A lead analyst at AMR highlighted that the auto dimming mirror market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the auto dimming mirror market. The findings of the report states that the global market for auto dimming mirror generated $1.86 billion in 2018, and is projected to reach $2.77 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Surge in demand for advanced features in mirrors, significant surge in the automotive industry, and rise in need for safety features in automobiles re expected to drive the growth of the global market. On the other hand, its high cost compared to conventional mirrors is expected to hinder the growth to some extent. However, production of cloud based auto dimming mirrors is expected to create ample opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the auto dimming mirror market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global auto dimming market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of automotive, which adversely impacted the sales of auto dimming mirror. In addition, shortage of workforce and essential raw materials due to strict import and export restrictions from the government further aggravated the impact on the market. However, the market is expected to recoup soon.
“By application, the inside rear-view mirror segment dominated the global auto dimming mirror market in 2018, in terms of revenue. In addition, based on vehicle type, the commercial vehicle segment is expected to exhibit lucrative growth rate during the forecast period. Presently, Asia-Pacific is the highest revenue contributor, and is expected to garner the highest revenue in the global market during the forecast period, followed by Europe, North America, and LAMEA,” says Lalit Katare & Anvay Sonpimple, Lead Analysts, Automotive and Transportation at Allied Market Research.
The report offers detailed segmentation of the global auto dimming mirror market based on application, vehicle type, fuel type, and region.
Based on application, the inside rear-view mirror segment held the largest market share in 2018, holding more than half of the global auto dimming mirror market revenue in 2018, and is expected to rule the roost by 2026. The outside rear-view mirror segment, on the other hand, would grow at the fastest CAGR of 6.1% throughout the forecast period.
Based on vehicle type, the passenger vehicle segment garnered the major share in 2018, holding nearly two-thirds of the global auto dimming mirror market. The commercial vehicle segment, on the other hand, would showcase the fastest CAGR of 5.8% during the estimated period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2018, holding more than two-fifths of the global market, and is projected to dominate during the forecast period. In addition, the same region is expected to cite the fastest CAGR of 6.5% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.
The key players analyzed in the global auto dimming mirror market report include Ficosa Internacional SA (Panasonic), Flabeg Automotive Holding GMBH, Gentex Corporation, Honda Lock, Konview, Magna International Inc, Murakami Corporation, Shenzhen Germid Co., Ltd, SAMVARDHANA MOTHERSON GROUP, TOKAIRIKA, CO, LTD.
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