The Auto Dimming Mirror Market is projected to grow at a CAGR of 3.20% from 2017 to 2025, to reach a market size of USD 2.11 billion by 2025. Factors such as increasing awareness about passenger and vehicle safety and trend of integrating additional features are expected to drive the demand for auto dimming mirrors during the forecast period.
According to Federal Motor Vehicle Safety Standards (US), all cars are required to have side- and rear-view mirrors. The Alliance of Automobile Manufacturers has filed a petition to update these standards and allow them to replace side mirrors with cameras. If the National Highway Traffic Safety Administration (NHTSA) allows the replacement of side mirrors with the camera, it will change the landscape of the automotive mirror industry in the US. Changes in the European regulation allow mirrorless cars for road testing purpose. Likewise, Japanese regulators have approved the use of camera technology to replace mirrors on cars in 2017. This mixed scenario of regulations across the globe is a challenging situation for tier 1 players to form a coherent global strategy.
The study estimates Asia Pacific as the fastest growing market for auto dimming mirrors during the forecast period. The market growth in this region can be attributed to increased vehicle sales and cost competitiveness for OEMs. The demand for auto dimming mirrors is directly linked to the vehicle production in the region. The companies involved in the production of mirrors and their components have started focusing on the Asia Pacific market to cater to the growing demand. Almost all top tier 1 players are present in the region, either through a joint venture or subsidiary company. Hence, the Asia Pacific market is expected to act as a new revenue pocket for the automotive mirror manufacturers.
The connected auto dimming mirror market is projected to grow at the fastest rate owing to the inclination of governments and consumers toward additional safety attributes and advanced features of vehicles. Asia Pacific is estimated to be the fastest growing market for connected auto dimming mirror. OEMs in this region are increasingly adopting auto dimming mirrors that have advanced features such as navigation display, temperature display, and park assist camera feature. The RoW is estimated to be the second fastest growing market for connected auto dimming mirrors. On the other hand, North America is estimated to have the largest market share, by volume, of connected auto dimming mirrors.
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The outer dimming rear-view mirror is estimated to be the fastest growing segment of the auto dimming mirror market, by application. The outer dimming rear-view mirror is enriched with features and services such as Advanced Driver Assistance System (ADAS) features such as blind spot indicator and lane departure warning indicator along with park assist. Currently, OEMs offer these services in their premium vehicle models. However, these would soon be adopted in the other vehicles also. The market for outer dimming rear-view mirror is expected to grow at the fastest rate owing to the increasing adoption by OEMs.
The market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Magna (Canada), Samvardhana Motherson Reflectec (Germany), Gentex (US), Ficosa (Spain), and urakami (Japan).
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