Increasing Adoption of Connected Vehicles Fueling The Market Growth Due To Real-Time Safety Communication Requirements: Strategic Insights Driving Smart Rearview Mirror Market Momentum in 2025

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How Large Will the Smart Rearview Mirror Market Size By 2025?
In the last few years, there has been a significant expansion in the size of the smart rearview mirror market. The market, which will be worth $3.42 billion in 2024, is expected to grow to $3.85 billion in 2025. This equates to a compound annual growth rate (CAGR) of 13.5%. Factors contributing to the growth during this historic period include an increase in consumer demand for better vehicle safety, the wider acceptance of advanced driver-assistance systems (ADAS), more stringent governmental regulations enforcing safety features, growing consumer awareness of road safety, and the rise of the automotive industry in emerging markets.

How Big Is the Smart Rearview Mirror Market Size Expected to Grow by 2029?
The market for smart rearview mirrors is projected to expand rapidly in the coming years, reaching a worth of $6.36 billion in 2029, a growth underpinned by a compound annual growth rate (CAGR) of 13.1%. Factors contributing to this growth in the forecast period include a rise in consumer inclination towards luxury vehicles, the burgeoning demand for integrated vehicle technologies, increasing consumer awareness about road safety, the proliferation of the automobile industry in emerging markets, and accelerated adoption of electric vehicles. The forecast period is also marked by certain key trends like the integration of infotainment systems into rearview functions, the advancement of augmented reality smart mirrors, a focus on environmentally-friendly manufacturing processes, the adoption of streaming media rearview mirrors, and an enhanced emphasis on vehicle aesthetics and design.

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Which Key Market Drivers Powering Smart Rearview Mirror Market Expansion and Growth?
The smart rearview mirror market is anticipated to grow due to the rising adoption of connected vehicles. These automobiles possess internet connectivity and wireless communication features allowing them to interact with other vehicles, infrastructure, and external networks. The growth in wireless communication technology has spurred the uptake of these connected vehicles as they can exchange real-time data, thus improving traffic efficiency, safety, and connectivity between vehicles and infrastructures. Smart rearview mirrors, through their integrated cameras, sensors, and connectivity, heighten driver awareness, support real-time data exchange, and offer advanced navigation and safety functionalities. In January 2024, the BMW Group, a vehicle manufacturer based in Germany, reported record sales throughout the previous year, selling 2,555,341 BMW, MINI, and Rolls-Royce vehicles globally, marking a 6.5% increase in sales. In the final quarter of 2023, the company witnessed a 10.3% increase in sales, selling 718,778 units year-over-year. Hence, the mounting acceptance of connected vehicles stimulates the expansion of the smart rearview mirror market.

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Which Fast-Growing Trends Are Poised to Disrupt the Smart Rearview Mirror Market?
Key players in the smart rearview mirror market are concentrating on the creation of novel solutions, including high-definition digital displays, to improve driver visibility and elevate vehicle safety. High-definition digital displays are screens capable of projecting clear, precise and detailed videos or pictures, assisting drivers by providing a continuous, real-time glimpse of the area around or behind the car, thereby increasing safety and situational knowledge. For example, in February 2023, Ford Motor Company, a manufacturer based in the US, premiered its Digital Rearview Mirror for the 2023 Transit and E-Transit vans. This mirror is fitted with a high-definition monitor displaying a wide range view from the vehicle's rear, enabling drivers to perceive pedestrians, cyclists and other vehicles, even when conventional rear visibility is obstructed by cargo, passengers or van's rear doors. The system's adjustable brightness and angle controls cater to various lighting and driving conditions, ensuring maximum visibility at all times. It eliminates the constraints of regular mirrors and backup cameras, establishing a new standard for driver-assistance technology in commercial vehicles and making it simpler for both fleet operators and individual owners to navigate safely in both city and country settings.

What Are the Emerging Segments in the Smart Rearview Mirror Market?
The smart rearview mirror market covered in this report is segmented as

1) By Type: Body Mounted, Door Mounted
2) By Features: Touchscreen, Global Positioning System (GPS) Navigation, Bluetooth Connectivity, Dash Cam Integration, Other Features
3) By Technology: Liquid Crystal Display (LCD) Screens, Liquid Crystal Display (LCD) Touch Displays, Augmented Reality
4) By Application: Passenger Vehicles, Commercial Vehicles
5) By End User: Original Equipment Manufacturers, ??Aftermarket Suppliers, ??Fleet Operators

Subsegments:
1) By Body Mounted: Standard Body Mounted Smart Rearview Mirrors, Auto-Dimming Body Mounted Smart Rearview Mirrors, Wide Angle Body Mounted Smart Rearview Mirrors, Integrated Display Body Mounted Smart Rearview Mirrors
2) By Door Mounted: Standard Door Mounted Smart Rearview Mirrors, Heated Door Mounted Smart Rearview Mirrors, Auto-Folding Door Mounted Smart Rearview Mirrors, Blind Spot Detection Door Mounted Smart Rearview Mirrors

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Who Are the Global Leaders in the Smart Rearview Mirror Market?
Major companies operating in the smart rearview mirror market are Robert Bosch GmbH, Panasonic Holdings Corporation, Denso Corporation, Hyundai Mobis Co. Ltd., Continental AG, Magna International Inc., Mitsubishi Electric Corporation, Valeo S.A., Aptiv PLC, Samvardhana Motherson International Limited., Samsung Electro-Mechanics Co. Ltd., Ficosa International S.A., Gentex Corporation, Japan Display Inc., Murakami Corporation, Allview Mirrors Corporation, Brandmotion LLC, Rydeen Mobile Electronics Inc., Rexing Inc., Guangzhou Candid Electronics Co. Ltd.

Which are the Top Profitable Regional Markets for the Smart Rearview Mirror Industry?
North America was the largest region in the smart rearview mirror market in 2024. The regions covered in smart rearview mirror report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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