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The automotive camera-based side mirrors market size is forecast to increase by USD 15.59 Th at a CAGR of 27.85% between 2023 and 2028. Market expansion hinges on various factors, such as the heightened adoption of automotive camera-based side mirrors, growing consumer preference for safety and convenience features in vehicles, and escalating safety concerns within the automotive ecosystem. These factors collectively drive demand for innovative solutions that enhance safety and usability in vehicles. The increased use of camera-based side mirrors reflects a broader trend towards advanced driver assistance systems, catering to evolving consumer expectations for enhanced vehicle safety and functionality. Furthermore, the prioritization of safety features underscores a shift in consumer priorities towards vehicles equipped with robust safety technologies, influencing purchasing decisions and market dynamics within the automotive industry. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market is revolutionizing vehicle safety and driving visibility by overcoming the flaws of traditional side mirror systems. Offering water and dust resistance and night vision assistance, these systems provide 360-degree viewing angles and HD to full HD resolution for enhanced clarity. In the competitive landscape of the automotive parts and components industry, they cater to both the passenger vehicle market and commercial vehicle segment, meeting the demands of automotive OEMs and manufacturers. With features like auto-dimming, blind spot indicators, and automatic folding, they are integral to advanced driver assistance systems and vehicle safety, enabling functionalities such as blind-spot detection and lane departure warning. As automotive manufacturers prioritize safety and comfort, camera-based side mirrors emerge as indispensable components in modern vehicles, improving driving experiences and reducing accidents. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increased utility of automotive camera-based side mirrors is a key factor driving the growth of the market. Camera-based side mirrors offer a variety of benefits over conventional side-view mirrors, and this is expected to increase the preference for vehicles equipped with these mirror systems during the forecast period. Camera-based side mirrors offer better visibility, with a wider field of vision compared to conventional mirrors. This allows drivers to detect vehicles approaching from the sides or behind quickly and eliminates blind spots. Additionally, camera-based side mirrors offer high-definition live-video streaming, with the display units placed inside the vehicle cabin, protected from external environmental factors such as rain, snow, and dust.
Moreover, the cameras used in this mirror system are configured to offer better visibility, even under diverse environmental conditions. Advanced camera modules are used to facilitate night vision capabilities in this mirror system. This provides enhanced visibility to the driver during nighttime. The integration of camera-based side mirrors often eliminates the need for external side mirrors. The elimination of external side mirrors refines the aerodynamic quality of the vehicle. Side-view mirrors are external protrusions that increase the air drag of the vehicle by up to 10%. Hence, replacing side-view mirrors with automotive camera-based side mirrors decreases air drag and increases the fuel efficiency of the vehicle. Additional utilities gained by the replacement of side-view mirrors with camera-based side mirrors are expected to drive the market during the forecast period.
The emergence of surround-view mirror systems is expected to fuel the growth of the market. A surround-view mirror system, also known as a 360-degree camera system, uses multiple cameras positioned around the vehicle to provide the driver with visibility on all four sides of the vehicle. This allows the driver to have an elevated view and have a better understanding of their surroundings. The system intelligently combines all inputs from the cameras and display a single video output.
Additionally, surround-view mirror systems also integrate sonar technologies to accurately identify the distance between adjacent vehicles or obstacles, and alert the driver with audio signals. One example of this technology is Nissan Motor Co. Ltd's Around View Monitor system, which has been used in multiple models of Nissan Motor and was upgraded to the intelligent Around View Monitor system. Hence, such factors are driving the market during the forecast period.
Government regulations regarding automotive mirrors can be a major challenge for market growth. Many states in the US and other countries have regulations that require vehicles to have side-view mirrors. However, the addition of these mirrors increases production costs for manufacturers and as a result, mirrors are only offered with premium segment vehicles. This is because technological developments in the automotive industry have outpaced the developments in regulatory systems followed in various countries. This has restricted vehicle manufacturers from equipping vehicles with certain technologies.
Additionally, regulatory authorities in countries such as China, South Korea, and India do not have testing procedures that test the integrity and reliability of newly developed automotive technologies. This lack of regulation makes it difficult for manufacturers to equip vehicles with advanced technologies, and the uneven regulations across different states or countries can hinder the usability of a vehicle model equipped with side mirrors throughout the US or Europe, negatively affecting sales of vehicles equipped with automotive camera-based side mirrors during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Kappa optronics GmbH - The company offers automotive camera-based side mirrors, such as digital mirrors for large vehicles.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the passenger cars segment will be significant during the forecast period. The passenger car segment dominates the market. Luxury automakers are focusing on increasing the safety level of passenger cars and are adopting advanced safety functions such as camera-based side mirrors. Hence, the demand for automotive camera-based side mirrors is increasing steadily in the automotive industry.
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The passenger cars were valued at USD 2,912.70 in 2018. Vehicle manufacturers, such as BMW and Honda Motor, are developing autonomous vehicle technologies that use camera-based side mirror systems to develop 3D machine vision. 3D machine vision makes autonomous systems highly efficient in detecting the depth or distance between the vehicle and other obstacles on the road. The development of autonomous driving technologies will have a major impact on the development of camera-based side mirrors for passenger cars during the forecast period.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the fastest-growing region in the market. This will allow the region to consolidate its market position further. China, India, South Korea, and Japan are the major countries in the region. APAC is a high-volume adopter of passenger cars, and the vehicle manufacturers in APAC offer mirrors in their vehicles as standard or optional fitment. Therefore, the high adoption of mirrors in these vehicles attributes to their dominant position. This is because most passenger cars (across all segments) come equipped with automotive camera-based side mirrors. In addition, the passenger cars segment in the region is expected to grow at a faster rate than that in other regions during the forecast period, which would drive market growth during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Thousand" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is reshaping the automotive industry by replacing traditional side mirror systems with smart automotive rear-view mirrors equipped with advanced camera technologies. Catering to premium passenger vehicles, luxury vehicles, and the burgeoning segment of electric vehicles and autonomous vehicles, these systems offer enhanced safety and comfort features such as blind spot indicators and augmented reality displays. With the support of government incentives and the availability of low-cost raw materials and cheap labor, manufacturers are driving innovation in camera-based mirror systems, addressing concerns related to CO2 emissions and noise.
Moreover, as a critical component of the automotive safety ecosystem, these mirrors provide high-definition rearview capabilities and smart connectivity features, aligning with the evolving demands of the modern automotive market. Further, premium vehicle manufacturers are enhancing safety features by integrating advanced technologies like blind spot indicators and 3D surround view systems, revolutionizing the traditional side mirror system with high-definition cameras, and driving innovation in exterior component manufacturing for IC engine vehicles.
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 27.85% |
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Market growth 2024-2028 |
USD 15.59 thousand |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
21.39 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 45% |
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Key countries |
Japan, UK, China, Germany, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bayerische Motoren Werke AG, Continental AG, Gentex Corp., Honda Motor Co. Ltd., Kappa optronics GmbH, KYOCERA Corp., Magna International Inc., Mitsubishi Electric Corp., Murakami Corp., Nissan Motor Co. Ltd., Orlaco Products BV, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Samvardhana Motherson International Ltd., Stoneridge Inc., Stonkam Co. Ltd., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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