About this market
The automotive industry is undergoing a radical change in the form of electrification of vehicle components. Vehicle manufacturers are replacing mechanical parts with electronic components to increase the vehicle's power and fuel efficiency. Similarly, conventional side-view mirrors increase the air drag of the vehicle and negatively affect its fuel efficiency. Replacing these with camera-based side mirrors decreases the vehicle's overall air drag and allows the vehicle to consume less fuel. The rise in the number of electronic parts used in the automotive industry will eventually reduce the production cost due to the economies of scale. This will, in turn, reduce the prices of electronic sensors, actuators, and mechanisms used in electric side view mirrors and drive adoption during the forecast period. analysts have predicted that the automotive electric side view mirror market will register a CAGR of over 9% by 2023.
Market Overview
Increasing safety concerns in automotive ecosystem
Most safety measures are focused on drivers as human errors are the primary cause of accidents. Vehicle safety in terms of side-view visibility is evolving as an important focus for customers and vehicle manufacturers. As a result, the dimming mirror emerged in the automotive market. Although the cost of these systems is high, with increasing demand, costs are expected to decrease during the forecast period.
Circuitry issues with electric side view mirrors leading to high replacement and repair costs
Replacement costs associated with automotive technologies have increased with advances in automotive technologies. The maintenance cost of electric side view mirrors is considerably higher than that of conventional side-view mirrors. Despite the benefits of automotive electric side view mirrors, vehicle owners and drivers may prefer to use conventional mirrors owing to reliability concerns. Automotive electric side view mirrors may fail due to functional and operational issues. These issues are a major challenge for the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the automotive electric side view mirror market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.