Auto Dimming Mirror Market to Reach $2.77 Bn, Globally, by 2026 at 5.3% CAGR: Allied Market Research
Surge in demand for advanced feature and rise in need for safety in automobiles drive the growth of the global auto dimming market
PORTLAND, Oregon, May 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Auto Dimming Mirror Market by Application (Inside Rear-View Mirror and Outside Rear-View Mirror), Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Fuel Type (ICE, Hybrid, and Electric): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global auto dimming mirror industry was estimated at $1.86 billion in 2018 and is expected to hit $2.77 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026.
Drivers, restraints & opportunities-
Rise in demand for advanced feature and increase in need for safety in automobiles fuel the growth of the global auto dimming mirror market. On the other hand, high cost compared to conventional mirrors curbs the growth to certain extent. However, production of cloud based auto dimming mirrors is expected to create multiple opportunities in the near future.
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The inside rear-view mirror segment to retain its dominance during the study period-
Based on application, the inside rear-view mirror segment contributed to more than half of the global auto dimming mirror market revenue in 2018, and is expected to rule the roost by 2026. The fact that inside rear-view mirror offers various features such as microphones, lighting assist, home link, driver assist, forward safety camera systems, compass, and others boosts the growth of the market. The outside rear-view mirror segment, on the other hand, would grow at the fastest CAGR of 6.1% throughout the forecast period. These mirrors are powered by interior electrochromic rear-view mirrors and also include additional features such as side blind zone indicators, turn signal indicators, and courtesy lighting. This factor has empowered the segment growth.
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The passenger vehicle segment to lead the trail by 2026-
Based on vehicle type, the passenger vehicle segment garnered the major share in 2018, holding nearly two-thirds of the global auto dimming mirror market. This is due to the fact that leading automotive manufacturers are providing auto dimming mirrors in their cars to increase safety of passengers and drivers. The commercial vehicle segment, on the other hand, would showcase the fastest CAGR of 5.8% during the estimated period, owing to increasing trading activities.
Asia-Pacific to remain lucrative in terms of revenue-
Based on geography, the Asia-Pacific region accounted for more than two-fifths of the global auto dimming mirror market share in 2018, and is projected to dominate during 2019–2026. The same province would also cite the fastest CAGR of 6.5% by the end of 2026. This is because the automobile industry giants in the region are introducing new range of vehicles with the feature of auto-dimming rear-view mirrors.
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Key players in the market-
- Flabeg
- Honda Lock
- Tokairika, Co, Ltd.
- Konview
- Shenzhen Germid Co., Ltd.
- Magna
- Ficosa
- Murakami Corporation
- SAMVARDHANA MOTHERSON GROUP
- Gentex corporation
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