New York, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global auto dimming mirror market size is expected to expand at ~9% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 25 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.The growth of this sector is poised to rise owing to growing demand for automotive. Globally auto sales went up from approximately 65 million vehicles in 2021 to about 66 million vehicles in 2022. However, the adoption of automotive the rate of accidents has also surged especially during night.
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Even though there is approximately 59% less traffic on the roads at night, more than 39 percent of all fatal crashes take place during this time. Hence, while driving at night, the auto-dimming rearview mirror increases safety by preventing users from being blinded by oncoming traffic. It is composed of up of a mirror component and an electronic system with photo sensors to detect light coming from both the front or the back.
Surge in Urban Population to Boost the Growth of Global Auto Dimming Mirror
The number of people living in cities globally has increased significantly, from about 750 million in 1950 to close to 5 billion in 2021, and is predicted to reach approximately 7 billion by 2050, adding over 3 billion people to metropolitan regions. Further, urbanization has had a major impact on the automotive industry in recent years. Since more people are relocating to cities, there has been a greater demand for personal transportation, which has led to the development of cutting-edge auto designs, partnerships, and technical developments. As a consequence, the market demand for auto dimming mirror is set to grow.
Auto Diming Mirror Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population to Drive the Market Growth in Asia Pacific
The auto dimming mirror market in Asia Pacific is set to gather the largest market revenue by the end of 2035. This growth could be influenced by rising population in this region. Having 4.3 billion people residing there, or 60% of the global population, the Asia-Pacific area is residence to China and India, the two most populous nations on earth. Hence, the need for mobility has increased in this region among people, which is further expected to dominate the market expansion.
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Growth in Stringent Safety Regulation to Avoid Road Accidents to Influence the Market Expansion in North America
The auto dimming mirror market in North America is projected to have notable growth in the revenue over the forecast period. This could be on account of rising government initiatives to lower road accidents. For instance, in 2023, in an attempt to address the crisis-level reduction of catastrophic injuries and fatalities on the nation's roadways, U.S. Transportation Secretary Pete Buttigieg announced the Department's National Roadway Safety Strategy Call to Action campaign in 2023. Stakeholders were asked to commit to specific steps.
Auto Dimming Mirror, Segmentation by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
The passenger vehicle segment is estimated to gather the largest revenue in the market over the coming years. This growth of the segment is poised to be encourage on account of rising demand for passenger vehicle on account of growing disposable income. For instance, both family spending and disposable income was forecasted to increase by over 3% globally in 2022.
Auto Dimming Mirror, Segmentation by Fuel Type
- ICE
- Hybrid
- Electric
The electric segment is set to have significant growth in the market over the forecast period. The major factor to dominate the market is rising demand for electric vehicle. The worldwide sales of electric vehicles crossed over 9 million in 2022, and this year's volumes are predicted to increase by another approximately 34% to close to 13 million.
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A few of the well-known indsutry leaders in auto dimming mirror market that are profiled by Research Nester are Gentex Corporation, Magna International Inc., Samvardhana Motherson Reflectec (SMR), Ficosa International, Murakami Corporation, Tokai Rika Co., Ltd., Ichikoh Industries, Ltd., Mitsuba Corporation, FLABEG Automotive Holding GmbH, Metagal Industria e Comercio LTDA, and others.
Recent Development in the Auto Dimming Mirror Market
- Aston Martin and Gentex Corporation today announced their partnership in the development of a camera-based rear vision system that will be installed in future Aston Martin vehicles. This technology greatly improves the driver's ability to see traffic to the sides and back of the car.
- Magna International and top battery producer LG Energy Solution have established a joint venture to design and produce battery casings for electric cars (EVs). With the help of LG Energy Solution's battery technologies and Magna's experience in automotive systems, the alliance hopes to improve the creation of safe and high-performing battery enclosures for the expanding electric vehicle industry.
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