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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:
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:
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.
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.
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