The Rise of Smart Rear-view Mirrors: Passing Trend or Future Standard?
According to report by Research and Markets, the global smart rear-view mirror market is projected to grow significantly, reaching a market size of USD 12.46 billion by 2030. This growth, with a compound annual growth rate (CAGR) of 4.1% from 2023 to 2030, is primarily driven by the rising demand for luxury vehicles and the need for enhanced comfort in automotive design. The integration of advanced safety features in rear-view mirrors by automotive OEMs, aiming to improve visibility and reduce accidents, is a crucial factor contributing to this growth.
Luxury Vehicles Fueling Market Expansion
A notable surge in the demand for luxury vehicles, particularly in developing economies such as China and India, plays a pivotal role in market expansion. This increase is partly due to the growing spending capacity of consumers in these regions. For instance, luxury car sales in China saw a considerable increase in April 2020, as reported by the China Automobile Dealers Association. Additionally, the influx of luxury Sport Utility Vehicles (SUVs) is expected to further stimulate market growth in the coming years.
Impact of COVID-19 on the Automotive Industry
The COVID-19 pandemic has significantly impacted the global automotive industry. This impact is evident in the decline of overall automotive production volumes worldwide, particularly in North America and Europe. The Organisation Internationale des Constructeurs d'Automobiles (OICA) noted a substantial drop in global automobile production in 2020 compared to the previous year.
Asia Pacific: A Key Market Contributor
The Asia Pacific region accounted for approximately 50% of the overall rear-view mirror demand in 2020 and is forecasted to experience the highest growth rate, with a CAGR of 4.5%. Factors such as technological advancements, increased consumer spending capacity, and initiatives like India's Make In India campaign, which attracts significant investments in the automotive sector, are driving this growth.
Market Segment Analysis
Dominant Segments and Future Projections
- Feature Type: The heating function segment dominated the market in 2022, with expectations to surpass USD 5 billion by the end of the forecast period.
- Mounting Location: The door-mounted segment, the largest in 2022, is projected to maintain its lead.
- Product Type: Smart rear-view mirrors, accounting for over 70% of the total market revenue in 2022, are expected to register the highest growth rate from 2023 to 2030.
- Type: The interior mirror segment is predicted to grow rapidly, driven by increased sales of premium and passenger vehicles, including SUVs.
- Vehicle Type: The passenger car segment is anticipated to grow at the highest CAGR of 4.2% from 2023 to 2030.
Regional Insights
The Asia Pacific market held the largest share in 2022, a trend attributed to the rising vehicle production in countries like India, China, and Japan.
This article was co-written using AI and was then heavily edited and optimized by our editorial team.
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Smart and Digital Mirrors should be mandatory on all vehicles starting with 2025 Models, simply to put it, its not a luxury item, but clearly a Safety Issue.