Truck Mirror System Market 2024-2028
The truck mirror system market size is forecast to increase by USD 4,319.41 at a CAGR of 3.29% between 2023 and 2028. The growth of the market depends on several factors such as the growing sales of pickup trucks in developed automotive markets, the increasing functionalities in rearview mirrors, and the regulatory requirements for automotive rearview mirrors.
The report offers extensive research analysis on the Truck Mirror System market, with a categorization based on Application, including medium and heavy-duty trucks and light duty trucks. It further segments the market by Type, encompassing traditional mirror system and digital mirror system. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD) for all the mentioned segments.
What will be the Size of the Truck Mirror System Market During the Forecast Period?
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Truck Mirror System Market: Key Drivers, Trends and Challenges
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.
Key Truck Mirror System Market Driver
One of the key factors driving the truck mirror system market growth is the growing sales of pickup trucks in developed automotive markets. Pickup trucks play a major role in the transport industry for personal as well as commercial purposes. In addition, heavy-duty pickup trucks have been instrumental in supporting the progress of industrial development. Furthermore, the utility and versatility of pickup trucks appeal to a wide range of consumers.
Moreover, they offer ample cargo space, towing capacity, and off-road capabilities, catering to various needs, including recreational activities, towing trailers, and transporting goods. In addition, the developed automotive markets in North America, such as the US and Canada, witness high popularity and sales of pickup trucks for personal and commercial purposes. Therefore, the increasing sales of these pickup trucks are directly driving the growth of the global truck mirror system market.
Key Truck Mirror System market trends and analysis
A key factor shaping the truck mirror system market growth is the developments in side rearview mirror technologies. The global truck mirror system market is witnessing rising penetration of advanced functionalities for enhancing safety. In addition, the market players and automakers are focusing on optimizing rearview mirror designs, which is helping to increase the overall value proposition of the mirror systems. Furthermore, pickup trucks, as well as medium- and heavy-duty trucks, are witnessing greater penetration of advanced functionalities.
Moreover, for pickup trucks, the prominent players offer advanced driver assistance systems (ADAS) functionalities in the side rearview mirror. In addition, many modern side mirror systems incorporate blind spot monitoring technology. Furthermore, sensors or cameras detect vehicles in blind spots and alert the driver through visual or audible warnings, reducing the risk of collisions during lane changes. Hence, such factors are driving the market growth during the forecast period. Automotive dashboard cameras, equipped with recording capabilities for both front and rear views, are also gaining traction in the market. These cameras enhance driver safety and provide crucial video evidence in case of accidents or incidents on the road. Their integration into vehicle safety systems underscores the industry's commitment to enhancing overall driving experience and safety standards, aligning with the increasing adoption of technology-driven solutions in automotive sectors worldwide.
Automotive sun visors, essential for blocking sunlight and glare to enhance driver visibility and comfort, remain integral despite advancements in visibility technology. These visors continue to play a crucial role in vehicle safety and user experience, offering protection against direct sunlight and contributing to overall driving comfort. Their continued relevance underscores the balance between innovation in automotive visibility systems and the enduring practicality of traditional accessories in enhancing driver safety and convenience
Key Truck Mirror System Market Challenge
The development of a camera-based digital visibility system is one of the key challenges hindering the truck mirror system market growth. The automotive exterior rearview mirror system market is experiencing several technological developments and enhancements in terms of mirror design and functionalities. In addition, side rearview mirror systems have come a long way from being mechanical or electronic mirrors to digital or camera-based visibility systems. Furthermore, these visibility systems can replace the conventional side rearview mirrors, challenging the growth of the global truck mirrors market.
Moreover, the design process behind these visibility systems aims to replace conventional side rearview mirrors with smart cameras. According to prominent players focusing on the development of such visibility systems, the main goal is noise and air drag reduction and fuel efficiency improvement. However, this transition also poses challenges, impacting the market negatively and hindering growth during the forecast period.
Truck Mirror System Market Customer Landscape
The market research 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 market analysis and report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Truck Mirror System Market Customer Landscape
Who are the Major Truck Mirror System Market Companies?
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.
FLABEG Automotive Glass Group GmbH: The company offers truck mirror system such as Plan-aspherical mirrors with hydrophilic coating for clear visibility when wet.
