Automotive Camera-based Side Mirrors Market | Trends, Share, Growth Rate, Opportunities and Market Forecast 2021-2030

Automotive Camera-based Side Mirrors Market Outlook 2030 -

Automotive camera-based side mirrors include several cameras that are placed in all four sides of vehicles to offer drivers a detailed view. It is a system that replaces existing side mirror system of vehicles. Traditional side mirror system has some major flaws such as wide-angle view and hustle in rainy season. Whereas camera-based side mirror system overcomes these flaws in traditional side mirrors. These camera-based side mirrors come with features such as water and dust resistance, night vision assistance, and 360 degree viewing angles HD to full HD resolution. The camera-based side mirror market holds great potential with growing automobile industry.

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COVID-19 Impact analysis

COVID-19 outbreak has hampered newly flourishing manufacturing and sales of automotive camera-based side mirror system badly. Automotive parts and components industry was hugely impacted by sudden coronavirus outbreak. Manufacturing and production units were shut during lockdown in most of countries, which resulted decline in production of automotive camera-based side mirrors. However, significant recovery is expected in upcoming years, owing to increase in disposable income and demand for vehicles.

Top Impacting Factors

Highly competitive nature of the passenger vehicle market made car manufacturers adopt camera-based side mirror system in their premium segment of cars.

However, coronavirus pandemic has led to a deadly blow to industries globally. Original equipment manufacturers (OEMs) have also halted production, which has further decreased demand for automotive camera-based side mirrors.

Rise in disposable income raised demand for premium passenger vehicles, which offers lucrative opportunities by OEMs.

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Market Trends

Growing adoption of autonomous and premium cars to flourish the growth

To compete in the fierce premium passenger vehicle market, car manufacturers are adding new and attracting features to catch customer attention. Japanese giant car manufacturer Honda is planning to introduce camera-based side view mirrors in its premium cars, all electronic e-Tron by Audi also has camera-based side mirror system. The idea of autonomous vehicles is one of the biggest reasons and would act as opportunity for the future. Growing market for autonomous and premium market both act as driver for the automotive camera-abased side mirror market.

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Limited Market Scope

As premium and autonomous vehicles being the only industry driver, the present scope of automotive camera-base side mirror market is very limited. Market giants such as BMW Group and Mitsubishi Electric Corp are competing there due to which entry in the market becomes difficult for new players. Developed economies such as the U.S, Japan, and Europe have many manufacturers and consumers of the automotive camera-based side mirror market.

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