Press release
Automotive Trailer Tow Mirror Market: Recent Industry Developments and Growth Strategies Adopted by Players
A rear-view mirror gives the view of an object at a close range of the car by replicating the images that are reflected on the internal driving mirror. Certain vehicles use sensors or cameras for alerts to distinguish between different types of objects. A front-view mirror reflects images of the nearby cars as well.
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One of the major drivers for the growth of the automotive trailer tow mirror market is the increasing demand for towable RVs or recreational vehicles, which is positively impacting the progress of towing mirrors. Towable recreational vehicles are vehicles that are meant for pleasure or recreation activities such as camping and vacations.
These vehicles have several facilities including a kitchen, sleeping room, and bathroom. Positive business environments as well as encouraging regulatory guidelines are likely to aid the growth of the towable RVs market across the world. This rise in the acceptance of towable RVs, especially in the North America region is likely to fuel the growth of the overall automotive trailer tow mirror market during the forecast period. Moreover, the incorporation of cameras to cover the blind spots is another trend that is gaining momentum in the global market.
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The automotive trailer tow mirrors find additional applications when they are combined with cameras. The system comprises three cameras, one on the rear side of the trailer and two side view mirrors. The side cameras are incorporated into the side mirror that helps in refining the side vision of the automobile.
When the arrangement is turned on, it displays the side view on the central screen. Additionally, this camera is connected to the trailer light for power and it also helps in communicating the image to the display wirelessly. This improvement in towable mirrors is likely to fuel growth of the automotive trailer tow mirror market during the forecast period.
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The global automotive trailer tow mirror market can be segmented by vehicle type and geography. In terms of vehicle type, the global market can be segregated into towable RVs, and pickup trucks. In 2016, the pickup trucks segment held a prominent share in the global automotive trailer tow mirror market and it constituted the main part of the market, by revenue. The implementation of towing mirrors by many agencies such as the NHTSA or National Highway Traffic Safety Administration and the European Commission is one of the major factors for the dominance of this segment in the global automotive trailer tow mirror market.
By geography, the global automotive trailer tow mirror market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America held the maximum share and is estimated to retain its position during the forecast period. Some of the factors such as change in living patterns and lifestyles have increased the demand for travel trailers significantly, thereby propelling the overall automotive trailer tow mirror market in this region.
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