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The automotive intelligent rearview mirror market size is forecast to increase by USD 1.62 billion, at a CAGR of 20.6% between 2023 and 2028. The growth of the market depends on several factors, including the growing popularity of luxury cars and vehicles, which is notably driving market expansion. A key trend in this market is the increasing adoption of advanced driver-assistance systems (ADAS), enhancing safety and convenience for consumers. However, a significant challenge impacting this growth is the high cost of automotive intelligent rearview mirrors, which can limit their adoption among consumers. Balancing these factors is crucial for market progress, as stakeholders strive to innovate and reduce costs while addressing the rising demand for advanced automotive technologies and features.
The market is witnessing significant growth due to the increasing demand for enhanced safety, comfort, and convenience features in both developing and mature economies. OEMs (Original Equipment Manufacturers) are focusing on the development of advanced mirrors, including smart rear-view mirrors and auto-dimming, automatic foldable exterior and interior mirrors. These mirrors offer features such as blind spot detection, heated elements, and improved visibility, making them essential for passenger and driver protection. Moreover, the integration of technology in vehicle design is leading to the adoption of oversized back headrests and full-screen monitors. The emergence of autonomous vehicles and automatic parking sensor systems in high-end cars is further driving the market growth. Mid-end cars are also adopting these features, making intelligent rearview mirrors an increasingly popular choice for automotive production. Overall, the market is expected to continue its growth trajectory, offering significant opportunities for manufacturers and suppliers.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The passenger car segment is estimated to witness significant growth during the forecast period. The automotive industry is experiencing significant growth in the market, with passenger cars leading the way. OEMs are increasingly integrating advanced technologies into exterior and interior mirrors, transforming conventional mirrors into smart rear-view mirrors. Features such as auto dimming, automatic foldable, blind spot detection, heated, power control, and turn signal indicators are becoming standard. By leveraging artificial intelligence and machine learning algorithms, these mirrors offer real-time video feeds, traffic sign recognition, and glare reduction.
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The passenger car segment was the largest segment and was valued at USD 430.30 million in 2018. Primary and secondary sources suggest that automotive OEMs, automobile production, and production facilities in both developing and mature economies are driving the demand for these advanced mirrors. Enhanced safety, comfort, and convenience are key benefits, along with passenger and driver protection. Future developments include oversized back headrests, advanced mirrors with full-screen monitors, camera, image-processing programs, and real-time traffic condition updates. Shared connectivity, mobility, autonomous vehicles, and automatic parking are also expected to influence the market. High-end cars are expected to lead the adoption of these smart mirrors.
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APAC is estimated to contribute 35% 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. The mid-end car segment in APAC's automotive industry is experiencing robust growth in passenger vehicle and commercial vehicle sales. One of the cutting-edge technologies driving this trend is the intelligent rearview mirror market. This advanced system, integrated into side mirrors, uses cameras to provide real-time footage of the vehicle's surroundings. Premium features like auto-dimming, automatic folding, and heating functions cater to luxury cars, SUVs, and sedans. Local restrictions may influence the mounting location of these mirrors. The commercial vehicle segment, including vehicle fleets, also benefits from this technology due to the increased safety and vehicle per capita growth in APAC.
Our researchers analyzed the 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 growing popularity of luxury vehicles is notably driving market growth. The market is experiencing significant growth, driven primarily by the luxury vehicle segment. OEMs are integrating advanced technologies, such as smart rear-view mirrors, into both exterior and interior mirrors. These innovations include auto dimming, automatic foldable, blind spot detection, heated, power control, turn signal indicators, and more. Primary sources include automotive production facilities, while secondary sources involve shared connectivity and mobility services. Automotive OEMs are focusing on enhancing safety, comfort, and convenience for consumers in both developing and mature economies.
