Automotive Rear View Mirror Market to Expand at Healthy 4.4% CAGR Owing to Advancing Automobile Industry, Says Transparency Market Research

Automotive Rear View Mirror Market to Expand at Healthy 4.4% CAGR Owing to Advancing Automobile Industry, Says Transparency Market Research

PR Newswire

ALBANY, New York, November 19, 2018

ALBANY, New York, November 19, 2018 /PRNewswire/ --

The global automotive rear view mirror market depicts the presence of a highly fragmented vendor landscape, says Transparency Market Research on the basis of a recently published report. This is mainly due to the presence of innumerable players in this sector who are pouring extensive money to bring forth widespread advancements in the market. In spite of this, only a few players hold a dominant position in the market, mainly due their aggressive marketing strategies and associated brand name. Gentex Corporation, Magna International, Murakami, Samvardhana Motherson, and Ficosa, are some of the key players holding prime positions in the global automotive rear view mirror market. With increasing number of players in the near future, the competition is likely to further intensify, thereby making many other companies take a leading position in the global automotive rear view mirror market.

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As per expert analysis, automotive rear view mirror market had accumulated revenue worth US$8.96 bn in 2017, which is further expected to grow up to US$11.13 bn by 2022. This is decent increase considering the fact that the global automotive rear view mirror market will expand at a steady CAGR of 4.4% during the forecast period from 2017 to 2022. From the perspective of product type, the flat mirror segment dominated the market with a 27.9% share of the total revenue generated in 2017. From a geographical perspective, North America and Europe have accounted for maximum revenue generated in the global automotive rear view mirror market, mainly due to a high demand of automobiles in these regions.

Rapidly Burgeoning Automobile Industry Stokes Expansion in Market 

With widespread advancements occurring in the automobile sector, the demand for advanced rear view mirrors is expanding at a rapid pace, thereby substantially driving the global automotive rear view mirror market. Moreover, with increasing penetration of technologically superior vehicles such as SUVs, XUVs, and sports racing cars, the use of state-of-the-art devices such as automotive rear view mirrors is witnessing an extensive demand too. In addition, with humongous investments poured by prime players to develop rear view automation too is providing a healthy impetus to the global automotive rear view mirror market. A key trend propelling progress in this sector is the production of electromechanical auto dimming mirrors. This is mainly seen in case of the Gentex Company, which had recently acquired Johnson Controls. Along with these devices, the company also offers other highly advanced features such as displays, rear view cameras, and microphones.

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High Costs of the Rear View Mirror Devices Financially Stunts Growth in Market 

However, this market is substantially hindered due to less availability of high tech rear view mirror devices. Moreover, high costs of these devices might contribute to steep expenses associated with high end vehicles. This might discourage those having less disposable income from buying such automobiles, thereby hindering the market's growth from a financial perspective. Moreover, shortage of necessary manpower required to manufacture the devices in underdeveloped regions too poses as a prime obstacle in this sector. Nonetheless, several players are expected to regulate costs of the automotive rear view mirror device manufacturing processes. This could certainly offset most restraints affecting the market.

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The information presented in this review is based on a TMR report, titled, "Automotive Rear View Mirror Market (Product-type - Flat Mirror, Convex Mirror, Aspheric or Wide Angle Mirror, Two Piece Spotter Mirror, and Two Piece Tow Mirror; Feature-type - Heated, Manual Adjusted, Power Adjusted, Auto Dimming or Electrochromatic, Signal, Cross Path Detection, and Blind Spot Detection; Position - Side, Windshield, Dashboard, and Interior Roof; Vehicle-type - Compact Passenger Cars, Mid-sized Passenger Cars, Premium Passenger Cars, Luxury Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."

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