Global Automotive Mirror System Market is estimated to show a CAGR of 6.8 % between 2021-28, according to the latest study Published by Profshare Market Research. The global demand for Automotive Mirror System is expected to grow at an impressive growth rate primarily due to increasing applications in the automobile sector.
Automobile industry is valued at around USD 5545.36 billion in 2019 & between 2015 to 2019 industry has shown an moderate CAGR of 4 %. Growth of the Automotive Mirror System Market is directly proportional to the growth of Automotive industry. Even though market has seen slow growth rate in recent times but expected to show lucrative growth in upcoming years. Global Automotive Mirror System Market was valued at around USD 15981.72 million in 2019.
In 2020 due to Covid 19 pandemic market has slumped almost 8 % to 2019 & valued at around USD 14735.15 million. Post-pandemic recovery of market has shown impressive patterns & estimated to reach USD 24941.62 million by 2028. Study has taken into account 2019 as base years, historical data for 2015 to 2019 & forecast for 2021 to 2028.
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Global Automotive sector especially in the Asia Pacific region has seen enormous growth in recent years. High population base, rising disposable income leading to impressive vehicle sell in Asia Pacific region. Automotive Mirror System Market includes OEM & Aftermarket sale. OEM segment holds the majority of market share & aftermarket sale is estimated to grow at high growth rate. Massive infrastructure development has seen particularly in highly populated countries like China & India leading to growing demand for commercial vehicles.
Interior & Exterior Automotive Mirror Systems are considered in this research study. Exterior Automotive Mirror Systems segment holds the highest market share & estimated to grow at around 7.3 % between 2021 to 2028. Manual, Hybrid & Digital Automotive Mirror Systems currently present in the market. Digital Automotive Mirror Systems are likely to generate highest revenue during forecast period.
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Automotive Mirror Systems are used in Commercial as well as Passenger vehicles. Passenger vehicle segment held around 70 % of market share in 2019 followed by Commercial vehicles. During the forecast period, the growth rate of commercial segment estimated to be higher compared to passenger segment.
The regional outlook of research study consists of North & South America, Europe, the Middle East, Asia Pacific, and Africa regions. Better insight on regional revenue, volume, growth rate, challenges & opportunities can be gained from this research report. In 2019 Asia Pacific region was the largest market shareholder followed by North America. The exponential growth of automotive sector, infrastructure & disposable income are primary growth drivers for Asia Pacific region.
Automotive Mirror System Market is highly competitive & large number of manufacturers are present. Even though entry barrier in the market is minimal especially in aftermarket segment. Top manufacturers are developing new technology & investing large budget as well as resources in research & development to gain more market share.
Study used top-down, bottom-up approach, SWOT analysis & supply-demand analysis models to get precise market information. Porter's five forces model is used to figure out competitive forces inside industry & strategy analysis. The research study includes the extensive use of primary and secondary data sources. Research process focuses on multiple factors affecting the industry such as competitive landscape, government policy, historical data, market current position, Automotive Mirror System Market trends, upcoming technologies & innovations as well as risks, rewards, opportunities and challenges.
Market Segmentation
Product Types
- Interior Automotive Mirror System
- Exterior Automotive Mirror System
Application analysis
- Commercial Vehicles
- Passenger Vehicles
The research report on Automotive Mirror System Market includes a competitive analysis that provides a better insight into the major manufacturers of Automotive Mirror System. These major players include:
- Magna International
- Ficosa International
- Gentax Corporation
- SamvardhanaMotherson Group
- Flabeg Automotive Holding
- Milenco
- Murakami Corporation
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