The Global Auto-Dimming Mirror Market was worth US$ 1.79 billion in 2022 and is anticipated to reach a valuation of US$ 2.37 billion by 2028 and is predicted to register a CAGR of 5.10% during 2023-2028.
Market Drivers:
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.
Market Restraints:
A key factor restraining the market's growth is the high installation expenditure and increasing demand for camera and display systems. The connected dimming mirror comprises 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 cameras and display systems are restraining the market's growth.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
5.10% |
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Segments Covered |
By Application, Functionality, Vehicle Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Gentex (US), Samvardhana Motherson Reflectec (Germany), Magna (Canada), Ficosa (Spain), Murakami (Japan), Volkswagen (Germany), General Motors (US), Ford Motor (US), and Others. |
Market Segmentation
The outer mirror segment is the fastest-growing 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 indicators. OEMs are increasingly offering these features in outer dimming mirrors.
The connected mirror is predicted to be the fastest-growing product in 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.
The passenger vehicle segment is projected to grow the fastest during the forecast period. Future automobiles will need to satisfy stringent emission standards, and the best way to do it is with exciting technologies also to reduce accidental damage. Increasing production and demand for the passenger is growing much higher than in the previous period. Increasing consumption due to the better visibility property and rising popularity of rear-view mirrors with auto-dimming mirrors will create more market opportunities.
Market Regional Analysis:
The Global Auto-Dimming Mirror Market Report includes the segmentation of regions:
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.
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.
Market Key Players:
Market Recent Developments:
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