Global Automotive Virtual Exterior Mirror Market Size By Vehicle Type, By Sales Channel, By Functionality, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Automotive Virtual Exterior Mirror Market Size And Forecast
Automotive Virtual Exterior Mirror Market size was valued at USD 1.51 Billion in 2023 and is projected to reach USD 5.71 Billion by 2030, growing at a CAGR of 21.03%during the forecast period 2024-2030.
Global Automotive Virtual Exterior Mirror Market Drivers
The market drivers for the Automotive Virtual Exterior Mirror Market can be influenced by various factors. These may include
Technological breakthroughs in the Automobile sector Virtual exterior mirrors are an example of cutting-edge technology that can improve safety, aerodynamics, and overall vehicle efficiency. The automotive sector has been witnessing tremendous technological breakthroughs.
Push for Safety and Efficiency in Regulations Stricter laws pertaining to emissions and vehicle safety are being put into place in many areas. With capabilities like enhanced aerodynamics and blind-spot detection, virtual external mirrors can help comply with these legal standards.
Fuel Efficiency and Aerodynamics By substituting sleeker and more aerodynamic options for conventional side mirrors, virtual external mirrors can help reduce fuel consumption. Such improvements become appealing as the demand on automakers to fulfill fuel efficiency criteria increases.
Improved Driver Experience Additional amenities like programmable screens, built-in cameras, and increased visibility are frequently included with virtual outside mirrors. These features attract customers who value cutting-edge technology in their cars and enhance the driving experience.
Electric and Autonomous Vehicles The automotive industry is changing as a result of the popularity of electric and autonomous vehicles. Part of the tech-driven trend, virtual exterior mirrors might become more popular as automakers concentrate on incorporating cutting-edge technologies into their electric and autonomous vehicle models.
Customer Demand for Advanced Safety Features When buying a car, consumers are placing a higher value on safety features. Customers who are concerned about safety may find virtual exterior mirrors appealing because of features like lane-keeping assistance and collision warnings.
Decreased Weight and Better Design Because virtual exterior mirrors are electronic and frequently streamlined, they can help save weight and improve the design of vehicles. This fits with the trend in the industry for lighter, more aesthetically beautiful car designs.
Global Automotive Virtual Exterior Mirror Market Restraints
Several factors can act as restraints or challenges for the Automotive Virtual Exterior Mirror Market. These may include
High Initial Cost The installation of virtual exterior mirrors necessitates the use of cutting-edge equipment, including cameras and display systems, which can raise the price of cars overall. Widespread adoption may be hampered by this higher initial cost, especially in price-sensitive market sectors.
Regulatory Challenges Although virtual exterior mirrors could improve safety and aerodynamics, it might take some time for regulatory organizations to change standards and laws to take these new technology into account. Virtual exterior mirrors may take longer to become widely used in the market as a result of this delay in regulatory adaptation.
Infrastructure Restrictions Sturdy and dependable connectivity is necessary for virtual outside mirrors to operate as intended. The dependability of these systems may be impacted by performance issues in areas with insufficient or unstable network infrastructure.
 Consumer Acceptance and Familiarity When it comes to classic parts like side mirrors, consumers may be reluctant to change. Adoption may be slowed back by a preference for traditional mirrors and a lack of knowledge about the advantages of virtual mirrors.
Maintenance and Repair Costs Compared to regular mirrors, virtual exterior mirrors may require more maintenance and repairs due to their electronic components. Electronic component replacement or repair might be more expensive and complicated.
Concerns About Durability and dependability Considering the mechanical simplicity of traditional mirrors, buyers may have doubts about the durability and dependability of electronic devices. It will be essential to demonstrate the virtual outside mirrors’ long-term dependability before they are widely adopted.
Problems with Technology Standardization The automotive sector may encounter difficulties with virtual mirror technology standardization. Compatibility and interoperability problems may arise from the different solutions that different manufacturers choose to implement.
Legal and responsibility ConcernsThe adoption of new technologies, particularly those pertaining to visibility and safety, may give rise to legal and responsibility issues. It is necessary to set precise rules and guidelines about who is responsible for system malfunctions and mishaps.
Global Automotive Virtual Exterior Mirror Market Segmentation Analysis
The Global Automotive Virtual Exterior Mirror Market is Segmented on the basis of Vehicle Type, Sales Channel, Functionality, and Geography.
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Automotive Virtual Exterior Mirror Market, By Vehicle Type
Passenger VehiclesIncluding sedans, hatchbacks, SUVs, and other personal vehicles.
Commercial VehiclesSuch as trucks, buses, and other fleet vehicles.
ByAutomotive Virtual Exterior Mirror Market, By Sales Channel
OEM (Original Equipment Manufacturer) Sales Virtual exterior mirrors installed by the vehicle manufacturer as part of the original design.
Aftermarket Sales Virtual mirror systems added or upgraded after the vehicle’s initial sale.
ByAutomotive Virtual Exterior Mirror Market, By Functionality
Basic Virtual MirrorsProviding enhanced visibility and safety features, such as blind-spot detection.
Advanced Virtual MirrorsOffering additional features like augmented reality displays, gesture controls, and integrated sensors.
Automotive Virtual Exterior Mirror Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the Automotive Virtual Exterior Mirror Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Automotive Virtual Exterior Mirror Market are
Bosch
Denso
Magna International
Gentex
Valeo
Saint-Gobain
Magna Steyr
Ficosa
LG Electronics
Peiker
Audi
BMW
Honda
Hyundai
Jaguar Land Rover
Lexus
Mercedes-Benz
Nissan
Tesla
Toyota
Volkswagen
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Bosch, Denso, K26Magna International, Gentex, Valeo, Magna Steyr, Ficosa, LG Electronics, Peiker, BMW
SEGMENTS COVERED
By Vehicle Type, By Sales Channel, By Functionality, and By Geography.
CUSTOMIZATION SCOPE
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