Automotive Mirror Market: Overview
The automotive mirrors are one of the essential visual aid for safety driving. Some of the automotive mirrors are manual, and some are electronic. The size of this mirrors may vary depending upon the type of the vehicle. There are several types of mirrors such as interior driver’s, side, front view and rear view mirrors used in a car. Some cars use rear view camera which plays the role of rear view mirror. The rear view camera is equipped with sensors to give an alarm, which can distinguish between various objects.
Automotive Mirror Market: Drivers and Restraints
The growth of automotive mirror market is dependent on the rise in the auto sector. The global auto industry is growing rapidly which is driving the demand for an automotive mirror. The request of automotive mirrors from OEM is directly proportional to the production of various types of vehicles. The increasing population, urbanization, disposable income, economic growth, growing industrial activity and commercial business is resulting in the increased production of passenger cars and a wide range of commercial vehicles.
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The economic conditions across the globe have revived and handiness various financing companies provides financial assistance to the customers who have considerably increased the sales of automobiles. Such factors are driving the growth of an auto industry which in turn expected to drive the automotive mirror market over the forecast period. A lot of improvements have been made by the manufacturers in this market in the recent past. Rear view camera equipped with sensors mounted on the rear bumper is becoming a trend in several countries, which allows better visibility and safety to the driver. The increasing content in the electronic technology in an automobile is also expected to drive the growth of automotive mirror market over the forecast period.
The use of hybrid full display mirror systems and development of cross path detection systems and blind spots monitoring systems are some of the significant trends which are expected to impact the dynamics of the global automotive mirror market over the forecast period.
On the basis end users, the global automotive mirror market can be segmented into OEM and aftermarket. The OEM segment is expected to dominate the auto mirror market over the forecast period due to increase in automobile production and changes in government policies.
Automotive Mirror Market: Segmentation
On the Basis of Vehicle Type, Automotive Mirror market is segmented into:
- Passenger Car
- Light Duty Vehicles
- Medium and Heavy Duty Vehicles
On the basis of End User, Automotive Mirror market is segmented into:
- After Market
On the basis of Application, Automotive Mirror market is segmented into:
- Interior Mirror
- Exterior Mirror
- Auto-dimming mirrors
Automotive Mirror Market: Region Wise Outlook
The global automotive mirror market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). The global automotive mirror market is expected to register healthy CAGR over the forecast period. The APEJ region is expected to dominate the global automotive mirror market over the forecast period due to the increased production of automobiles.
The rising concern of customers towards safety is supposed to drive the APEJ automotive mirror market higher CAGR during the forecast period. The availability of labor and other necessary resources at a low price in APEJ region is expected to drive the automotive mirror market in over the forecast period. The Western Europe region is expected to grow at a significant CAGR over the forecast period many key manufacturers are located in this area. The technological development in Western Europe region is expected to create significant opportunities in automotive mirror market over the forecast period. Japan has a large number of automotive manufacturers which are projected to create demand for the automotive mirror over the forecast period. Latin America and MEA regions are experiencing a steady growth in automotive mirror market.
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Automotive Mirror Market: Key Players
Automotive Mirror market has several global operators, some of the major stakeholders among them include
- Samvardhana Motherson Group
- Magna International Inc.
- Gentex Corporation
- Ficosa International (Taicang) Co., Ltd
- Murakami Corporation
- MEKRA Lang GmbH & Co. KG
- SL Corporation
- ICHIKO INDUSTRIES,LTD.
- FLABEG Holding GmbH
- Shanghai LvXiang Auto Parts Co., Ltd
- Beijing Goldrare
- Automobile Parts Co., Ltd