PUNE, India, August 18, 2017 /PRNewswire/ --
The report "Rear-View Mirror Market for Automotive by Product (Conventional and Smart), Feature (Auto dimming, BSD, Power Control, Automatic Foldable, Heated, Indicator), Type, Mounting Location, Vehicle Type, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to grow at a CAGR of 5.39% during the forecast period, to reach a market size of USD 12.97 Billion by 2022. The Automotive Rear-View Mirror Market is primarily driven by the increasing awareness about vehicle and passenger safety and trend of integrating additional features with a rear-view mirror.
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"Exterior mirror is projected to be the largest segment of Automotive Rear-View Mirror Market"
The exterior mirror segment is projected to dominate the Automotive Rear-View Mirror Market, in terms of value, during the forecast period. The use of exterior mirrors is imperative in all types of vehicles. Passenger cars commonly have two exterior mirrors. However, in the case of trucks and buses, the number of exterior mirrors is higher than passenger cars. Exterior mirrors often comprise features such as auto dimming, blind spot detection, and turn signal indicator. OEMs are increasingly offering these features in the exterior mirror.
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"The market for smart rear-view mirror is estimated to witness the highest growth in the Automotive Rear-View Mirror Market"
The smart rear-view mirror comprises services and features such as telematics, infotainment, navigation, and integrated camera display. Leading OEMs are adding new features in the rear-view mirror and increasingly adopting smart rear-view mirror to gain a competitive advantage in the market. The advanced services such as telematics and integrated camera technology with mirrors provide enhanced visibility with real-time information to the driver. Due to increasing adoption of the smart rear-view mirror, the market for smart rear-view mirror is expected to grow at the highest rate during the forecast period. However, in terms of market size, the conventional rear-view mirror is estimated to dominate the rear-view mirror market.
"Asia-Pacific expected to be the largest market for Automotive Rear-View Mirror Market"
Asia-Pacific is estimated to dominate the Automotive Rear-View Mirror Market during the forecast period. The region represents countries such as China, Japan, South Korea, and India with the world's highest vehicle production. The demand for the automotive mirror is directly linked to the vehicle production in this region. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA) publication, these countries together contributed ~48% to the global vehicle production in 2016.
The major tier 1 players are currently expanding their manufacturing capacity in the Asia-Pacific region to cater to the growing demand and capitalize on cost efficiencies. OEMs are also offering mirrors equipped with features such as auto dimming and blind spot detection in a few variants of vehicles. Additionally, Asia-Pacific has created promising opportunities for automobile manufacturers and automotive component suppliers.
The Automotive Rear-View Mirror Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Magna International (Canada), Samvardhana Motherson Reflectec (Germany), Ficosa International S.A. (Spain), Gentex Corporation (U.S.), and Murakami Corporation (Japan).
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