The research report also includes detailed market growth analysis of the competitive landscape of the market and information about 20 market companies, including:
- Able Progress Industry Co. Ltd.
- ACME Specialty Manufacturing Co.
- Gentex Corp.
- Hadley
- Harman International Industries Inc.
- Magna International Inc.
- MEKRA Lang GmbH and Co. KG
- MinebeaMitsumi Inc.
- MODERN AUTO PLAST
- Murakami Corp.
- Ningbo Jingcheng Car Industry Co. Ltd.
- Panasonic Holdings Corp.
- Prakant Electronics Pvt. Ltd.
- Rosco Inc.
- Sakae Riken Kogyo Co. Ltd.
- Samvardhana Motherson International Ltd.
- SL Corp.
- The Eastern Co.
- Valeo SA
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.
What is the Largest-Growing Segments in the Truck Mirror System Market?
The medium and heavy-duty trucks segment is estimated to witness significant growth during the forecast period. This segment is becoming more sophisticated, integrating advanced technologies for safety, connectivity, and efficiency. In addition, these technological advancements attract buyers looking for trucks equipped with the latest features and capabilities. Furthermore, safety regulations are stringent for medium- and heavy-duty trucks due to their size and potential hazards.
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The medium and heavy-duty trucks segment was the largest segment and was valued at USD 19,680.73 in 2018. Moreover, mirror systems play a crucial role in meeting these safety standards by providing better visibility and reducing blind spots, thus enhancing overall safety for drivers and other road users. In addition, the rise of e-commerce has significantly boosted the demand for efficient logistics and freight transportation. Furthermore, medium- and heavy-duty trucks are essential for transporting goods from warehouses to distribution centers and ultimately to consumers, supporting the growth of online shopping. In addition, various industries such as construction, agriculture, manufacturing, and transportation rely heavily on these trucks for hauling heavy loads and specialized equipment. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Which are the Key Regions for the Truck Mirror System Market?
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Europe is estimated to contribute 39% 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 high production volume of medium- and heavy-duty trucks in Europe is fuelling the growth of the market in Europe. In addition, Western European economies are developed automotive markets, which witness a high penetration rate of advanced automotive systems for powertrain, brakes, and chassis and safety and comfort. Moreover, Germany, France, Italy, Spain, and the UK are the major contributors to the regional truck mirror system market led by the high availability of advanced safety systems. In addition, advanced rearview mirror technologies, such as blind-spot indicators, auto-dimming functionality, and security approach lamps beneath the mirror base, witness a high penetration rate in pickup trucks in Europe. Hence, such factors are driving the market growth in Europe during the forecast period.
Segment Overview
The truck mirror system market report forecasts market growth by revenue at global, regional & country levels and provides a market forecast and an analysis of the latest market growth and trends and growth opportunities from 2018 to 2028.
- Application Outlook
- Medium and heavy-duty trucks
- Light duty trucks
- Type Outlook
- Traditional mirror system
- Digital mirror system
- Geography Outlook
- North America
- The U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- APAC
- China
- India
- South America
- Chile
- Argentina
- Brazil
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- North America
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Truck Mirror System Market Scope |
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Report Coverage |
Details |
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Page number |
97 |
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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 3.29% |
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Market Growth 2024-2028 |
USD 4,319.41 |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
2.75 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 39% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Able Progress Industry Co. Ltd., ACME Specialty Manufacturing Co., FLABEG Automotive Glass Group GmbH, Gentex Corp., Hadley, Harman International Industries Inc., Magna International Inc., MEKRA Lang GmbH and Co. KG, MinebeaMitsumi Inc., MODERN AUTO PLAST, Murakami Corp., Ningbo Jingcheng Car Industry Co. Ltd., Panasonic Holdings Corp., Prakant Electronics Pvt. Ltd., Rosco Inc., Sakae Riken Kogyo Co. Ltd., Samvardhana Motherson International Ltd., SL Corp., The Eastern Co., and Valeo SA |
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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, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Truck Mirror System Market Research Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the market growth and forecasting between 2023 and 2028
- Precise estimation of the market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
- A thorough market research and growth analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
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