The global automotive rear view mirror market depicts a competitive and consolidated landscape. Some players in the automotive rear view mirror market such as Gentex Corporation, Magna International, Ficosa, Samvardhana Motherson, and Murakami hold the majority of total shares. Transparency Market Research (TMR) reports that innovation and technological advancements are key to gaining a competitive edge in the global automotive rear view mirror market.
The global automotive rear view mirror market is also witnessing the emergence of robust competition in the form of relatively new and smaller players. Along with technological advancements, and emergence of new players; acquisitions are also paving way for growth in the market. Recently, Gentex acquired Homelink, a company which provided a vehicle-based home linking system. The acquisition signals the next frontier in the global automotive rear view mirror market. This would involve creating smart systems with a synergy between homes, users, vehicles, and public infrastructure.
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The global automotive rear view mirror market was evaluated at US$8.96 bn in 2017. It is anticipated to register a 4.4% CAGR during 2017-2022 to reach US$11.13 bn by the end of forecast period. Major players in the market are finding considerable traction in the flat mirror segment, which held 27.9% share of the total revenue in 2017.
Region wise, North America and Europe held the largest share of the global automotive rear view mirror market in 2017. Additionally, Asia Pacific region is also anticipated to register the fastest growth during 2017-2022.
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Rising Sales of SUVs Boost the Automotive Rear View Mirror Market
SUVs are a prime candidate for the integration of automotive rear view mirror market. Additionally, SUV sales are on the rise, especially in emerging regions such as Asia Pacific. These vehicles are often associated with prestige and status, unlike other small vehicles. The large size of these vehicles often blocks a rear end view for many consumers, especially people shorter in height. Additionally, SUVs are often purchased for large families, making safety an essential feature. This coupled with high prices of SUVs are expected to drive significant demand for the automotive rear view mirror market in the near future.