LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive trailer tow mirror (ATTM) market to grow at a CAGR of almost 12% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ATTM market for 2017-2021. To calculate the market size, Technavio analysts consider the towing mirror used in pickup trucks and towable RVs.
The ATTM market is expanding with the growth of pickup and towable RVs. Towing mirrors are applicable to these two segments of the vehicle market due to the added benefit of the extended field of view (FOV) for the driver. Moreover, it is mandatory by law in some regions to use these mirrors.
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Technavio automotive analysts highlight the following three factors that are contributing to the growth of the global ATTM market:
Higher demands of pickup leads to the growth of towing mirror
With improved economic conditions over the past few years coupled with economic factors, the demand for pickup trucks has increased from small business owners and contractors. Housing conditions have also improved with the rebounding housing market contractors buying new pickup trucks. This is helping the growth of the pickup trucks market.
Siddharth Jaiswal, a lead auto accessories research analyst at Technavio, says, “The latest generation of pickup trucks are more fuel-efficient, and thus, the small business owners spend less on gas, making it more preferable for them to purchase a pickup truck.”
Growth of the towable RVs market impacting the growth of towing mirror
Towable RVs are automobiles that are designed for recreation or pleasure activities such as vacations and camping. Towable RVs have facilities such as sleeping room, kitchen, and bathroom facilities for use during travel and camping.
“The positive business environment and favorable regulatory policies are expected to contribute to the market growth worldwide. Recovery from the global economic slowdown is also expected to boost the growth of the market,” adds Siddharth.
DIY installation kit and e-commerce driving the towing mirror market
The most recent trend in a vast range of consumer products is DIY products. Consumers buy the DIY product in a dismantled form from the store and install it themselves. This trend has caught on in the global ATTM market as well. The end-consumer of a towing mirror (vehicle owner) can now pick up a towing mirror system, assemble the different components as per the instructions given in the manual, and install the final system without help from an expert or an engineer.
Also, e-commerce is playing a major role in the growth of trailer tow mirror. E-commerce platform enables a buyer to complete their order in three simple steps, and it has a complete listing of trailer tow mirror for any vehicle.
Top vendors:
- Samvardhana Motherson
- K Source
- Milenco
- ISP Glendale
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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