LONDON, Sept. 01, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the auto-dimming mirror market, the surge in the automotive industry is expected to propel the growth of the auto-dimming mirror market going forward. The automotive industry refers to the designing, developing, and manufacturing of motor vehicles. These mirrors are used in vehicles to reduce the glare of light that is coming from other vehicles and hence prevent the driver from getting distracted. For instance, according to the India Brand Equity Foundation, an India-based government export agency, in May 2022, sales of automobiles in India increased by 5.8%, which is 18.49 million units, as compared to 17.47 million units in the year 2020. Also, the premium car industry sold 2,259 units in December 2021, an increase of 19.7% when compared with 2020. Therefore, the growth of the automotive industry is driving the growth of the auto-dimming mirror market.
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The global auto dimming mirror market size is expected to grow from $1.82 billion in 2021 to $1.98 billion in 2022 at a compound annual growth rate (CAGR) of 8.5%. The global auto-dimming mirror market share is expected to reach $2.41 billion in 2026 at a CAGR of 5%.
Technological innovations are gaining popularity in the auto-dimming mirror market trends. Major companies operating in the auto-dimming sector are focused on introducing new technologies to sustain their position in the market. For instance, in August 2019, Gentex, a US-based company that develops, designs, and manufactures automatic-dimming rear-view mirrors, launched the latest version of its HomeLink car-to-home automation system that works on Bluetooth. It also controls a variety of radio frequencies by using cloud-based home automation technology that makes up the system. In addition, the company created an app that allows cloud-based device operation.
Major players in the auto-dimming mirror market are Ficosa International SA (Panasonic Corporation), Flabeg Automotive Glass Group GMBH, Gentex Corporation, Honda Lock Mfg. Co. Ltd. (Honda Motor Company Ltd), Konview Electronics Corporation Limited, Magna International Inc., Murakami Corporation, Shenzhen Germid Co., Samvardhana Motherson Group, Tokairika Co. Ltd., SL Corporation, Ichikoh Industries Ltd., Metagal Industria E-commercio Ltd, Fuyao Glass Industry Group Co.Ltd., Dura Automotive Systems, Webasto SE, and Glas Trösch Holding AG.
The global auto-dimming mirror market segmentation is categorized by fuel type into internal combustion engine, hybrid, electric; by vehicle type into passenger vehicle, commercial vehicle; by functionality type market into connected auto-dimming mirror, non-connected auto-dimming mirror; by application type into inside rear-view mirror, outside rear-view mirror.
Asia-Pacific was the largest region in the auto-dimming mirror market in 2021. North America is expected to be the fastest-growing region in the global auto-dimming mirror market during the forecast period. The regions covered in the global auto-dimming mirror market research report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Auto-Dimming Mirror Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide auto-dimming mirror market overviews, auto-dimming mirror market analyze and forecast market size and growth for the whole market, auto-dimming mirror market segments and geographies, auto-dimming mirror market trends, auto-dimming mirror market drivers, auto-dimming mirror market restraints, auto-dimming mirror market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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