automotive rear-view mirror market

Posted by Abhijeet Bendre on September 21st, 2019

MRFR Press Release/- Market Research Future published a half cooked research report on global automotive rearview mirror market. The automotive rear-view mirror market is expected to grow at the CAGR of over 6% during the period 2017 to 2023.

Market Highlights:

The global automotive scenario has seen a lot of changes in terms of the approach used in vehicle manufacturing in the past and in the future. Earlier, the focus would be more on delivering a functional product in context of the core requirements. Thus, the automakers would use purely mechanical technology for the car manufacturing. To put it simply, for all the moving components, every part that was utilized would be the ones following the basic laws of mechanical engineering. Thus any vehicle that was manufactured would consist of more than 95% mechanical parts and less than 5% electrical parts (headlights, tail lights, spark plugs etc.). But, with the advent of the electronics and related science, the entire dynamics of the automotive industry changed. The automobiles started incorporating more electronics in the automobile functioning. This was primarily done to easily control the vehicle functionality and also to have easy & efficient monitoring of the problems (if any) or the repair works that are being carried out. Thus, almost every new technology developed in the automotive field was done with the help of the electronics system.

The mirrors have been an integral part of the automotive set up for almost as long as the automobiles have been plying on the global scenario. Still, for the longest time, mirrors were seen as an added safety feature instead of being looked at from a point of view of crucial necessity. With the advent of the synergistic use of electronics in enhancing the vehicle safety features, the mirrors were not be left far behind. In this context, the mirror were now made from advanced electronic materials, wherein they could dim the intensity of the bright headlight from the oncoming vehicle or the vehicle just behind the automobile in question. Additionally, the mirrors could also then double up as a screen for helping the parking assist system. This works wherein, the rear parking assistance system consisting of sensors and cameras provides a real-time data to the vehicle central processing unit. This data is then processed and displayed on the split screen which is built inside the rear mirror. Thus the mirror can double up as normal / conventional mirror in the absence of use of the parking assistance system, and can be used as a high definition screen where the video feed from the parking assist technology gets displayed.

On the basis of region, the market is segmented based on North America, Asia Pacific, Europe, and Rest of the World. The customers in U.S. and Canada generally prefer large SUVs and mini trucks, which require parking assistance systems, thus making this region a strong prospect for rearview mirror market growth. The Europe region is known for sale of high-end cars, which can be fitted with this system to provide a more seamless driving experience. The Asia Pacific region is seeing consistent automobile sales for a long time. Due to the increased purchase power, people in this region are willing to spend a little extra for safety and security thus underlining the importance of this region for the growth of the rearview mirror system.