Press release
Automotive Virtual Exterior Mirror Market is Predicted to Expand at A CAGR Of 16.4% by 2031- TMR Study
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ (๐๐ฌ๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ ๐๐๐ข๐ฅ ๐๐ ๐๐จ๐ซ ๐๐ฎ๐ข๐๐ค ๐๐๐ฌ๐ฉ๐จ๐ง๐ฌ๐) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85781&utm_source=OpenPR_Ganesh&utm_medium=OpenPR
Market Overview:
The automotive virtual exterior mirror technology introduces a paradigm shift by replacing traditional side mirrors with camera-based systems that offer real-time digital images or video feeds to drivers. Known as digital mirrors or e-mirrors, these systems enhance aerodynamics, reduce drag, and provide designers with greater creative freedom. The market's growth is underpinned by the global expansion of the automotive sector, increased sales of passenger and commercial vehicles, and a growing integration of in-vehicle electronics.
Regulatory Support and Technological Adoption:
Virtual mirrors, although not yet legal in the U.S., have garnered significant attention, especially since the National Highway Traffic Safety Administration (NHTSA) began testing the technology in 2019. The replacement of traditional side mirrors with virtual alternatives holds immense potential, particularly in reducing aerodynamic drag and offering designers more flexibility. The market is also buoyed by regulatory support for advanced technologies, such as virtual mirrors, indicating potential growth in various regions in the coming years.
Integration with Advanced Driver Assistance Systems (ADAS):
A key driving force behind the adoption of virtual exterior mirrors is their integration with Advanced Driver Assistance Systems (ADAS). Offering features like blind-spot monitoring and lane-keeping assistance, these mirrors enhance overall vehicle safety and contribute to an improved driving experience. Governments worldwide are emphasizing road safety and emissions reduction, prompting automakers to adopt virtual exterior mirrors to comply with safety standards and meet regulatory requirements.
Connected Car Systems and Customization:
Virtual exterior mirrors are not just about safety; they are evolving into integral components of connected car systems. Offering features like navigation directions, vehicle diagnostics, and personalized settings, these mirrors enhance the overall driving experience. Flexibility in display and customization options further adds to their appeal, allowing drivers to tailor their views and minimize glare. The futuristic appearance of vehicles equipped with virtual exterior mirrors also attracts tech-savvy consumers.
Market Segmentation and Regional Insights:
Passenger cars, particularly in the luxury and premium segments, dominate the adoption of virtual exterior mirrors. Early adopters in the premium segment, such as BMW AG and Honda Motor Co., are paving the way for broader market penetration. In terms of components, the hardware segment holds a significant share, driven by the increasing adoption of camera-based mirror systems. North America, Europe, and Asia Pacific emerge as key regions for market growth, with North America leading the way due to a robust automotive industry and high consumer demand for advanced technologies.
Key Players and Developments:
The global automotive virtual exterior mirror market is marked by strategic alliances and continuous innovations. Key players include Gentex Corporation, Magna International Inc., Panasonic Corporation, and others. In recent developments, Gentex Corp. invested in ADASKY's Series B financing for the commercialization of Long Wave Infrared (LWIR) sensors, while Magna's ClearView vision technology debuted in Ram Heavy Duty trucks, showcasing the industry's commitment to innovation.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ | ๐๐ฆ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ - https://www.transparencymarketresearch.com/checkout.php?rep_id=85781<ype=S&utm_source=OpenPR_Ganesh&utm_medium=OpenPR
As the electric vehicle power electronics market continues its exponential growth, stakeholders must navigate this dynamic landscape armed with a deep understanding of market dynamics. This comprehensive market research study illuminates key trends, growth drivers, and technological advancements, providing actionable insights for stakeholders aiming to enter, expand, or optimize their presence in this rapidly evolving market. The electrifying road ahead promises innovation, collaboration, and sustainable transformation in the global electric vehicle power electronics industry.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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