Advanced mirrors offer features like visibility in various traffic conditions, glare reduction, and real-time image processing through cameras and image-processing programs. Additionally, smart mirrors can display full-screen monitors with camera feeds, providing drivers with real-time information on traffic and blind spots. Furthermore, these technologies contribute to passenger and driver protection, vehicle design, and oversized back headrests. The integration of smart mirrors in high-end cars also supports features like automatic parking and autonomous vehicles. Thus, such factors are driving the growth of the market during the forecast period.
The growing adoption of ADAS is the key trend in the market. The automotive industry is experiencing a shift towards intelligent rearview mirrors, with OEMs integrating Advanced Driver Assistance Systems (ADAS) into exterior and interior mirrors. Traditional mirrors are being replaced by smart rear-view mirrors, which offer features such as auto dimming, automatic foldable, blind spot detection, heated, power control, turn signal indicator, and more.
These advanced mirrors serve as primary and secondary sources of information for drivers, enhancing safety, comfort, and convenience. The trend is particularly prominent in mature economies, where passenger and driver protection are prioritized in vehicle design. Developing economies are also adopting these technologies as they become more affordable. Smart mirrors, equipped with full-screen monitors, cameras, and image-processing programs, provide real-time information on glare, traffic conditions, and shared connectivity. The integration of ADAS functionalities, such as blind spot detection and automatic parking, is driving the demand for these mirrors in high-end cars and autonomous vehicles. Thus, such trends will shape the growth of the market during the forecast period.
The high cost of automotive intelligent rearview mirrors is the major challenge that affects the growth of the market. The market is witnessing a shift from conventional exterior and interior mirrors to smart rear-view mirrors. OEMs are integrating advanced technologies such as cameras, displays, auto dimming, automatic foldable, blind spot detection, heated, power control, turn signal indicators, and more into these mirrors. Primary sources for these advanced features include high-resolution cameras and sensors, which require sophisticated image-processing programs and expensive technologies. The integration of these features significantly increases the cost of smart mirrors, posing a challenge to the growth of the automotive intelligent rearview mirror market.
Developing economies and mature economies alike are seeking to enhance safety, comfort, and convenience in vehicle design. Advanced mirrors with full-screen monitors, camera feeds, and real-time traffic conditions are becoming increasingly popular. Shared connectivity, mobility, autonomous vehicles, automatic parking, and high-end cars are also driving the demand for smart mirrors. Automotive OEMs are investing in automobile production facilities to meet this demand, but the high cost of these mirrors remains a significant barrier. Hence, the above factors will impede the growth of the market 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 analysis strategies.
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.
Continental AG - The company offers automotive intelligent rearview mirrors such as Continental ProViu Mirror digital rear-view mirror.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 is experiencing significant growth, with intelligent rearview mirrors being a notable trend. OEMs, such as Audi, Toyota, Omatus, and others, are integrating mirror technology into their vehicles. These mirrors, including the Automic mirror and the primacy mirror, offer features like blind spot detection, vehicle detection, and video recording. Headed, Sence, and Comforte are some of the companies providing these advanced mirror systems. The devices enhance safety and convenience for drivers, making them an essential component of modern automotive technology. The market is expected to grow due to increasing consumer demand for advanced safety features and regulatory requirements for vehicle safety. Devices like the Vehecle and the Enhancece mirror further demonstrate the potential of this technology. The future of intelligent rearview mirrors lies in their ability to provide drivers with real-time information, improving the overall driving experience and safety.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.6% |
Market growth 2024-2028 |
USD 1.62 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.5 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Continental AG, FLABEG Automotive Glass Group GmbH, Ford Motor Co., Gentex Corp., KDC Auto Industrial Co. Ltd., Kocchi Technology Hong Kong Ltd., Magna International Inc., MEKRA Lang GmbH and Co. KG, Murakami Corp., Nissan Motor Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Shenzhen Jimi IoT Co. Ltd., SUBARU Corp., Valeo SA, Varroc Engineering Ltd., VOXX International Corp., and Xiaomi Inc |
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 market forecast period |
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 Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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