Increasing Demand for Premium SUVs Reflecting Positively on the Automotive Rear View Mirror Market
Albany, New York, July 05, 2019 (GLOBE NEWSWIRE) -- A recent report by Transparency Market Research provides a detailed analysis of global automotive rear view mirror market. The report covers various facets such as notable developments, major drivers, opportunities provided by the market. According to the report the global automotive rear view mirror market has a distributed competitive landscape. Various players dominate the market and influx of various new entrants is intensifying the competition. In order to establish themselves in the competitive market, the new entrants are adopting strategies such as mergers, collaborations, and partnerships. In order to maintain their dominance in the market the established players are acquiring various small and medium scale businesses. This allows the players to expand their resource banks and production capacity with further results in better future in global automotive rear view mirror market.
Some of the key players of the global automotive rear view mirror market are Gentex Corporation, Samvardhana Motherson, Magna International, Murakami, and Ficosa, whereas some of the other promising players are Honda Lock Manufacturing, FLABEG, Ichikoh Industries Ltd., and SL Corporation.
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According to the report the global automotive rear view mirror market is expected to grow moderately with a 4.4% CAGR in the forecast period. Moreover, the market is projected to generate revenue of US$11.13 Bn by the end of the projected tenure of 2017 to 2022.
The global automotive rear view mirror market is categorized on the basis of product type, feature type, position, and vehicle type. Out of these categories, the flat mirror type segment under product type category is expected to show maximum growth in the global automotive rear view mirror market. The growth of the segment is attributed to rising growth in the number of vehicles across the globe.
Geographically, the global automotive rear view mirror market has its presence in North America, Europe, South America, Asia Pacific, and Middle East and Africa. Out of these regions, North America and Europe are expected to be the most lucrative market for global automotive rear view mirror market in the forecast period. The growth of the market is attributed to growing awareness and stringent regulation for the safety while driving in the region. Owing to these benefits, North America and Europe are expected to be the leaders among various other regions of global automotive rear view mirror market.
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Rising Number of Vehicles across the Globe to Fuel the Growth of the Market
Growing number of vehicles majorly drives the growth of global automotive rear view mirror market across the globe. Rising awareness regarding passenger’s and vehicle’s safety is another factor that is propelling the growth of global automotive rear view mirror market. Moreover, increasing demand for safety features in the vehicles is another factor that is promoting the growth of global automotive rear view mirror market in the forecast period.
Moreover, rising disposable income of people in growing economies is one of the major factors that is influencing the growth of global automotive rear view mirror market in the forecast period of 2017 to 2022. Also, rapid urbanization is yet again a crucial factor for the growth of global automotive rear view mirror market in the projected duration.
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High Cost of Replacement is to dampen the Growth in the Forecast Period
Despite of the various factors to promote the growth, the global automotive rear view mirror market has to face man challenges in the forecast period which might hamper the growth of the market. The market has to face the major challenge of high cost that is involved in the replace of the rear view mirrors. This is stopping the users to approach the vendors for new set of rear view mirrors. Owing to this, the growth of global automotive rear view mirror market may lose its pace in the forecast period. Nevertheless, integration of infotainment and navigation application such as radar, camera, and LED technologies are opening new opportunities in the global automotive rear view mirror market.
The article is listed by Transparency Market Research Titled “Automotive Rear View Mirror Market (Product-type - Flat Mirror, Convex Mirror, Aspheric or Wide Angle Mirror, Two Piece Spotter Mirror, and Two Piece Tow Mirror; Feature-type - Heated, Manual Adjusted, Power Adjusted, Auto Dimming or Electrochromatic, Signal, Cross Path Detection, and Blind Spot Detection; Position - Side, Windshield, Dashboard, and Interior Roof; Vehicle-type - Compact Passenger Cars, Mid-sized Passenger Cars, Premium Passenger Cars, Luxury Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022.”
The global Automotive Rear View Mirror Market is segmented on the basis of:
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