Press release
Auto-Dimming Mirror Industry to See Robust Expansion, Valued at $2.77 Billion by 2029
Auto Dimming Mirror
What Is the Projected CAGR for the Auto-Dimming Mirror Market from 2024 to 2025?
In the past few years, the auto-dimming mirror market has seen steady growth. The market is projected to rise from a worth of $2.22 billion in 2024 to $2.31 billion in 2025, experiencing a compound annual growth rate (CAGR) of 4.0%. This growth in previous years can be traced back to enhanced understanding of driver safety and glare reduction, assimilation of advanced driver assistance systems (ADAS) in motor vehicles, escalating demand for commercial vehicles, rigorous safety regulations advocating the usage of anti-glare mirrors, and increased consumer interest for luxury and high-grade vehicles that come with advanced features.
What are the Expected Market Size and CAGR for Auto-Dimming Mirror by 2029?
In the coming years, the auto-dimming mirror market size is projected to experience a consistent rise. The market is anticipated to expand to a value of $2.77 billion in 2029, at a compound annual growth rate (CAGR) of 4.7%. The predicted growth during this forecast period can be linked to the growing adoption of autonomous and electric vehicles, the inclusion of innovative sensors and cameras in auto-dimming mirrors, expansion of the connected car ecosystem, increased attention to driver comfort and minimization of eye strain during nighttime drives, and the enlargement of the auto industry in developing economies. The forecast period is also characterized by major trends such as the advancement in camera technology, adaptive dimming using artificial intelligence (AI), development of electrochromic mirrors offering adjustable tint levels, incorporation of digital displays and augmented reality features, and collaborations between automakers and technology providers.
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Which Factors Are Driving the Global Auto-Dimming Mirror Market Expansion?
The advancement in the motor vehicle industry is perceived to boost the auto-dimming mirror market's expansion. The term 'automotive industry' is associated with the conceptualization, innovation, and production of motor vehicles. Auto-dimming mirrors, which are installed in vehicles to minimize the disruption caused by the glare from other vehicles, are a crucial component. The European Automobile Manufacturers Association, situated in Belgium, reported in May 2023 that in 2022, 85.4 million motor vehicles were produced worldwide. This impressive increase of 5.7% compared to 2021 points to the industry's growth. Consequently, the progression of the automobile industry bolsters the expansion of the auto-dimming mirror market.
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Which Segment Currently Holds the Largest Share of the Auto-Dimming Mirror Market?
The auto-dimming mirror market covered in this report is segmented -
1) By Fuel Type: Internal Combustion Engine, Hybrid, Electric
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By Functionality Type market: Connected Auto-Dimming Mirror, Non-connected Auto-Dimming Mirror
4) By Application Type: Inside Rear-View Mirror, Outside Rear-View Mirror
Subsegments:
1) By Internal Combustion Engine: Passenger Vehicles, Commercial Vehicles
2) By Hybrid: Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs)
3) By Electric: Battery Electric Vehicles (BEVs), Electric SUVs And Trucks
Which Major Trends Are Shaping the Future of the Auto-Dimming Mirror Industry?
Technology-based advancements have become a prominent trend in the auto-dimming mirror market. Major players in this sector are focusing on integrating novel technologies to maintain their market position. To illustrate, in August 2023, Mahindra, an automotive manufacturing corporation headquartered in India, introduced an advanced version of the XUV400 EV. This version comes with eight exclusive new features only available in the premium EL model. Some of the added features include electronic stability control (ESP), hill hold assist, a tire pressure monitoring system, an auto-dimming internal rearview mirror (IRVM), and cruise control. Besides these, the updated electric SUV also offers fog lights and a boot lamp, along with an improved audio system equipped with tweeters.
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Which Key Players Dominate the Auto-Dimming Mirror Industry Globally?
Major companies operating in the auto-dimming mirror market include 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
What Are the Fastest-Growing Regions in the Auto-Dimming Mirror Market?
Asia-Pacific was the largest region in the auto-dimming mirror market in 2024.North America is expected to be the fastest growing region in the forecast period. The regions covered in the auto-dimming mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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