Increasing demand for premium vehicle and increasing stringent vehicle safety standard is one of the prime trends influencing growth of the global automotive rear view mirror market. The projected demand for commercialization and development of fully automatic vehicle is likely to offer immense opportunity for the growth of this market in the coming years. The rising safety and growing accident concern is one other factor responsible for the global market growth.
The largest headrest at the backseat of vehicle have led to decreased the visibility in the traditional rear view mirror and therefore this force the manufacturers to implement smart rear view mirror that provides better visibility to the driver with intended functions and benefits. In addition, these automotive rear view mirrors have full screen clear view monitor for better visibility and the mirror are positioned within the existing mirror. Also, the mirror has potential to switch between two modes that is camera and mirror. These facilities are very helpful in providing better understanding of traffic behind the vehicle and this is one of the prime factors triggering automotive rear view mirror market growth in the coming years. Furthermore surge in demand for the automatic vehicles and advancement in technology and increase in demand for high end and middle segment are some of the trend positively supporting growth of this market in the year to come.
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The global automotive rear view mirror market is projected to register tremendous growth is likely to fuel demand for the global automotive rear view mirror market. The market is likely to register robust CAGR of 5.06% during the course of forecast period from 2018 till 2024.
Rising Trend for Advanced Camera Instead of Mirror to Hamper Market Growth
On the other hand, technology advancement playing significant role in upcoming vehicle, as concepts car are designed with advanced camera installed in the vehicles. In addition, camera possesses advantage over the automotive rear view mirror and this improves safety. This is likely to hamper growth of the automotive rear view mirror market in the coming years. However, the electronic rear view is replacing the traditional rear view market in the electronic display and camera and this is driving market growth.
Asia Pacific to Dominate Global Automotive Rear View Mirror? Market owing to Fastest Demand
From the geographical point of view, Asia Pacific is likely to dominate global automotive rear view mirror market. This is owing to rising production of vehicle in the India, Japan and China. In addition, this is also the fastest growing market in the Asia Pacific region. However, other countries such as Europe are likely to register second largest market due to the presence of prominent players in the region for instance, Porsche, AUDI, Volkswagen, and BMW.
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The key players operating in the global automotive rear view mirror market are Magna International, Inc., Gentex Corporation, Valeo and Continental AG. The manufacturers are focusing towards collaboration to invest in research and development activities to produce innovative product to gain prominence in the global market.
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