Portland, OR, Nov. 12, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global auto-dimming mirror market generated $1.86 billion in 2018, and is estimated to reach $2.77 billion by 2026, registering a CAGR of 5.3% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Growing safety concerns in automobiles and surge in demand for advanced features in passenger and commercial vehicles drive the growth of the global auto-dimming mirror market. However, high purchase costs as compared to conventional vehicles hinder the market growth. On the other hand, development of cloud-based auto-dimming mirrors creates new opportunities for the market player in the coming years.
- Several major automobile manufacturers across the globe have paused their production, which decreased the demand for automotive components such as an auto-dimming mirror.
The sale of passenger vehicles has been declined significantly due to decline in expenditure ability of consumers because of pay cuts and job layoffs amid lockdown.
Get detailed COVID-19 impact analysis on the Auto Dimming Mirror Market Request Here!
The report offers a detailed segmentation of the global auto-dimming mirror market based on application, vehicle type, and region.
Based on application, the inside rear-view mirror segment contributed to the largest share in 2018, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the outside rear-view mirror segment is estimated to portray the highest CAGR of 6.1% during the forecast period.
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Based on vehicle type, the passenger vehicle segment accounted for the largest share in 2018, holding nearly two-thirdsof the total share, and is expected to maintain the largest share throughout the forecast period. However, the commercial vehicle segment is expected to register the highest CAGR of 5.8% from 2019 to 2026.
Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. In addition, the region is expected to grow at the highest CAGR of 6.5% from 2019 to 2026.
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Leading market players analyzed in the research include Honda Lock, Flabeg, Konview, Tokairika, Co, Ltd., Magna, Shenzhen Germid Co., Ltd., Murakami Corporation, Ficosa, Gentex Corporation, and Samvardhana Motherson Group.
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