The auto dimming mirror market is projected to grow at a CAGR of 3.20% from 2017 to 2025, to reach a market size of USD 2.11 Billion by 2025. The market growth is primarily driven by factors such as increasing awareness about passenger safety and safety standards related to vehicles. The rising demand for premium segment vehicles is also driving the auto dimming mirror market.
The auto dimming mirror market is dominated by a few global players and comprises several regional players. The key market players are Magna and Gentex (US). The key strategy adopted by major players to gain traction in the market is new product development. In 2017, Magna (Canada) launched its ClearView technology, which enhances rear-view visibility and improves the driver’s experience, especially while changing lanes, backing out of parking space, and driving a heavy-load vehicle. Likewise, in 2016, Ficosa (Spain) has launched an auto dimming mirror, which has an integrated electronic toll function, which would automatically pay motorway tolls without the vehicle having to stop.
Expansion is the second most widely followed strategy by market players. Ficosa (Spain) opened a state-of-the-art manufacturing plant in Tennessee (US) in 2016 with an investment of USD 50 million to cater to OEMs present in North America. Other companies that adopted the expansion strategy include Magna (Canada), SMR (Germany), Murakami (Japan), and Ichikoh (Japan).
Gentex (US) is a leading player in the market. The company manufactures inside and outside auto dimming mirrors for vehicles. It also offers auto dimming mirrors integrated with features such as blind spot detection and integrated cameras. The key strategy followed by the company is new product development. In 2017, Gentex (US) launched a biometric authentication system, which scans the iris of the driver for authentication. This system is integrated with an auto dimming mirror.
Samvardhana Motherson Reflectec (Germany) is one of the world’s largest manufacturers of mirrors for passenger cars. The company has adopted the strategy of expansion to gain traction in the market. The company inaugurated a new manufacturing unit in Marysville, Michigan (U.S.) in 2013. The company invested USD 40 million to double the production of rear-view mirrors in North America. This manufacturing plant also helped to increase the supply to major OEMs in North America. Besides, the company is also expanding in high growth markets such as Asia Pacific. It has set up a new manufacturing plant for automotive mirrors in China to cater to the growing demand.
Auto Dimming Mirror Market by Fuel Type (BEV, ICE, Hybrid), Application (IRVM and ORVM), Functionality (Connected and Non-Connected), Vehicle Type (PC and LCV), and Region (Asia Pacific, Europe, North America, and RoW) - Global Forecast to 2025
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