In 2021, the global auto-dimming mirror market was valued at USD 1.86 billion and is projected to grow at a 5.3% CAGR to reach USD 2.77 billion by 2026.
An auto-dimming mirror avoids glares that are caused by the headlights of a tailing vehicle, improving visibility of drivers to ensure safety. These mirrors come with sensors, which detect light from the headlights of trailing vehicles, which through electrochromic, eradicate the glare by darkening the mirror. These mirrors comprise various advanced sensors and electrochromic material, which absorbs and reflects light differently when an electric voltage is passed through it. However, a high cost compared to conventional mirrors hinders the market growth.
In November 2019, Gentex Corporation launched three new products at the SEMA show 2019. A brand-new auto-dimming mirror was also launched along with these products, equipped with a cloud-based home automation system and integrated the HomeLink button capable of operating through radiofrequency.
According to the India Brand Equity Foundation (IBEF), India's automotive industry was ranked 4th globally, with 4.02 million units sold in 2017. Automobile exports grew by 14.5% from 2018 to 2019 and are estimated to grow at a CAGR of 3.05% from 2016 to 2026.
The rise in demand for advanced features, coupled with the surge in the automotive industry, propels the global auto-dimming mirror market growth. Besides, an increase in the need for safety in automobiles also boosts the development of the market. Furthermore, the development of cloud-based auto-dimming mirrors is foreseen to offer lucrative growth opportunities in the global auto-dimming mirror business.
A key factor restraining the market's growth is the high installing expenditure and increasing demand for camera and display systems. The connected dimming mirror comprises of complex interlinking of electronic systems. It also raises the overall price of the vehicle. If the conventional mirror breaks, it is convenient to replace and cost-effective. Moreover, if the camera and display systems become cheaper and adopted by the OEMs, this technology can hinder the market for auto-dimming mirrors and might make this technology obsolete in future years. Therefore, the high price involved and substitutes such as camera and display system are restraining the market's growth.
The outer mirror segment is the fastest growing of the market during the forecast timeframe. The outer dimming mirrors' use is imperative in all types of vehicles. Passenger cars generally have two outer dimming mirrors. However, in LCVs, the number of outer dimming mirrors is higher than in passenger cars. Outer dimming mirrors often comprise features such as blind-spot detection and turn signal indicator. OEMs are increasingly offering these features in outer dimming mirrors.
The connected mirror is predicted to be the fastest-growing product of this market. Oppositely, the non-connected dimming mirror segment is estimated to be the largest shareholder. The demand for connected dimming mirrors is in the fast expansion stage. Leading OEMs provide the latest features in the auto-dimming mirror and are adopting connected dimming mirrors to gain a competitive advantage. While the connected dimming mirror market is supposed to expand at the highest rate, the non-connected mirror has the largest market size.
By Vehicle Type
The passenger vehicle segment is projected to grow at fastest during the forecast period. Future automobiles will need to satisfy stringent emission standards, and the best way to do it with exciting technologies also to reduce accidental damage. Increasing production and demand for the passenger is growing much higher than the previous period. Increasing consumption due to the better visibility property and rising popularity of rear-view mirrors with an auto-dimming mirror will create more market opportunities.
The Asia Pacific is estimated to control the market during the conjecture period. The region has emerged as a central automotive hub with most of the market share of vehicle production and sales. Almost every major automotive mirror manufacturer has a presence in the Asia Pacific region. The demand for auto-dimming mirrors is directly linked to vehicle production in this region. To cater to the increasing demand and capitalize on cost efficiencies, the companies involved in auto-dimming mirrors and their components have started concentrating on the Asia Pacific market. The area, being the largest market for automobiles, is estimated to witness a tremendous demand for auto-dimming mirrors in the coming years.
The market in North America is estimated to account for significant growth over the next ten years. The US market is a significant revenue source in the region due to increased vehicle manufacturing and the increasing installation of advanced vehicle features.
Europe's market is also expected to register a high growth rate over the next ten years as countries like the UK, Italy, and Germany have flourishing automotive industries.
Some of the major manufacturers operating in the global auto-dimming mirror market are Gentex (US), Samvardhana Motherson Reflectec (Germany), Magna (Canada), Ficosa (Spain), Murakami (Japan), and others. These automotive manufacturers supply auto-dimming mirrors to automotive OEMs such as Volkswagen (Germany), General Motors (US), and Ford Motor (US).
One of the significant rear-view reflects manufacturers, Gentex, presented the world's first electromechanical auto-darkening mirrors and is a noteworthy player in the automotive business. As of late, the organization gained Homelink from Johnson Controls and is at present working on coordinating this innovation in its auto-dimming rear-view mirrors.
Impact of COVID-19 on Auto Dimming Market
The coronavirus pandemic had an immediate and critical impact on the globally integrated automotive industry. Symptoms include a disruption in Chinese parts exports, large scale manufacturing interruptions across Europe, and assembly plants' closure in the United States. It is placing intense pressure on an industry already coping with a downshift in global demand, negatively impacting the global auto-dimming mirror market. Furthermore, transportation restrictions and supply chain disruptions have created a logistical ordeal for market players, leading to severe automotive product shortages globally.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Auto-Dimming Mirror Market, By Functionality
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Auto-Dimming Mirror Market, By Application
6.2.1 Inside Mirror
6.2.2 Outside Mirror
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Auto-Dimming Mirror Market, By Vehicle Type
6.3.1 Passenger Vehicles
6.3.2 Commercial Vehicles
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Functionality
7.2.3 By Application
7.2.4 By Vehicle Type
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Functionality
7.3.3 By Application
7.3.4 By Vehicle Type
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Functionality
7.4.3 By Application
7.4.4 By Vehicle Type
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Functionality
7.5.3 By Application
7.5.4 By Vehicle Type
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Functionality
7.6.3 By Application
7.6.4 By Vehicle Type
8. Key Player Analysis
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Samvardhana Motherson Reflectec
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures