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The automotive electric side view mirror market size is forecast to increase by USD 9.10 billion, at a CAGR of 10.76% between 2023 and 2028. Market expansion hinges on several factors, including the growing demand for safe and convenient features in vehicles, the escalating integration of electronic technology within vehicles, and the mounting safety concerns within the automotive ecosystem. As consumers prioritize safety and convenience, the market sees a surge in the adoption of advanced driver assistance systems (ADAS), collision avoidance systems, and connectivity solutions aimed at enhancing the overall driving experience. Simultaneously, the automotive industry witnesses a significant shift towards electronic innovations, encompassing developments in autonomous driving, infotainment systems, and vehicle-to-vehicle communication. Amidst these advancements, safety remains paramount, with stakeholders focusing on mitigating risks associated with vehicle accidents, cybersecurity threats, and regulatory compliance. The convergence of these factors underscores the dynamic landscape shaping the automotive market, wherein innovation, safety, and technological advancement drive sustained growth and evolution. The market forecast report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market is witnessing rapid growth driven by advancements in automotive technology. These mirrors, available for both passenger cars and commercial vehicles, integrate a range of features such as auto-dimming, blind spot indicators, and automatic folding. With electronic components enhancing functionality, these mirrors offer 360-degree viewing angles and HD to full HD resolution for optimal visibility. Innovations like surround view mirror systems and memory storage mirrors further elevate safety and convenience. Designed to withstand harsh conditions, they boast water and dust resistance for reliable performance, particularly in the rainy season. Equipped with night vision assistance and camera-based technology, smart automotive rear-view mirrors ensure enhanced visibility and safety on the road, making them indispensable components of modern vehicles. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing safety concerns in the automotive ecosystem is the key factor driving market growth. The automotive industry has been actively focusing on improving road safety. Most safety measures are focused on drivers, as human errors are the primary cause of accidents. Vehicle safety in terms of outside rear view visibility is evolving as an important focus for customers and vehicle manufacturers. As a result, the dimming mirror emerged in the automotive market. Although the cost of these systems is high, with increasing demand, costs are expected to decrease in the next five years.
Furthermore, advanced security and safety features are no longer restricted to premium vehicles. Consumers have become more aware and consider safety as a key purchasing criterion. Moreover, automobile manufacturers are focusing on integrating passive safety systems with active safety systems, such as airbags, seatbelts, emergency braking systems, and night vision systems (NVS), to reduce the impact of accidents. Thus, the increasing safety concerns in the automotive ecosystem will boost the growth of the market during the forecast period.
The emergence of surround-view mirror systems is the primary trend shaping market growth. A surround-view mirror system or 360-degree camera system is a system of multiple cameras that are positioned to provide the driver with visibility of all four side views of the vehicle. The system is designed to intelligently combine all the inputs from the surrounding cameras and display them as a single video, offering an elevated view to the driver.
In addition, surround-view mirror systems integrate sonar technologies to accurately identify the distance between adjacent vehicles or obstacles and alert the driver with audio signals. After processing the four camera images, the domain controller produces a 3D surround-view image that is smoothly stitched together to show the surrounding area with the vehicle. Thus, such factors will drive the growth of the market during the forecast period.
Technical issues associated with automotive electric side view mirrors are a challenge that affects market growth. The use of automotive electric side-view mirrors can be complicated for drivers who are accustomed to conventional side-view mirrors. Automotive electric mirrors are integrated with a digital system, unlike the natural reflection of a mirror. Consequently, the eyes of the driver would require time to adjust to the new system. This distracts drivers by causing them to take their eyes off the road.
Moreover, the sudden activation of the screen causes the driver to involuntarily turn their eyes toward the digital system and away from the road while taking a turn. This increases the chances of an accident. Technical complications discourage customers from using electric side-view mirrors. This is a challenge that may impede the growth of the market during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The passenger cars segment is estimated to witness significant growth during the forecast period. Globally, passenger vehicles can be classified as entry-segment, mid-segment, and premium or luxury-segment vehicles. Electric side view mirrors are offered as standard fitments in the mid-segment and premium segment vehicles. Advanced automotive technologies are initially fitted in passenger vehicles. As a result, the penetration of electric side view mirrors in the passenger vehicles segment is higher than in other segments.
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The passenger cars segment was the largest segment and was valued at USD 8.84 billion in 2018. In recent years, automotive OEMs have introduced advanced autonomous technologies in passenger vehicles, which is leading toward the future of self-driving vehicles, such as adaptive cruise control and autonomous emergency braking. A camera-based outside rearview mirror system is one such advanced visibility system that is slowly replacing electric side-view mirrors. Consequently, the growing demand for electric side view mirrors in passenger cars will drive the growth of the market in the passenger vehicles segment during the forecast period.
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APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China, India, South Korea, and Japan are the major countries in the region. APAC is a high-volume adopter of passenger cars, and the vehicle manufacturers in APAC offer electric side view mirrors in their vehicles as a standard or optional fitment. Therefore, the high adoption of electric side view mirrors in these vehicles contributes to its dominant position.
In addition to the passenger cars segment, luxury cars are the major application segment for advanced side view mirrors. The hardware used in these vehicles is costlier and more advanced than the systems used in mass-produced passenger cars. Therefore, luxury cars contribute to a larger portion of revenue growth in the market.
The market forecasting research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is experiencing a revolution driven by advancements in camera technologies and comfort features. Catering to both passenger car and commercial vehicle, these mirrors incorporate blind spot indicator and Bluetooth-enabled automatic-dimming functionalities. As automakers strive to meet stringent government programs on CO2 emissions, electric vehicles are adopting high-performance electronic mirrors with image definition enhancement. Manufacturers are also integrating HomeLink integrated buttons and cloud-based smart home devices into these mirrors, enhancing connectivity and convenience. From foldable to heatable mirrors, the market offers a range of options, particularly for luxury vehicles and premium passenger vehicles. W
Further, with camera-based side mirrors and 3D Surround View Systems, the auto parts and components industry is poised to meet the demands of an evolving market, including the rise of autonomous vehicles. The foldable, wedge-shaped side mirrors feature a thicker edge and integrate camera-based technology for enhanced safety and visibility, offering a modern solution for both the Left Side View Mirror and the right Side View Mirror. Car manufacturers auto part integrates both IC engine and electric components seamlessly, with foldable mirrors equipped with camera-based technology for enhanced safety, encased within a sleek design featuring front and back glass surfaces. The vehicle's backlight, equipped with LED lamps and sourced industry statistics from FADA, integrates seamlessly into the front and back glass surfaces of the casing, complemented by camera-based side mirrors for enhanced safety and functionality.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.76% |
Market growth 2024-2028 |
USD 9.10 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
9.92 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 61% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BEEKAY AUTOMOTIVES, Fiem Industries Ltd., Gentex Corp., INMESA, Magna International Inc., MEKRA Lang GmbH and Co. KG, MinebeaMitsumi Inc., Mitsuba Corp., Murakami Corp., Panasonic Holdings Corp., Prakant Electronics Pvt. Ltd., Rosco Inc., Sakae Riken Kogyo Co. Ltd., Samsung Electronics Co. Ltd., Samvardhana Motherson International Ltd., Schaeffler AG, SL Corp., Stoneridge Inc., Tokai Rika Co. Ltd., and Valeo SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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