Global Auto Dimming Mirror Market Industry Trends, Estimation & Forecast, 2018 - 2025
The global market is primarily driven by the increasing awareness about vehicle and passenger safety. Also, the trend of integrating additional features in rear-view mirrors has led to a rise in demand for auto-dimming mirrors. OEMs have launched new variants in mirrors with advanced features for driver assistance. Therefore, growing need for safer and broader visibility, easy and low installation cost are some of the factor which drives the auto-dimming mirrors market.
“Global Auto-Dimming Mirror market was valued at USD 1.81 billion in 2018 and it is expected to reach more than USD 2.12 billion by 2025, likely to grow at a CAGR of 3.20% during the forecast period”
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The interior mirror segment is projected to dominate the auto-dimming mirror market, in terms of value, during the forecast period. The use of interior dimming mirrors is imperative in all types of vehicles. Passenger cars and LCVs commonly have one interior dimming mirror comprising features such as blind-spot detection and park assist camera.
While The market for connected dimming mirror is estimated to witness the highest growth with 4.1% CAGR. connected auto-dimming mirrors stand for dimming mirrors integrated with various other features to provide safety and convenience to drivers while driving. Some of the features which come integrated with dimming mirrors are temperature display, Bluetooth and hands-free connectivity, and navigation. Due to the increasing adoption of connected dimming mirrors, the market for auto-dimming mirrors is expected to grow at the highest rate during the forecast period.
Asia-Pacific is estimated to dominate the auto-dimming mirror market during the forecast period. The region represents countries such as China, Japan, South Korea, and India with the world’s highest vehicle production. The demand for the automotive mirror is directly linked to the vehicle production in this region. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA) publication, these countries together contributed approximately 48% to the global vehicle production in 2016. The increasing purchasing power of people is also one of the key factors for the growth in the Asia Pacific region.
The auto-dimming mirror market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Magna (Canada), Samvardhana Motherson Reflectec (Germany), Ficosa (Spain), Gentex (US), and Murakami (Japan).
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