Rear-view Mirror Market is anticipated to reach USD 15.76 billion by 2025. It is anticipated to grow at a healthy rate in the years to come. The important function of rare-view mirror is to provide the driver a clear vision of all the objects at the side of the vehicle. To confirm safety, manufacturers are concentrating on innovative technologies for the growth of rear-view mirrors. For instance, a newly launched rear view mirror includes a rear camera, where the whole display mirror is changed into a video display that offers a panoramic view of the things behind the car.
In addition, the advancement in the technology, concept cars are coming with camera installed instead of mirrors; which will upsurge the demand for rare-view mirror. On the other hand, high cost of cameras as compared to traditional rear-view mirrors will hamper the market in the years to come. The rear-view mirrors market is anticipated to grow at a significant CAGR of 5.7% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Rear-view mirror industry may be explored by feature type, mounting location outlook, product type, type outlook, vertical outlook, and geography.Itmay be explored by feature type as Blind Spot Detection, Auto-Dimming, Power Control, Heating Function, Automatic Folding, and Others. The “heating function” dominated the market in 2016 and is anticipated to remain its dominance over the upcoming period.
Rear-view mirror industry may be explored by mounting location outlook as Door Mounted, and Body Mounted. The “Door mounted” segment is anticipated to dominate the rare-view mirror market in the forecast period. It is also termed as “Wing Mirrors” and are extensively used in luxury vehicles.
Rear-view mirror market may be explored by product type as Smart Rear-View Mirror, and Conventional Rear-View Mirror. It may be explored by type as Exterior Mirror, and Interior Mirror. The Exterior mirror is anticipated to dominate the automotive rare-view mirror market in the forecast period. The usage of exterior mirrors is essential in all types of vehicles. The passenger cars usually have two exterior mirrors. However, in the case of buses and trucks, the number of exterior mirrors is higher than passenger cars. Exterior mirrors frequently comprise features such as blind spot detection, auto dimming, and turn signal indicator.
Rear-view Mirror industry may be explored by Vertical Outlook as Passenger Vehicles, and Commercial Vehicles. The Passenger vehicle is anticipated to dominate the automotive rare-view mirror market in the forecast period. Passenger vehicles comprise all personal-use transportationvehicles, such as luxury vehicles, SUVs, and sedans, and are usually considered to accommodate five to eight persons.
Asia-Pacific accounted for the major share of the Rear-view Mirror Market Size in 2016 and will continue to lead in the forecast period as demand for automotive mirror is directly associated to the vehicle production in this region. The Asia-Pacific represents countries such as South Korea, China, India, and Japan. These regions, with the world’s highest vehicle manufacturing units, will upsurge the demand for the market in the upcoming period.
Some of the key players that fuel the growth of the rear-view mirror industry include Magna International Inc., Murakami Corporation, Ichikoh Industries Ltd., SamvardhanaMothersonReflectec, Lumax Automotive Systems Ltd, Flabeg Automotive Holding GmbH, SL Corporation, FicosaInternacional SA, Burco Inc., Valeo SA, and Gentex Corporation. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Rear-view Mirror Feature Type (Revenue, USD Million, 2014 - 2025)
• Blind Spot Detection
• Power Control
• Automatic Folding
• Heating Function
Rear-view Mirror Mounting Location Outlook (Revenue, USD Million, 2014 - 2025)
• Door Mounted
• Body Mounted
Rear-view Mirror Product Type Outlook (Revenue, USD Million, 2014 - 2025)
• Smart Rear-View Mirror
• Conventional Rear-View Mirror
Rear-view Mirror Type Outlook (Revenue, USD Million, 2014 - 2025)
• Exterior Mirror
• Interior Mirror
Rear-view Mirror Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
• Passenger Vehicles
• Commercial Vehicles
Rear-view Mirror Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South America
Research Support Specialist, USA