According to a recent report published by Allied Market Research, titled, "Auto dimming mirror Market by Application, Vehicle Type and Fuel Type: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global auto dimming mirror market size was valued at $1.86 billion in 2018, and is projected to reach $2.77 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026.
Asia-Pacific dominates the market, followed by Europe, North America, and LAMEA. China dominated the Asia-Pacific auto dimming mirror market share in 2018, and is expected to maintain its lead during the forecast period.
Leading automobile manufacturers are introducing new range of automobiles with more advanced technology in mirrors and refinement, which, in turn, is anticipated to propel the growth of auto-dimming mirror market in North America. For instance, Mazda, a Japanese multinational automaker, launched new model named Mazda2 with a feature of auto-dimming rear-view mirror. In addition, the auto-dimming market in Europe is anticipated to exhibit remarkable growth during the forecast period, owing to focus of automobile manufacturers on development of innovative safety technologies for automobiles.
The automobile industry giants in Asia-Pacific are introducing new range of vehicles with the feature of auto-dimming rear-view mirrors, which is anticipated to boost the growth of the market. For instance, on February 3, 2020, Tata Motors, an automotive manufacturer in India launched new Tata Harrier BS6, which has advanced and innovative technologies such as next-generation Kryotec diesel engine and auto-dimming rearview mirrors, which in turn is driving the growth of market. In addition, Asia-Pacific is the highest contributing region to the global auto dimming mirror market and is anticipated to maintain its lead during the forecast period.
Major automotive OEMs are providing auto dimming mirrors in their cars to increase safety of passengers and drivers. For instance, Volvo, a luxury vehicle brand, launched Volvo XC40 passenger car with auto dimming rear-view mirrors. Such factors are anticipated to drive demand for auto dimming mirrors in the passenger cars segment. Passenger vehicle is the largest segment in vehicle type as passenger cars segment dominates the global vehicles market and is anticipated to maintain its lead during the forecast period. In addition, the use of auto dimming mirrors in LCVs is estimated to grow positively during the forecast period, owing to rise in demand for light commercial vehicles. For instance, European Automobile Manufacturers Association, in 2017, stated that 19.6 million motor vehicles were produced in the European Union, of which 17 million were passenger cars, and remaining 2.6 million were commercial vehicles, which is estimated to provide lucrative opportunities for the auto dimming mirrors market. Commercial vehicles majorly consist of light commercial vehicle and heavy commercial vehicles and are usually utilized for transportation of goods. Light commercial vehicles (LCVs) are usually fitted with a greater number of outside rear-view dimming mirrors than conventional passenger cars.
Advancements in ICE vehicles, coupled with rising need for safety has attracted automotive OEMs toward auto dimming mirrors. For instance, in 2019, Porsche AG launched a luxury internal combustion engine car - Porsche Cayenne S with auto dimming mirrors. Thus, such instances are anticipated to propel the auto dimming mirror market growth. In addition, Major electric car manufacturers are focusing on development of new, better, and upgraded electric cars with extended range, while providing maximum safety. This factor is anticipated to boost the demand for auto dimming mirrors as they provide greater safety compared to conventional mirrors. For instance, Tesla Model 3, an electric car, which had achieved the highest safety assist score, included auto-dimming and power-folding mirrors in the base model of their ca.
Increasing demand for advanced features coupled with growing automotive industry is propelling the growth of auto dimming mirror market. In addition, increasing need for safety in automobiles is boosting the growth of market. However, high cost as compared to conventional mirrors is hindering the growth of market. Further, production of cloud based auto dimming mirror is anticipated to provide a remarkable growth opportunity for the players operating in the auto dimming mirror market.
Key Findings of the Study
- By application, the outside rear-view mirror segment is anticipated to grow at a lucrative growth rate.
- By vehicle type, the passenger vehicle segment was the highest revenue contributor in 2018.
- By region, Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- By region, Asia-Pacific contributed the highest auto dimming mirror market revenue in 2018, followed by Europe, North America, and LAMEA.
The key players analyzed in this report include Ficosa, Flabeg, Gentex corporation, Honda Lock, Konview, Magna, Murakami Corporation, SAMVARDHANA MOTHERSON GROUP, Shenzhen Germid Co., Ltd., Tokairika, Co, Ltd., and others.