The global rear-view mirror market size is expected to reach USD 15.76 billion by 2025, according to a study conducted by Grand View Research, Inc., exhibiting a 5.7% CAGR during the forecast period. Increasing awareness among people regarding vehicle safety and rising sales of luxury vehicles equipped with navigation and infotainment systems have bolstered market growth.
Growing interest of rear-view mirror manufacturing companies, such as Continental AG, toward capturing a larger share in the developed markets of regions such as North America is expected to drive product adoption. Additionally, rise in commercial activities is bolstering market growth.
The Asia Pacific regional market is expected to witness considerable growth, owing to increasing sales of passenger vehicles. Stringent government regulations pertaining to passenger and vehicle safety are further bolstering the growth of the market. Additionally, surging investments in automobile production in many developing countries of the region are driving the market.
However, high replacement, development, and maintenance costs of smart rear-view mirrors are expected to hinder market growth. Thus, rear-view mirror providers are focusing on developing affordable solutions that can be used in other markets such as utilities and transportation.
Click the link below:
Further key findings from the study suggest:
- Auto-dimming feature offers both visual and audio alerts and the segment is expected to register the highest growth over the forecast period by feature
- Demand for door-mounted mirrors is expected to increase in commercial vehicles
- Demand for smart rear-view mirrors is expected to increase in passenger vehicles owing to benefits such as a built-in camera that provides enhanced vision in unfavorable weather conditions and eliminates glare caused by headlights of other cars
- Erratic cold weather conditions are one of the key factors driving demand for mirrors with in-vehicle heating functions in North America and Europe
- Asia Pacific is expected to emerge as the fastest-growing region over the forecast period owing to increasing sales of passenger and high-end premium vehicles
- Prominent industry participants include Gentex Corporation; Continental AG; Valeo; Magna International, Inc.; and Murakami Corporation.