Automotive Camera-based Side Mirrors Market Outlook 2030 -
Automotive camera-based side mirrors include several cameras that are placed in all four sides of vehicles to offer drivers a detailed view. It is a system that replaces existing side mirror system of vehicles. Traditional side mirror system has some major flaws such as wide-angle view and hustle in rainy season. Whereas camera-based side mirror system overcomes these flaws in traditional side mirrors. These camera-based side mirrors come with features such as water and dust resistance, night vision assistance, and 360 degree viewing angles HD to full HD resolution. The camera-based side mirror market holds great potential with growing automobile industry.
COVID-19 Impact analysis
COVID-19 outbreak has hampered newly flourishing manufacturing and sales of automotive camera-based side mirror system badly. Automotive parts and components industry was hugely impacted by sudden coronavirus outbreak. Manufacturing and production units were shut during lockdown in most of countries, which resulted decline in production of automotive camera-based side mirrors. However, significant recovery is expected in upcoming years, owing to increase in disposable income and demand for vehicles.
Top Impacting Factors
- Highly competitive nature of the passenger vehicle market made car manufacturers adopt camera-based side mirror system in their premium segment of cars.
- However, coronavirus pandemic has led to a deadly blow to industries globally. Original equipment manufacturers (OEMs) have also halted production, which has further decreased demand for automotive camera-based side mirrors.
- Rise in disposable income raised demand for premium passenger vehicles, which offers lucrative opportunities by OEMs.
Growing adoption of autonomous and premium cars to flourish the growth
To compete in the fierce premium passenger vehicle market, car manufacturers are adding new and attracting features to catch customer attention. Japanese giant car manufacturer Honda is planning to introduce camera-based side view mirrors in its premium cars, all electronic e-Tron by Audi also has camera-based side mirror system. The idea of autonomous vehicles is one of the biggest reasons and would act as opportunity for the future. Growing market for autonomous and premium market both act as driver for the automotive camera-abased side mirror market.
Limited Market Scope
As premium and autonomous vehicles being the only industry driver, the present scope of automotive camera-base side mirror market is very limited. Market giants such as BMW Group and Mitsubishi Electric Corp are competing there due to which entry in the market becomes difficult for new players. Developed economies such as the U.S, Japan, and Europe have many manufacturers and consumers of the automotive camera-based side mirror market.
Key Benefits of the Report
- This study presents the analytical depiction of the camera-based side mirrors 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 challenges of the camera-based side mirrors market.
- The current market is quantitatively analyzed to highlight the camera-based side mirrors market growth scenario.
- The report provides a detailed camera-based side mirrors market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the snowmobile market research report:
- Which are the leading market players active in the camera-based side mirrors market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the camera-based side mirrors market?
- What are the projections for the future that would help in taking further strategic steps?
Automotive Camera-based Side Mirrors Market Report Highlights
By Product Type
By Vehicle Type
By Sales Channel
Key Market Players
Magna International Inc., Gentex Corp., Honda Motor Co. Ltd., Continental AG, Hyundai Mobis Co. Ltd., Kyocera Corp., Motherson Sumi Systems Ltd., BMW Group, Mitsubishi Electric Corp., Kappa optronics GmbH