ALBANY, New York, March 26, 2019
ALBANY, New York, March 26, 2019 /PRNewswire/ -- The global automotive rear view mirror market depicts a competitive and consolidated landscape. Some players in the automotive rear view mirror market such as Gentex Corporation, Magna International, Ficosa, Samvardhana Motherson, and Murakami hold the majority of total shares. Transparency Market Research (TMR) reports that innovation and technological advancements are key to gaining a competitive edge in the global automotive rear view mirror market.
The global automotive rear view mirror market is also witnessing the emergence of robust competition in the form of relatively new and smaller players. Along with technological advancements, and emergence of new players; acquisitions are also paving way for growth in the market. Recently, Gentex acquired Homelink, a company which provided a vehicle-based home linking system. The acquisition signals the next frontier in the global automotive rear view mirror market. This would involve creating smart systems with a synergy between homes, users, vehicles, and public infrastructure.
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The global automotive rear view mirror market was evaluated at US$8.96 bn in 2017. It is anticipated to register a 4.4% CAGR during 2017-2022 to reach US$11.13 bn by the end of forecast period. Major players in the market are finding considerable traction in the flat mirror segment, which held 27.9% share of the total revenue in 2017.
Region wise, North America and Europe held the largest share of the global automotive rear view mirror market in 2017. Additionally, Asia Pacific region is also anticipated to register the fastest growth during 2017-2022.
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Rising Sales of SUVs Boost the Automotive Rear View Mirror Market
SUVs are a prime candidate for the integration of automotive rear view mirror market. Additionally, SUV sales are on the rise, especially in emerging regions such as Asia Pacific. These vehicles are often associated with prestige and status, unlike other small vehicles. The large size of these vehicles often blocks a rear end view for many consumers, especially people shorter in height. Additionally, SUVs are often purchased for large families, making safety an essential feature. This coupled with high prices of SUVs are expected to drive significant demand for the automotive rear view mirror market in the near future.
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Urbanization a Growing Opportunity Restrained by High Product Costs
Rapid urbanizations and space limitations in large cities are expected to drive sales of automotive rear view mirrors. Due to fast-paced and congested urban life, it is important for most vehicle owners to park quickly, and at the same ensure completely safety to themselves. High costs of products in the automotive rear view market are expected to pose a challenge here. However, more tie-ups with vehicle manufacturers, growing mandates of vehicle safety, and increased costs of insurance are expected to drive significant growth for the automotive rear view mirror market.
Urbanization is also expected to open significant opportunities for companies in the automotive rear view mirror market. Although automotive technology represents higher initial and replacement costs for users, the technology also offers advantages such as dimming rear view mirrors. Further economies of scale, and addition of digital integration are expected to provide numerous more benefits for consumers in the near future.
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This review is based on the findings of 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".
The global Automotive Rear View Mirror Market is segmented as below:
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