LONDON--(BUSINESS WIRE)--The automotive mirror system market is expected to grow by 21.75 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Globally, the sales of passenger cars have increased significantly over the years. For instance, the sales in the midsized crossovers segment in Europe increased by 8% in 2019. Also, the growing demand for passenger cars is encouraging automakers to focus on expanding their production capacities. For example, in 2019, Toyota shifted its auto production to Mexico to cater to the increasing demand for SUVs and crossovers in Canada and the US. With the growing sales of passenger cars, the demand for automotive mirror systems such as ORVMs, one IRVM, and vanity mirrors will increase during the forecast period, thereby driving the growth of the market.
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As per Technavio, the increased government regulation to enhance the safety features in a vehicle will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Mirror System Market: Increased Government Regulation to Enhance the Safety Features in a Vehicle
The growing demand for active safety systems in automobiles is leading to the introduction of new safety features in the automotive industry. For instance, in the US, the NHTSA has made it mandatory to include rearview visibility systems, specifically backup cameras in all vehicles, including passenger cars, vans, SUVs, and trucks. Also, some safety regulations have compelled automakers to introduce auto-dimming mirrors or day-night mirrors even in lower-end variants of mass production cars. This feature coupled with other safety technologies such as blind-spot detection systems, parking assist, and integrated passive/active safety systems is expected to have a positive impact on the growth of the global automotive mirror system market.
“Rising replacement of conventional mirrors by auto-dimming mirrors and the increasing preference for larger vehicles will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Automotive Mirror System Market: Segmentation Analysis
This market research report segments the automotive mirror system market by Position (Exterior and Interior) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive mirror system market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing FDI in the manufacturing sector in India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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