new glass technologies, similar as electro chromic glasses and camera-grounded glasses are the crucial market drivers enhancing the market growth. Market CAGR for automotive hinder view glass is being driven by the demand for connected and independent vehicles. Connected and independent vehicles are getting more popular because they give multitudinous benefits similar as lesser safety, reduced business traffic, and increased comfort. colorful detectors and cameras, including rearview cameras, are used in these vehicles to cover the surroundings around the vehicle and offer real- time feedback to the driver. Rearview glasses are an important element of connected and independent vehicles because they offer with a clear view of the vehicle’s back. The growing demand for connected and independent vehicles is projected to propel the automotive rear view glass market forward in the approaching times.
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Segmentation Analysis
By Mounting Position:
- Door Mounted
- Body Mounted
By Mounting Position:Â The door-mounted segment currently dominates the market due to its simplicity, flexibility in electrical and electronic network integration, and ease of repair and replacement.
By Features:
- Auto-dimming
- Automatic Folding
- Heating Function
- Blind Spot Detection
- Power Control
- Others
By Features:Â The auto-dimming mirror segment is witnessing significant growth due to its ability to enhance visibility in adverse weather conditions and mitigate glare from oncoming headlights, contributing to improved road safety.
By Product Type:
- Smart Rear-view Mirror
- Conventional Rear-view Mirror
By Product Type:Â The interior rear-view mirror segment holds the largest market share due to its essential role in providing drivers with a clear view of the rear of their vehicles.
Impact of Russia-Ukraine War and Economic Slowdown
The Russia-Ukraine war has disrupted supply chains for automotive components, including rear-view mirrors. This has led to production slowdowns and price hikes for certain mirror types. However, the long-term impact is expected to be mitigated as manufacturers diversify their sourcing strategies.
Economic slowdowns can potentially dampen consumer spending on automobiles, impacting the demand for new vehicles equipped with advanced rear-view mirrors. For instance, the recent economic slowdown in China, a major automotive market, might witness a temporary decrease in demand.
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Regional Analysis
North America has traditionally held a dominant position due to its rapid adoption of digital traffic monitoring technologies. The increasing integration of IoT-enabled Automatic Number Plate Recognition (ANPR) systems is driving market growth in the region.
The Asia Pacific region is expected to be the fastest-growing market due to factors like rising disposable incomes, growing urbanization, and government initiatives promoting smart city infrastructure. The deployment of ANPR systems for traffic control and parking management in countries like China, Vietnam, and Indonesia is further fueling market expansion.
Key Players
Some of the major key players are
- Gentex Corporation,
- Magna International Inc.,
- Jacent Technologies Inc.,
- Stoneridge, Inc.,
- Murakami Corporation and others.
Recent Developments
- In March 2024, Uno Minda launches a new 4-wheeler rear-view mirror in India, aiming to enhance road safety and driver experience.
- In January 2024, Hyundai unveils the 2024 Creta featuring advanced rear-view mirrors as part of its safety suite.
- In November 2023, Mahindra plans to introduce updated XUV700 models equipped with potentially advanced rear-view mirror features.
Key Takeaways
- Gain valuable insights into the lucrative opportunities across different market segments and regions.
- Understand the impact of technological advancements, economic trends, and government regulations on market dynamics.
- Identify key players and their strategies to make informed business decisions.
- Leverage the report’s comprehensive data and analysis to capitalize on growth opportunities in the automotive rear-view mirror market
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