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Rear-View Mirror Market - Analyzing Market Dimensions, Adapting to Emerging Industry Trends, Addressing Elevated Demand, and Formulating Progressive Strategies for Unmatched Growth
Rear-View Mirror Global Market Report 2024
The Business Research Company offers in-depth market insights through Rear View Mirror Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The rear-view mirror market size has grown strongly in recent years. It will grow from $8.85 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to early automotive safety concerns, increased traffic density, regulatory requirements for mirrors, advancements in mirror materials, evolution of automotive design.
The rear-view mirror market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to expansion of the automotive market in emerging economies, continued focus on vehicle safety, enhanced connectivity features, adoption of smart rear-view mirrors, integration with autonomous vehicle technologies. Major trends in the forecast period include digital rear-view mirrors, augmented reality (ar) mirrors, reduction in blind spots through technology, compact and streamlined mirror designs, integration with vehicle-to-everything (v2x) communication systems.
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Market Segmentation:
The rear-view mirror market covered in this report is segmented -
1) By Product Type: Smart Rear-View Mirror, Conventional Rear-View Mirror
2) By Mounting Location: Door Mounted, Body Mounted
3) By Mirror Type: Exterior Mirror, Interior Mirror
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
5) By Feature: Auto dimming, Blind spot detection, Power Control, Automatic Foldable, Heated, Other Features
Major Driver - Increase In The Number Of Vehicles
The increase in the number of vehicles is expected to propel the growth of the rear-view mirror market. Vehicles refer to transportation machines with an engine, such as automobiles, trucks, and buses, for transporting a person or goods. Rear view mirrors are used to ensure safety for the vehicle and passengers. As a result, increasing demand for vehicles also increases the demand for rear-view mirrors. For instance, according to the European Automobile Manufacturers' Association, a Belgium-based automobile industry body, in 2022, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to the previous year, 2021. Further, according to the National Automobile Dealers Association, a US-based non-profit organization, the production of light vehicles in North America was projected to reach 14.2 million units in 2022. This production is expected to increase to 15.4 million units in 2023, driven by gradual improvements in the supply chain. Therefore, the increase in the number of vehicles is driving the rear-view mirror market.
Competitive Landscape:
Major companies operating in the rear-view mirror market report are Continental AG, FLABEG Holding GmbH, Gentex Corporation, Magna International Inc., Ishizaki Honten Company Limited, Mitsuba Corporation, Ficosa Internacional SA, SL Corporation, Samvardhana Motherson Group, Valeo SA, Ichikoh Industries Ltd., Burco Inc., Sichuan Skay View, Honda Lock Mfg Co. Ltd., Tokairica Co Ltd., Samvardhana Motherson Reflectec, Murakami Corporation, Murakami Kaimeido Co. Ltd., Mekra Lang GmbH & Co KG, Lumax Industries Limited, Flabeg Automotive Holding GmbH, Magneti Marelli SpA, Kappa Optronics GmbH, FS Fehrer Automotive GmbH, Changchun Fawsn Group Co Ltd., Changzhou Huawei Automotive Trim Co Ltd., Changzhou Xingyu Automotive Lighting Systems Co Ltd., Fuyao Glass Group Co Ltd., Nippon Sheet Glass Co Ltd., Asahi Glass Co Ltd., Compagnie de Saint-Gobain SA, Xinyi Glass Holdings Limited
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Top Trend - Technological Advancements In Rearview Mirror Market
Technological advancements have emerged as a key trend gaining popularity in the rear-view mirror market. Major companies operating in the rear-view mirror market are focused on developing new technologies to meet consumer demand and reinforce their position. For instance, in in April 2022, Seeing Machines Ltd, an Australian provides driver monitoring technologies, collaborated with Magna, a Canadian automobile mirror provider, on a rear-view mirror that incorporates its Driver Monitoring System (DMS) technology. The two companies produced a demonstrator model that combines a camera, electronics and interior mirror technology, using Seeing Machines enhanced FOVIO eDME (embedded Driver Monitoring Engine) algorithms and software.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Rear View Mirror Market Characteristics
3. Rear View Mirror Market Trends And Strategies
4. Rear View Mirror Market - Macro Economic Scenario
5. Rear View Mirror Market Size And Growth
…..
27. Rear View Mirror Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology
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