Automotive Electric Side View Mirror Market to grow at a CAGR of 10.76% during 2024-2028
The Automotive Electric Side View Mirror Market is expected to grow at a CAGR of 10.76% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9.10 billion. In the automotive industry, the integration of advanced technology into side view mirrors has led to the development of surround-view mirror systems, also known as 360-degree camera systems. These innovative systems consist of multiple cameras strategically placed around the vehicle to provide the driver with a comprehensive view of their surroundings. The system processes and combines all camera inputs into a single video feed, offering an enhanced vantage point. Furthermore, these systems incorporate sonar technologies to precisely detect the proximity of adjacent vehicles or obstacles, alerting the driver with audible signals. For instance, Magna International Inc. is set to introduce the 3D Surround View System, featuring next-generation cameras and Electronic Control Units.
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Technavio analysts predict that the Passenger cars subsegment will lead the Application segment during 2024 and 2028 In the global automotive industry, passenger vehicles are categorized into entry-segment, mid-segment, and premium or luxury-segment vehicles. Mid-segment and premium vehicles typically come equipped with electric side view mirrors as standard features. According to the International Organization of Motor Vehicle Manufacturers, the production of passenger cars reached 57,054,295 units in 2021. In India, electric side view mirrors are also utilized in the entry-segment vehicles. The Indian passenger automobile market, valued at USD32.70 billion in 2021, is projected to expand at a CAGR of over 9% between 2022 and 2027, reaching a value of USD54 billion. This growth trend is expected to boost the demand for electric side view mirrors in the region.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish increasing preference for safe and convenient features in vehicles
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The Automotive Electric Side View Mirror market is witnessing significant growth due to the increasing demand for advanced safety features in vehicles. Traditional side mirrors are being replaced by Camera-based side mirrors that offer 360-degree viewing angles, night vision assistance, and Blind Spot Indicator. These mirrors use electronic components, including cameras and heatable mirrors, to provide clear visibility in various weather conditions, especially during rainy seasons. Automotive technology continues to evolve, with side mirrors featuring Auto-Dimming, Foldable, and Memory Storage functions. The casing of these mirrors is becoming thicker and wedge-shaped to accommodate the electronic components, while the back surface and front glass surface are designed for optimal visibility. Automotive OEMs are increasingly incorporating these advanced features into both Commercial Vehicles and Passenger Cars to enhance safety and convenience. The market for electric side view mirrors is expected to grow steadily in the coming years, as automotive manufacturers continue to prioritize safety and technology in their offerings.
The automotive electric side view mirror market is a significant segment of the global automotive parts and equipment industry, which encompasses organizations involved in the manufacturing of components and accessories for various automobile types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the global automotive parts and equipment market size is determined by the consolidated revenue generated by automotive component and equipment manufacturers. Key growth drivers for this market include the escalating demand for electronic control units (ECUs) and other electrical components due to the increasing sales of EVs, motorcycles, and PCs.
The Automotive Electric Side View Mirror Market is experiencing significant growth, fueled by the increasing preference for safe and convenient features in vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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