The main function of the automotive rearview mirror is to give the driver a clear vision of all the objects to the side or rear of the vehicle. To ensure safety, manufacturers are focusing on novel technologies for the development of innovative automotive rearview mirrors. As many manufacturing companies have recently launched a rearview mirror that incorporates a rear camera, where the whole display mirror is converted into a video display that provides a panoramic view of the objects behind the vehicle. Significant efforts have been made by component and automobile manufacturers to reduce aerodynamics noise, drag, and vibration. However, there has been less attention drawn to the refinement of the performance of the automobile side rearview mirror, especially on the vibrations of the mirror. The rearview mirrors are used in four-wheelers as well as two-wheelers. In some countries, the law states that the vehicle should have two rearview mirrors to ensure the safety of passengers inside the vehicle, which is expected to boost the growth of the market.
COVID-19 scenario analysis:
- There was a sharp spike in the number of confirmed COVID-19 cases and the number of countries affected by the outbreak, so the industry has witnessed an increasing number of flight cancellations and aircraft groundings.
- This has been followed by official travel bans, visas cancellations, and border closures, as several countries have declared strengthened measures, including closures of schools, universities, and public areas.
- All the previous assessments concerning airport traffic and revenues are now substantially outdated with a rapidly evolving market situation which may change the future projects of the companies.
- In commercial aviation, companies are experiencing a disruption in production and slowing demand as workers go home, passengers stop traveling, and customers defer delivery of new aircraft.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include increase in awareness about vehicle and passenger safety, the trend of integrating additional features, and rise in demand for premium segment vehicles. However, the high replacement cost of the smart rear-view mirror is anticipated to hamper the growth of the market. Furthermore, integration of infotainment and navigation applications are expected to offer lucrative opportunities for the market.
The automotive rear-view system market trends are as follows:
Increase in awareness about vehicle and passenger safety
As the buying power of customers is increasing with growing economies a greater number of people are shifting to urban areas and a variety of options are available in most of the developing economies tremendously well. In addition, the automakers are facing great competition among themselves to gain the attention of the customers. Hence, they are forced to introduce some of their premium services in a vehicle for the economy class as well to have a competitive edge in the market. Moreover, the rise in demand for advancing the safety offered by the automakers is forcing them to install the advanced technologies in the vehicle which is boosting the automotive rear-view system market growth.
Rise in demand for premium segment vehicles
With the huge increase in buying power due to modernization and the increase in spending power of people, the number of vehicles is increasing significantly across the globe. Thus, the customers who are seeking to buy an automobile are gradually shifting toward the premium segment. Also, the technology is rapidly restructuring the automotive industry, and the automotive Original Equipment Manufacturer (OEM) is continuously adopting new technological changes. Hence, the upcoming automobiles comprise more luxury to enhance the comfort of the passengers and to sustain their position in the market as well which will further boost the automotive rear-view system market growth.
Key benefits of the report:
- This study presents the analytical depiction of the automotive rear-view system market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the automotive rear-view system market share.
- The current market is quantitatively analyzed to highlight the automotive rear-view system market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed automotive rear-view system market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the automotive rear-view system market research report:
- What are the leading market players active in the automotive rear-view system market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Rear View System Market Report Highlights
| Aspects | Details |
 By Type |
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 By Features |
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 By Vehicle |
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 By Region |
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 Key Market Players | Burco Inc., Lumax Automotive Systems Ltd, Magna International Inc., Automotive Holding GmbH, Ichikoh Industries Ltd., SL Corporation, Valeo SA, Gentex Corporation, Murakami Corporation, Ficosa Internacional SA |
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