“Global Auto Dimming Mirror Market to reach a market value of USD 3.3 Billion by 2030 growing at a CAGR of 5.3%”
The Global Auto Dimming Mirror Market size is expected to reach $3.3 billion by 2030, rising at a market growth of 5.3% CAGR during the forecast period.
The emphasis on nighttime driving safety has grown in North America, where long-distance travel is common. Consequently, the North America segment captured $561.6 million revenue in the market in 2022. The awareness of the impact of glare on driver fatigue is growing in North America, prompting the adoption of technologies that mitigate these effects, such as auto-dimming mirrors. Consumers in North America increasingly prioritize vehicles equipped with advanced safety features.
The trend towards electrification and hybridization of vehicles has been gaining momentum. As automakers invest in developing electric and hybrid models, including advanced safety features becomes integral. As a safety-enhancing feature, auto-dimming mirrors find increased adoption in these environmentally friendly vehicle segments. The automotive sector is moving towards autonomous and semi-autonomous driving capabilities. Additionally, these mirrors meeting specific safety criteria can be included in safety certification programs. Certification by recognized safety organizations and programs adds credibility to the mirrors, influencing consumer trust and ensuring safety performance. The criteria set by New Car Assessment Programs globally often include evaluations of advanced safety features. Auto-dimming mirrors meeting or exceeding these criteria become essential for automakers seeking high safety ratings and scores. Thus, because of the focus on safety ratings and standards, the market is anticipated to increase significantly.
However, the primary challenge posed by the high initial cost is that it can make vehicles equipped with auto-dimming mirrors less affordable for a significant portion of the consumer market. Affordability is an important consideration for many purchasers, particularly in price-sensitive segments, and the added expense of advanced mirror technology may cause hesitation in purchasing. The high initial cost of auto-dimming mirrors can also impact aftermarket sales. Mass adoption of auto-dimming mirrors is essential for reducing production costs through economies of scale, but the initial high cost may slow down the widespread adoption required for this purpose. The high cost of auto-dimming mirrors can influence consumer perceptions, potentially categorizing the technology as a premium or luxury feature. This perception may limit the technology appeal to a broader audience, hindering its integration into various vehicle segments. Thus, high initial cost can slow down the growth of the market.
On the basis of fuel type, the market is divided into internal combustion engine, hybrid, and electric. In 2022, the internal combustion engine segment dominated the market with maximum revenue share. Internal combustion engine vehicles span various segments, including sedans, SUVs, trucks, and commercial vehicles. Auto-dimming mirrors that enhance safety across diverse vehicle types find applications in various segments, contributing to market expansion. Global automotive production trends indicate that internal combustion engine vehicles, including hybrid variants, continue to be manufactured in significant numbers. The growth of the market is closely tied to trends in overall automotive production.
Based on vehicle type, the market is classified into passenger cars and commercial vehicles. The commercial vehicles segment acquired a substantial revenue share in the market in 2022. Commercial drivers, often engaged in long-haul transportation, benefit from improved comfort provided by auto-dimming mirrors. Reduced glare contributes to a more comfortable driving experience during extended periods on the road. Commercial vehicles equipped with auto-dimming mirrors can integrate with fleet management systems. This integration enables real-time monitoring of mirror performance, contributing to proactive maintenance and ensuring optimal functionality.
By application, the market is categorized into inside rear-view mirror and outside rear-view mirror. In 2022, the inside rear-view mirror segment held the highest revenue share in the market. Auto-dimming mirrors can improve the visibility of traffic signals and brake lights by minimizing glare. This is particularly advantageous in congested traffic conditions, where a clear view of the signals of surrounding vehicles is crucial for making informed driving decisions. Auto-dimming mirrors improve visibility in adverse weather conditions, such as heavy rain or snow. By reducing glare, these mirrors help drivers maintain clear sightlines, enhancing safety during challenging weather situations.
Free Valuable Insights: Global Auto Dimming Mirror Market size to reach USD 3.3 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region led the market by generating the highest revenue share. Production and sales of automotive are primarily concentrated in the Asia Pacific region. Due to the middle class’s expansion and urbanization, Asia-Pacific has witnessed increased demand for vehicles with sophisticated features, such as auto-dimming mirrors. Rapid urbanization in the Asia Pacific has led to congested traffic conditions. The rising disposable income in several Asia Pacific countries has increased demand for vehicles with advanced features.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.1 Billion |
| Market size forecast in 2030 | USD 3.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.3% from 2023 to 2030 |
| Number of Pages | 213 |
| Number of Tables | 330 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Fuel Type, Vehicle Type, Application, Region |
| Country scope |
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| Companies Included | Magna International, Inc., Samvardhana Motherson International Ltd, Ficosa International S.A, Gentex Corporation, Murakami Corporation, MinebeaMitsumi Inc. (Honda Lock Mfg. Co., Ltd.), Tokai Rika Co., Ltd., Konview Electronics Corporation Limited, SHENZHEN GERMID CO., LTD., FLABEG Automotive Glass Group GmbH |
By Fuel Type
By Vehicle Type
By Application
By Geography
This Market size is expected to reach $3.3 billion by 2030.
Increasing global automotive industry trends are driving the Market in coming years, however, Adverse impact of high initial cost restraints the growth of the Market.
Magna International, Inc., Samvardhana Motherson International Ltd, Ficosa International S.A, Gentex Corporation, Murakami Corporation, MinebeaMitsumi Inc. (Honda Lock Mfg. Co., Ltd.), Tokai Rika Co., Ltd., Konview Electronics Corporation Limited, SHENZHEN GERMID CO., LTD., FLABEG Automotive Glass Group GmbH
The expected CAGR of this Market is 5.3% from 2023 to 2030.
The Passenger Cars segment is leading the Market, By Vehicle Type in 2022; there by, achieving a market value of $12 billion by 2030.
The Asia Pacific region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $1.3 billion by 2030.
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