Automotive mirror dimming Market Growth Projections Product Development Survey 2030
Market Research Future (MRFR) asserts that the automotive mirror dimming market 2020 can make headway at a rate of 4% over the review period (between 2022 and 2030). We will provide COVID-19 impact analysis with the report, along with all the key developments since the corona virus disease outbreak. TheMirror dimming market has been hit hard by the COVID-19 outbreak, with a drop in the product demand post the lockdown imposed by governments worldwide.
The pandemic has led to temporary shutdown of manufacturing units in the automobile sector, thereby weakening the sale of automotive mirror dimmers. Following the SARS-CoV-2 outbreak, curfews have been imposed in almost every country, wherein only a few authorized individuals are allowed to travel, resulting in further decline in the sale of automobiles. However, technological innovations along with a surge in the production of vehicles, and the heavy demand for advanced and luxury features in vehicles can boost the expansion rate of theMirror dimming market.
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Some of the renowned companies in the market include TOKAIRIKA, CO, LTD. (Japan), Ichikoh Industries, Ltd. (Japan), Gentex Corporation (U.S), Konview Electronics Corporation Limited. (China), Samvardhana Motherson Group (India), Honda Lock Mfg. Co., Ltd. (Japan), Murakami Corporation (Japan), SL Corporation (South Korea), Magna International Inc. (Canada), Ficosa International S.A. (Spain), FLABEG Automotive Holding GmbH (Germany), Global Media Industry Group Co. (China), and more.
Although the novel coronavirus has drastically affected the demand, theMirror dimming market will be able to recover in the near future, given that governments across various countries are starting to end the lockdowns. This way, it is believed that the vehicle sale can pick up once again, leading to better growth of the automotive mirror dimming industry.
The increasing product innovation and new launches are some of the key developments in the global market, giving it a significant boost in terms of growth. Leading firms are increasingly developing automotive models that are equipped with advanced mirror dimming features, especially considering the COVID-19 impact. For instance, in July 2020, MG MOTOR (Australia) launched its new Anfield special-edition SUV, which features an advanced auto-dimming rearview mirror along with keyless push-button and entry start, as well as a cooled center storage compartment.
For provide a better understanding of the market, experts have outlined the key segments in the report, namely fuel types, applications, vehicle types and functionalities.
The fuel types considered in the market study are internal combustion engine (ICE), hybrid vehicle and battery electric vehicle (BEV). The market for battery electric vehicle can advance at the highest rate, as a result of the mounting production level of electric vehicles worldwide.
The key applications of automotive mirror dimming products can be outside rear-view mirror (ORVM) as well as rear-view mirror (IRVM). The IRVM/inside rear-view mirror segment can seize the biggest share in the market, because of its expanding application scope in every type of vehicle.
The primary vehicle types that have these features include commercial vehicle and passenger vehicle. The market for passenger vehicles is slated to perform better than its counterpart, on account of the increasing demand and the consequent surge in the sale of these vehicles around the world.
The main functionalities outlined in the report are connected as well as non-connected.
MEA/Middle East and Africa, Europe, North America and Asia Pacific/APAC are the key markets for automotive mirror dimming.
The APAC market for automotive mirror dimming is observing remarkable growth, thanks to the striking advancement of the automotive manufacturing sectors in India and China. The high availability of cheap priced automation across the manufacturing industry and the frequent innovations in engineering along with the rising focus on sustainability and fuel efficiency also benefit the regional industry. The automakers are highly focused on launching the latest car models that have advanced features such as mirror dimmers. To illustrate, in July 2020, Skoda has launched the new Rapid TSI model in India, which features a couple of safety equipment such as internal auto-dimming rear-view mirror along with several airbags, ISOFIX child seat mounts, rain-sensing wipers brake assist, to mention a few.
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The European market has taken the second lead, with strict government regulations along with the mounting need for passenger safety. TheMirror dimming market in the region is fast gaining high momentum backed by the rising number of dimming glass manufacturers developing models with advanced features like blind spot detection that helps avoid accidents.
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