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Auto-Dimming Mirrors: Smart Vehicle Components Market Report 2024
Auto-Dimming Mirror Market Industry
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According to The Business Research Company's, The auto-dimming mirror market size has grown strongly in recent years. It will grow from $2.12 billion in 2023 to $2.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growing awareness of driver safety and glare reduction, integration of advanced driver assistance systems (adas) in vehicles, growing demand for commercial vehicles, stringent safety regulations promoting the use of anti-glare mirrors, increased demand for luxury and high-end vehicles with advanced features..
The auto-dimming mirror market size is expected to see strong growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to surge in the adoption of electric and autonomous vehicles, integration of advanced sensors and cameras in auto-dimming mirrors, growth in the connected car ecosystem, increasing focus on driver comfort and reducing eye strain during night driving, expansion of the automotive market in emerging economies. Major trends in the forecast period include advancements in camera technology, use of artificial intelligence (ai) for adaptive dimming, development of electrochromic mirrors with customizable tint levels, integration of digital displays and augmented reality features, collaboration between automakers and technology providers .
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Market Drivers and Trends:
The surge in the automotive industry is expected to propel the growth of the auto-dimming mirror market going forward. The automotive industry refers to the designing, developing, and manufacturing of motor vehicles. These mirrors are used in vehicles to reduce the glare of light that is coming from other vehicles and hence prevent the driver from getting distracted. For instance, according to the India Brand Equity Foundation, an India-based government export agency, in May 2022, sales of automobiles in India increased by 5.8%, which is 18.49 million units, as compared to 17.47 million units in the year 2020. Also, the premium car industry sold 2,259 units in December 2021, an increase of 19.7% when compared with 2020. Therefore, the growth of the automotive industry is driving the growth of the auto-dimming mirror market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Ficosa International SA, Flabeg Automotive Glass Group GMBH, Gentex Corporation, Honda Lock Mfg. Co. Ltd., Konview Electronics Corporation Limited, Magna International Inc., Murakami Corporation, Shenzhen Germid Co. Ltd., Samvardhana Motherson Group, Tokairika Co. Ltd., SL Corporation, Ichikoh Industries Ltd., Metagal Industria E-commercio Ltd., Fuyao Glass Industry Group Co. Ltd., Dura Automotive Systems, Webasto SE, Glas Trösch Holding AG, Shanghai Ganxiang Automobile Electric Co. Ltd., Shanghai Yaxing Automotive Electronics Co. Ltd., Yantai Autobest Industry Co. Ltd., ZKW Group, Kyocera Corporation, Donnelly Corporation, Ishizaki Honten Co. Ltd., Visiocorp plc, Continental AG, Valeo SA, Denso Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG
Auto-Dimming Mirror Market 2024 Key Insights:
• The auto-dimming mirror market size is expected to see strong growth in the next few years. It will grow to $2.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Rising Automotive Industry Sales Fuel Auto-Dimming Mirror Market Growth
• Auto-Dimming Mirror Market Embraces Technological Innovations As Key Trend
• Asia-Pacific was the largest region in the auto-dimming mirror market in 2023
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