The Automotive IRVM market is poised to register a CAGR of over 4 % during the forecast period (2020-2025).
- According to Insurance Institute for Highway Safety says 15,000 people are injured annually in backover accidents, with children and elders have been the most victims. Additionally, the National Highway Traffic Safety Administration report says that nearly 840,000 blind-spot accidents occur every year in the United States.
- Cameras and sensors are a vital part of any new vehicle, as they serve many different purposes. They help OEMs to manufacture cars that are safer, more comfortable to drive, and more fuel-efficient.
- Rear-view cameras and other camera systems for vehicles have generally been seen as a useful tool for improving the safety of the vehicles on the road. But in some cases, the complex camera and monitor systems that are supposed to increase the driver's visibility become confusing and distracting.
Key Market Trends
Hybridization of mirrors augment the growth of market.
The automotive inside rearview mirror market is facing tough competition from new camera technologies. Leading automotive OEMs and interior rear-view manufacturers are integrating cameras with conventional mirrors to provide a better view of the drivers. In certain situations, the rear view of the vehicle through a mirror is blocked and causing hindrance to the driver's view. Thus, camera integration with the rearview mirror system has been the best solution so far in the automotive industry. For instance, if the seats and cargo area are fully packed, then the rear window view gets completely blocked. Hence, the camera works well in all conditions, and also, at night time, a camera would offer a better view than what a reflected mirror can. To overcome these occasional issues, many car manufacturers begin adopting the smart rear-view mirrors in their models. For instance,
For instance, Jaguar Land Rover 2019 Evoque comes equipped with a hybrid rearview mirror, this model is also the company's first mild hybrid car. Just with the flick of a switch, the mirror turns into a screen that displays the live video from the camera outside.
Chevrolet Traverse, Infiniti QX80, Nissan Armada are some of the other latest models which are equipped with the rear-view camera mirrors.
Asia-Pacific is Anticipated to Lead the Market
North America and Europe are mature markets with more limited growth potential, whereas the African market is in the early stages of development. On the other hand, the Asia-Pacific automotive industry is growing at the fastest rate.
Asia-Pacific region accounts for the largest share in the market owing to the availability of low-cost raw materials, cheap labor, and increasing government initiatives towards local manufacturing. In the region, China is one of the largest producers and consumers of electric vehicles as well as increasing demand for passenger cars sales in the countries like India, Japan, South Korea, etc., are likely to boost the demand for the inside rearview mirrors in the automotive industry.
Governments and administrations in developing and untapped markets are spending a major portion of their wealth on improving transportation and its safety. This will result in the sales growth of vehicles and also calls for additional features to suit the needs of vehicle safety.
The automotive market is moderately fragmented due to the presence of many local and global players such as Gentex Corporation, Magna International Inc., Samvardhana Motherson Reflectec amongst others. The market is transforming but the new technologies are right now available mostly in luxury vehicles and in a selected market and near future, it will not replace the conventional mirrors. As the laws are still with conventional mirrors. Although companies are increasing investment in R&D projects to provide more convenient and safer experience to the car owner without replacing the conventional mirrors. For instance,
- In January 2020, Gentex Corporation started supplying its Full Display Mirror for use in the 2020 Aston Martin DBS GT Zagato. This system streams live video from a single, rear-facing camera to provide a clear panoramic view behind the vehicle.
- For instance, Magna's developed an innovative ClearView automotive vision system in which a pair of camera-equipped mirrors are used one inside the vehicle and one outside. The inside mirror is equipped with a self-cleaning camera which displays a live video feed inside the vehicle.
- Nissan's intelligent rear-view mirror employs a high-performance, narrow-angle camera, and a specially shaped LCD monitor. The first application of this intelligent mirror was on the 2018 Armada Platinum model.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
- 4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Vehicle Type
- 5.1.1 Passenger Car
- 5.1.2 Commercial Vehicle
- 5.2 By Powertrain Type
- 5.3 By Feature Type
- 5.3.1 Auto-Dimming
- 5.3.2 Prismatic
- 5.3.3 Blind spot indicator
- 5.4 By Sales Channel Type
- 5.4.1 OEM
- 5.4.2 Aftermarket
- 5.5 By Geography
- 5.5.1 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Rest of North America
- 5.5.2 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 France
- 188.8.131.52 Rest of Europe
- 5.5.3 Asia-Pacific
- 184.108.40.206 India
- 220.127.116.11 China
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.5.4 Rest of the World
- 188.8.131.52 Brazil
- 184.108.40.206 United Arab Emirates
- 220.127.116.11 Other Countries
6 COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
- 6.2 Company Profiles
- 6.2.1 Gentex Corporation
- 6.2.2 Samvardhana Motherson Reflectec
- 6.2.3 Magna International, Inc.
- 6.2.4 Ficosa International SA
- 6.2.5 Continental AG
- 6.2.6 Murakami Corporation
- 6.2.7 Tokai Rika Co., Ltd.
- 6.2.8 Mitsuba Corporation
- 6.2.9 SL Corporation
- 6.2.10 Flabeg Automotive Holding GmbH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS