Automotive intelligent rear-view mirrors, also referred to as smart rear-view mirrors, are a type of rear-view mirror that provides a clear and enhanced view of the path or road behind the vehicle through its in-built LCD monitor. The automotive intelligent rear-view mirror is an advanced technology, which includes a camera (mostly high resolution camera) that is integrated into the rear end of the vehicle and project the image on an in-built LCD monitor of the rearview mirror. Auto manufacturers are focusing on research and development of rear-view mirrors in order to ensure safety of both the driver and the vehicle.
Rising demand for vehicle safety systems in order to enhance safety of both driver and vehicle is a prime factor that is expected to drive the automotive intelligent rear-view mirror market during the forecast period. Automotive intelligent rear-view mirrors are designed specially to curtail and prevent blockage of vision, thereby lending a clear vision to the driver, as it displays and projects a panoramic view of the area behind the vehicle. This, in turn, is anticipated to augment the automotive intelligent rear-view mirror market during the forecast period.
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Furthermore, it provides a clear vision during poor weather conditions, which is another key factor that is estimated to propel the automotive intelligent rear-view mirror market during the forecast period. Surge in advancements in safety technologies for vehicles and automation in vehicles is projected to offer lucrative opportunities to the automotive intelligent rear-view mirror market during the forecast period. An automotive intelligent rear-view mirror is expensive and requires regular maintenance owing to the camera and display screen. This is expected to hamper the automotive intelligent rear-view mirror market during the forecast period.
The global automotive intelligent rear-view mirror market can be segmented based on location, vehicle type, sales channel, and region. In terms of location, the automotive intelligent rear-view mirror market can be divided into side rear-view mirror and windshield rear-view mirror. The side rear-view mirror segment accounts for a prominent market share, as compared to the windshield rear-view mirror segment of the market. This is due to its usage on both sides of the vehicle doors.
In terms of vehicle, the automotive intelligent rear-view mirror market can be classified into passenger vehicle and commercial vehicle. The passenger vehicle segment dominates the automotive intelligent rear-view mirror market. This is primarily due to surge in sales and production of passenger vehicles around the world. The segment is projected to remain dominant during the forecast period.
In terms of sales channel, the automotive intelligent rear-view mirror market can be split into OEMs (original equipment manufacturers) and aftermarket. The aftermarket sales channel segment accounts for a major share of the automotive intelligent rear-view mirror market. This is due to the higher replacement rate of the camera and display screen, owing to their short lifespan. The aftermarket segment is projected to expand at a healthy growth rate during the forecast period.
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In terms of region, the global automotive intelligent rear-view mirror market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe leads the global automotive intelligent rear-view mirror market due to higher sales of vehicles integrated with smart vision systems such as automotive intelligent rear-view mirrors, owing to rising awareness about advanced driver assistance systems and safety while driving. Regular development of technology in the field of safety while driving is another major factor boosting the market in the region.
Prominent players operating in the global automotive intelligent rear-view mirror market include Valeo, Magna International Inc., Gentex Corporation., Ficosa Internacional SA, Continental AG, ICHIKOH INDUSTRIES, LTD., NISSAN MOTOR CORPORATION, Burco Inc., Murakami Corporation., Panasonic Corporation, and Robert Bosch GmbH.
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