Albany, NY -- (SBWire) -- 08/24/2018 --As the automotive industry touches new peaks each year, electric- and fossil-fuel-based collectively, the demand in the global automotive rear view mirror market is projected to increment at a healthy CAGR of 4.4% during the forecast period of 2017 to 2022. Among the urban populations, awareness regarding the safety benefits offered by these rear view mirrors is increasing, and consumers are now willing to pay additional costs for the premium features offered by these mirrors.

The trend of integrated features such as auto dimming, camera, and radar, rising adoption in aftermarket, and growing focus on safety by the consumers of mid- and small-segment cars are some of the key factors driving the global automotive rear view mirror market. While cost factors will continue to hinder the growth of the market in a number of emerging markets, the stockholders are expected to gain new opportunities from the research and development of smart mirrors with advanced features.

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Flat Mirrors Projected to Sustain Strong Demand as Product Segment

Product-wise, the global automotive rear view mirror market has been segmented into flat mirror, convex mirror, aspheric or wide angle mirror, two piece spotter mirror, and two piece tow mirror. Throughout the forecast period, the flat mirror segment is expected to maintain maximum demand, which is estimated to be 27.1% of the overall demand by 2022, although the growth is moderate for this segment with other products gaining popularity.

Based on feature type, the automotive rear view mirror market has been bifurcated into heated, manual adjusted, power adjusted, auto dimming or electrochromatic, signal, cross path detection, and blind spot detection, whereas on the basis of position, the market has been classified into side, windshield, dashboard, and interior roof. Vehicle type classification has been done according to compact passenger cars, mid-sized passenger cars, premium passenger cars, luxury passenger cars, light commercial vehicles, and heavy commercial vehicles.

Europe to Overtake North America as Most Lucrative Regional Market

Geographically, North America, Latin America, Europe, and Asia Pacific excluding Japan (APEJ) are the regions studied for their potential of automotive rear view mirror market, apart from a separate section on Japan, which is projected to exhibit a CAGR of 4.1% during the forecast period of 2017 to 2022. Region-wise, this market gains the most prominent chunk of demand from the developed regions of Europe and North America. While the Europe automotive rear view mirror market is estimated to increment the demand at a CAGR of 4.2% and reach a valuation of US$2.9 bn by 2022, the North America automotive rear view mirror market is projected to reach a worth of US$2.4 bn by the end of the forecast period. High adoptability of new technology, strict safety regulatory, and substantial buying power of the citizens of these two regions are some of the factors aiding to the demand. However, the APEJ region is forecasted for the best growth rate of 4.8%, which is a reflection of rapid urbanization and increasing disposable income among the vastly populated countries of China and India, who are also two of the most promising emerging economies in the World.

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Product Innovation to Define Market Leader

Evaluated to be worth US$8.96 bn in 2017, the global automotive rear view mirror market is estimated to reach a valuation of US$11.13 bn by the end of 2022. There are quite a few major companies connected to this value chain, including Gentex Corporation, Magna International, and Ficosa, Murakami. Gentex Corporation, for instance, which is a highly respectable name in the global automotive rear view mirror market, were the first ones to introduce electromechanical auto dimming mirrors. The company currently serves some of the leading automotive manufacturers such as Audi, BMW, and Ford Motor Company.