The rear-view mirror market for automotive is projected to grow at a CAGR of 5.39% during the forecast period, to reach USD 12.97 Billion by 2022. The market growth is primarily driven by factors such as increasing awareness about passenger and vehicle safety. The rising demand for premium segment vehicles is also driving the smart rear-view mirror market.
The key strategy adopted by major players to gain traction in the market is new product development. In 2017, Gentex Corporation (U.S.) launched a biometric authentication system which scans the iris of the driver for authentication. This system is integrated with an automatic dimming rear-view mirror. Likewise, in 2016, Murakami Corporation (Japan) introduced a multi-mirror system and hybrid inner mirror electronic mirror systems. These systems capture rear side views and rear views using a camera and project them on to the mirror.
Expansion is the second most widely followed strategy by market players. Ficosa International S.A. (Spain) opened a state-of-the-art manufacturing plant in Tennessee (U.S.) 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 International (Canada), Samvardhana Motherson Reflectec (Germany), Murakami Corporation (Japan), and Ichikoh Industries, Ltd. (Japan).
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The automotive smart rear-view mirror market is dominated by a few global players and comprises several regional players. The key market players are Magna International (Canada) and Samvardhana Motherson Reflectec (Germany).
Magna International (Canada) is a leading player in the market. The company manufactures interior and exterior rear-view mirrors for vehicles. It also offers mirrors integrated with features such as auto dimming, blind spot detection, and integrated cameras among others. The key strategy followed by the company is new product development. In 2017, Magna International 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.
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. Samvardhana Motherson Reflectec 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.
Rear-View Mirror Market for Automotive by Product (Conventional and Smart), Feature (Auto dimming, BSD, Power Control, Automatic Foldable, Heated, Indicator), Type, Mounting Location, Vehicle Type, and Region - Global Forecast to 2022
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