Automotive Digital Mirror Market Insights
The use of digital mirror with camera is one of the most trending topics in today’s automotive industry. Various automotive manufactures are incorporating digital mirrors in vehicles for better and wider vision, by eliminating the blind spots. Automotive digital mirrors allows the driver to see the surroundings in clear definition. The automotive digital mirrors provides tons of different features as compared to conventional mirrors such as it eliminates the glares, it is less susceptible to fog, rain and dirt. The automotive digital mirrors also helps to achieve better visibility in harsh weather condition. The two main feature that enforces the adoption of automotive digital mirror is that it reduces the air drag which is a considerable factor in case of performance cars and eliminates blind spots which cannot be seen on the conventional mirrors.
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The events of road crashes are increasing with each passing day and the rising concern for vehicle safety is leading vehicle manufacturers to attempt contrasting approaches to make vehicles safer. This could further fuel the demand of automotive digital mirror in upcoming vehicles. Owing to the above benefits, the global automotive digital mirror market is expected to show significant growth over the projection period.
Global Automotive Digital Mirror Market – Market Dynamics
According to ASIRT (Association for Safe International Road Travel) nearly 1.25 Mn people die in road crashes each year, on average 3,287 deaths a day. Growing events of vehicle accidents across the globe is one of the key factor that could fuel the demand of automotive digital mirror. The automotive digital mirror provide wider field of vision which helps the driver to see clearly during the ride. The automotive digital mirrors also provide better visibility in poor lighting condition, which could also reduce the chances of crash. In addition, exterior automotive digital mirrors allows the manufacturers to reduce better aerodynamic drag, which in turn helps to reduce the carbon emission upto 2%. Heavy investments is being made by the leading automotive manufacturers for vehicle safety technologies and effective amalgamation of design and workflow, the profitability and ROI is anticipated to increase with reduced production cost of automotive digital mirror. The above benefits of automotive digital mirror is anticipated to auger well in the global market over the forecast period.
Global Automotive Digital Mirror Market – Regional Analysis
The global automotive digital mirror market is divided into seven geographical regions which incorporates North America, Europe, Latin America, MEA (Middle East & Africa), East Asia which further incorporates China, Japan and South Korea), South Asia which includes India, Thailand, Indonesia, Malaysia, Philippines, Rest of South Asia. The automotive digital market for Oceania further incorporates Australia & New Zealand. North America followed by Europe is anticipated to witness slow growth in automotive digital mirror market during the projection period due to the early adoption of automotive digital mirrors. In 2017, the European parliament demanded for higher vehicle safety standards for new cars, which will fuel the adoption of automotive digital mirror in Europe over the forecast period. Japan market for automotive digital mirror is also projected to show significant growth. South Asia especially India, China & South Korea can be foreseen as an emerging market for automotive digital mirror owing to ever growing vehicle production and rising concerns for road crashes.
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Global Automotive Digital Mirror Market – Key Segments
Automotive digital mirror market can be classified on the basis of mirror type, distribution channel and vehicle type. The product type segment of automotive digital mirror incorporates interior and exterior automotive digital mirror. On the basis of distribution channel, the automotive digital mirror can be classified as OEM (Original equipment manufacturer), IAM (Independent aftermarket manufacturer) and aftermarket. Depending on the vehicle type, the global automotive digital market can be divided as commercial & special vehicles and passenger cars. The passenger cars in vehicle type segment is projected to hold a significant value share in automotive digital mirror market during the projection period.
Automotive Digital Mirror Market – Key Manufacturers
Automotive digital mirror market is fragmented in nature including both regional and global level players. Some of the prominent players in the global automotive digital mirror market are Honda, BMW, Continental, Bosch, Magna International Inc Orlaco and prominent players.
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