LONDON--(BUSINESS WIRE)--The global automotive camera-based side mirrors market is expected to grow at a CAGR of close to 17% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global automotive camera-based side mirrors market by application, including passenger vehicle and commercial vehicle. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: increasing preference for safer and convenient features in vehicles
Globally, vehicle buyers are displaying their preference for enhanced safety features in vehicles. Passenger cars and commercial vehicles are increasingly being equipped with a multitude of safety and convenience features. One of the major reasons leading to this is the rising number of road accidents. Mirror systems are constantly being developed to improve visibility and to maintain a good level of awareness.
Enhanced features such as blind spot detection and lane departure warning systems, make driving safer by providing the driver with crucial road information. This is attracting a large number of customers who are willing to pay for vehicles equipped with advanced safety features instead of base models that lack necessary safety features. Automotive camera-based side mirrors, provide better visibility to drivers compared to conventional side mirrors by reducing the driver's blind spots.
According to a senior analyst at Technavio for automotive electronics research, “The automotive camera-based side mirrors proves crucial, especially at night or during low-light conditions. They can be configured and adjusted accordingly to provide maximum visibility under low-light conditions to increase the awareness levels of the driver. Another advantage of automotive camera-based side mirrors is that it offers a wider range of vision compared to conventional side-view mirrors, which allows the driver to judge the distance between the vehicles behind accurately.”
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Market trend: emergence of surround view mirror system
Surround view mirror system or 360⁰ camera system functions as a camera that is positioned to provide the driver with a bird's eye vision of all the four sides of the vehicle. The system combines all the inputs from the surrounding cameras and displays as a single video offering an elevated view to the driver. Surround view mirror systems functions with the help of sonar technologies, which accurately identifies and the distance between vehicles and alerts the driver through audio signals.
Market challenge: high replacement costs
The integration of technology used in the automotive sector has increased the replacement costs associated with automotive technologies. Camera-based side mirrors incur high maintenance cost when compared to conventional side-view mirrors. The advancement of sensors, digital display, and the associated relay systems have caused maintenance costs to increase.
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