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The global automotive camera-based side mirrors market size is estimated to grow by USD 10,055.1 thousand between 2022 and 2027 at a CAGR of 23.38%. The growth of the market depends on several factors, including the increased utility of automotive camera-based side mirrors, the increasing preference for safe and convenient features in vehicles, and the increasing safety concerns in the automotive ecosystem.
This report extensively covers market segmentation by application (passenger cars and commercial vehicles), product type (rear-view mirror and front mirror), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Among the two segments i.e, passenger cars and commercial vehicles, the passenger car segment dominates the global automotive wing mirror camera system 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.
Various governing bodies are allowing camera-based mirror systems to replace conventional mirrors on vehicles. For instance, in the US, National Highway Traffic Safety Administration (NHTSA) has mandated the replacement of all rear-view mirrors with backup camera systems in passenger cars that weigh less than 10,000 pounds by 2018. In addition to this, various vendors such as kappa-optronics.com, Continental AG, and Gentex Corp. are capturing the market with their latest on-demand automotive camera-based side mirrors.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Automotive Camera-based Side Mirrors Market Driver
The increased utility of automotive camera-based side mirrors is a key factor driving the growth of the global automotive wing mirror camera system 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 automotive wing mirror camera system market during the forecast period.
Significant Automotive Camera-based Side Mirrors Market Trends
The emergence of surround-view mirror systems is expected to fuel the growth of the global automotive wing mirror camera system 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.
Major Automotive Camera-based Side Mirrors Market Challenge
Government regulations regarding automotive mirrors can be a major challenge for the global automotive wing mirror camera system 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.
Key Automotive Camera-based Side Mirrors Market Customer Landscape
The 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 growth strategies.
Global Automotive Camera-based Side Mirrors Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the automotive wing mirror camera system market.
Kappa-optronics - The company offers automotive camera-based side mirrors such as digital mirrors for large vehicles. Also, under this segment, the company offers a range of aviation cameras and systems such as Driver Vision Enhancers (DVE), Multispectral Situational Awareness Solutions (SAS), advanced systems for large-bore barrel inspection, and HUD cameras for flight visualization among others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 2,579.89 thousand in 2017 and continue to grow by 2021. 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 47% to the growth of the global automotive wing mirror camera system 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.
COVID-19 negatively impacted the automotive rear-view market in APAC during the first half of 2020. However, with the lifting of the lockdown in the second half of 2020 due to the initiation of the vaccination program across APAC, manufacturing and retail activities peaked steadily in the region. This is expected to drive the demand for automotive camera-based side mirrors in the automotive industry during the forecast period.
The report forecasts automotive wing mirror camera system market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Application (Passenger cars and Commercial vehicles), Product Type (Rear-view mirror and Front mirror), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
Automotive Camera-based Side Mirrors Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.38% |
Market growth 2023-2027 |
10,055.1 thousand |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
19.33 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
Japan, China, South Korea, UK, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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., Motherson Sumi Systems Ltd., Murakami Corp., Nissan Motor Co. Ltd., Orlaco Products BV, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Stoneridge Inc., Stonkam Co. Ltd., Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, 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. |
Customization purview |
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