Auto Dimming Mirror Market to be Driven by the Increasing Need for...

Auto Dimming Mirror Market to be Driven by the Increasing Need for Safety in Automobiles in the Forecast Period of 2023-2028

Posted 2023-05-08 08:44:13

The new report by Expert Market Research titled, ‘Global Auto Dimming Mirror Market Size, Trends, Growth, Price, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global auto dimming mirror market, assessing the market based on its segments like types, glass types, vehicle types, fuel type, applications, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2018-2028)

Historical Market Size (2020):USD 1.97 billion
Forecast CAGR (2023-2028):4.7%
Forecast Market Size (2026):USD 2.6 billion

The global auto dimming mirror market is being driven by the growing demand for advanced features in automobiles. This can be attributed to the rising levels of income globally, and, hence, the increasing willingness to make extra expenditures on advanced features. Additionally, the growing sales of premium vehicles also have a positive impact on the auto dimming mirror market.

The developing regions like India and China are further contributing to the market growth. Over the forecast period, increasing need for safety in automobiles owing to the stringent government rules regarding road safety and the growing R&D activities by the key players are expected to further propel the auto dimming mirror market growth.

Industry Definition and Major Segments

Auto dimming mirrors carry out the critical task of reducing glare resulting from the headlights of the vehicle just behind. These mirrors greatly improve the visibility for the driver.

Auto dimming mirrors are equipped with some sensors that detect the light from headlights of the vehicle just behind, and execute a process called electrochromism to eliminate the glare. Moreover, these mirrors are often packed with several secondary features like safety camera systems, compass, among others.

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Based on type, the industry can be segmented into:

Connected
Non-Connected

The market is divided based on glass type into:

Smart Glass
SPD Glass
Photochromatic Glass
Liquid Crystal
Thermotropics
Electrochromic
Others

On the basis of fuel type, the industry can be categorised into:

Internal Combustion Engine
Electric
Hybrid

By application, the market is divided into:

Inside Rear-View Mirror
Outside Rear-View Mirror

Regionally, the market can be segmented into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Market Trends

The growing R&D activities and new product launches by the major industry players are expected to significantly contribute to the industry growth in the forecast period. This, coupled with the rising awareness regarding road safety will aid the industry growth. Some key recent developments in the industry hold the potential to boost the market growth.

For instance, in November 2019, Gentex Corporation released three new products at the SEMA show of 2019. One of these products was a brand-new auto dimming mirror equipped with an integrated HomeLink button and home automation system based on cloud. Hence, critical developments like these can help in shaping up the auto dimming mirror market.

Key Market Players

The major players in the market are Gentex Corporation, Magna International Inc., Ficosa Internacional SA, Shenzhen Germid Co. Ltd., and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.