LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive rear-view mirror market to grow at a CAGR of above 5% during the forecast period, according to their latest report.
This market research report segments the global automotive rear-view mirror market into the following three major regions (the Americas, APAC, and EMEA). The report also includes the analysis of the parent market, global automotive component market, and the market share contribution of the global automotive rear-view mirror market to its parent market.
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In this report, Technavio analysts highlight the top market drivers that are contributing to the growth of the global automotive rear-view mirror market:
- Growing popularity of premium SUVs
- Increasing safety concerns in the automotive ecosystem
Growing popularity of premium SUVs
SUVs significantly contribute to the adoption of rear-view mirrors. While reversing, the height of SUVs reduces the visibility of the short obstacles, and therefore, most of the SUVs are equipped with an additional mirror placed on the rear windshield. In developed regions, owing to their ability to provide wider visibility to the driver in more comfortable manner, camera systems are replacing rear-view mirrors. By the end of the forecast period, the camera system is expected to witness maximum adoption. Currently, rear-view mirrors and electronic mirrors are widely employed in the automotive market.
According to a senior analyst at Technavio for automotive components, “Due to their better affordability and lower cost of ownership, the SUV market is witnessing growing volume sales of small SUVs and crossovers. In emerging economies, such as China and India, the popularity of SUVs is increasing. China is leading the global SUV market in terms of volume sales. Companies such as Toyota, Ford, and Nissan, have been driving the global SUV market with some of the well-established SUVs in the C-segment and D-segment categories.”
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Global automotive rear-view mirror market segmentation
APAC was the leading region for the global automotive rear-view mirror market in 2017, accounting for a market share of 55%. APAC is expected to increase its market share by more than 2% and continue its dominance. EMEA and the Americas follow APAC respectively, but both the regions are projected to display a decline in market share during the forecast period.
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