The report of Advanced Vehicle Side Mirror Market By Vehicle Type(Passenger Vehicle, Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle), By Type (Interior Side Mirror, Exterior Side Mirror), By Features (Blind spot detection, Power control, Others), By Product (Smart rear view, Conventional rear view) and Region (North America, Europe, Middle East & Africa, South America, Asia Pacific) is expected to reach US$ xx Mn by 2027, at a CAGR of 4.4% during a forecast period.
Advanced Vehicle Side Mirror is under technological development and has undergone significant changes from the past few years, such as conventional convex mirror technology to the modern camera-based mirror technology. The side-view mirror is a very essential part of the vehicle. The growth of new technology and acceptance of technologies such as camera-based side mirrors and electric side-view mirror technology is creating significant potential for Advanced Vehicle Side Mirror Market, owing to the need for better vehicle control and safety.
Global Advanced Vehicle Side Mirror Market: Trend
Nowadays, traditional rearview mirrors are being replaced by electronic rearview mirrors in the form of a display and camera. This smart rearview mirror in vehicle integrates a driving recorder, electronic speed detection alerting, ADAS, GPS, entertainment, a navigation system, voice operation and gesture recognition. Numerous vehicle manufacturers are focusing to investing in smart technology to capture market share. Smart mirrors technology has functioned such as electric control, auto-dimming, heating and memory. The smart functions of Advanced Vehicle Side Mirror are primarily assembled in mid-range and luxury vehicles.
Global Advanced Vehicle Side Mirror Vehicle Market: Drivers
The growth of the auto sector is majorly growing the automotive mirror market. The auto industry is growing globally at a rapid pace, which is driving the automotive mirror demand in the forecasted period. The growth of Advanced Vehicle Side Mirror Vehicle is directly proportional to the demand from vehicle manufacturers. The increasing urbanization, population, disposable income, and economic growth are resulting in the growth of personal mobility and commercial vehicle growth.
The rising demand for advanced automotive safety technology and smart components is driving the Global Advanced Vehicle Side Mirror is forecasted to show slow and steady growth in the future, as the growth of the vehicle market is expected.
the increasing electric vehicle manufacturing with increasing customer demand is expected to drive Global Advanced Vehicle Side Mirror Market in the forecast period.
A passenger vehicle is a major segment among all segments, the passenger car owners are demanding more advanced safety systems in their vehicle, this rising demand will grow Global Advanced Vehicle Side Mirror Vehicle Market in the forecasted period. The NCAP (New Car Assessment Program) in Europe is stagnating vehicle norms related to driver safety by the driver assistance system. These factors are expected to grow the new demand for more secure vehicles and drive the Global Advanced Vehicle Side Mirror Vehicle. The safety requirement was made mandatory by the European Union.
Global Advanced Vehicle Side Mirror Market: Features
By features Global Advanced Vehicle Side Mirror Market is segmented into Features in Blind spot detection, Power control, and others. The Power Control side view mirror technology is majorly growing and expected to continue its growth in the forecast period. The implementation of new regulations and standards of manufacturers are making mandatory to install blind spot detection technology in the vehicle is expected to grow at a fast rate in the forecast period. This system is accounted to grow at CAGR xx% in the forecast period.
Global Advanced Vehicle Side Mirror Market: Regional Overview
Global Advanced Vehicle Side Mirror Market is segmented into regions Asia Pacific, North America, Europe, South America and Middle East & Africa. North America is majorly growing region in the Advanced Vehicle Side Mirror owing to adoption of advance technology in vehicle. Europe region is the largest segment accounted for the geographical growth of Advanced Vehicle Side Mirror Market. Asia Pacific region has dominance in manufacturing of vehicle component. The region market is mainly driven by countries like China, Japan and India manufacturer of electric vehicle component is expected to drive Advanced Vehicle Side Mirror Market in the Asia Pacific region. The Asia Pacific region is showing significant growth in sale of passenger vehicle as well as commercial vehicle in countries like China, Japan, India, and South Korea, the Asia Pacific is expected to be the largest segment in forecasted period end. The New Car Assessment Program in China is made mandatory to improve vehicle safety. These are the factors positively driving the market growth of Global Advanced Vehicle Side Mirror Market.
Key players operating in the Advanced Vehicle Side Mirror Market are Magna International Inc., Gentex Corporation, Ichikoh Industries Ltd., Ficosa Internacional SA, Samvardhana Motherson Reflectec, SL Corporation, Lumax Automotive Systems Ltd, Burco Inc., Flabeg Automotive Holding GmbH, Murakami Corporation, Valeo SA, MEKRA Lang GmbH & Co. KG, Shanghai LvXiang Auto Parts Co., Ltd, Beijing Goldrare, Automobile Parts Co., Ltd.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Advanced Vehicle Side Mirror Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Advanced Vehicle Side Mirror Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Advanced Vehicle Side Mirror Market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Advanced Vehicle Side Mirror Market.”
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