PUBLISHER: Acute Market Reports | PRODUCT CODE: 1397440
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1397440
The automotive virtual exterior mirror market is witnessing a significant transformation as advanced technologies and innovative solutions replace traditional side mirrors. The automotive virtual exterior mirror market is undergoing a significant transformation and is expected to grow at a CAGR of 16.8% during the forecast period of 2023 to 2031, driven by safety regulations, the need for improved fuel efficiency, and technological advancements. While initial costs and integration challenges remain as restraints, the market is expected to witness continued growth, especially in regions with stringent safety regulations and a focus on technological innovation. The competitive landscape is marked by key players who are committed to delivering high-quality solutions and expanding their market presence.
Driver Assistance Systems: One of the major drivers shaping the automotive virtual exterior mirror market is the increasing adoption of advanced driver assistance systems (ADAS). These systems utilize cameras and sensors to provide real-time information to drivers, enhancing visibility and safety. In 2022, the integration of virtual exterior mirrors with ADAS systems significantly improved driver awareness and reduced blind spots. This trend is expected to continue into the forecast period from 2023 to 2031, with an even higher demand for virtual exterior mirrors as they become an integral part of safety systems.
Regulatory Mandates: Stringent safety regulations in various regions are also contributing to the growth of virtual exterior mirrors. In 2022, several countries, including Japan and parts of Europe, imposed regulations promoting the use of camera-based systems. This trend is expected to gain momentum, as more regions are likely to introduce similar mandates during the forecast period.
Improved Fuel Efficiency: The second key driver is the emphasis on reducing aerodynamic drag to enhance fuel efficiency. In 2022, automakers sought innovative ways to improve their vehicles' aerodynamics, and virtual exterior mirrors proved effective in this regard. By replacing traditional mirrors with sleek camera-based systems, automakers achieved better fuel economy. This trend is anticipated to continue into the forecast period, with manufacturers across the globe expected to focus on minimizing drag and optimizing vehicle performance.
Advancements in Camera Technology: Technological advancements in camera technology are driving the adoption of virtual exterior mirrors. In 2022, cameras became more sophisticated, offering higher resolution and improved performance in various weather conditions. This led to an increased demand for virtual mirrors, as they provide a clearer and more reliable view compared to traditional mirrors. The forecast period from 2023 to 2031 is expected to witness further advancements in camera technology, making virtual exterior mirrors even more appealing to both automakers and consumers.
Initial Cost Barrier: A significant restraint affecting the automotive virtual exterior mirror market is the initial cost associated with installing and integrating these systems. In 2022, the cost of camera-based systems, along with the required display technology, was relatively high, limiting their adoption in some vehicle segments. This restraint is expected to persist during the forecast period, although ongoing research and development efforts are aimed at reducing the cost of virtual exterior mirror solutions.
In 2022, the hardware segment recorded the highest revenue in the market as it encompassed the physical components, such as cameras and displays. However, during the forecast period from 2023 to 2031, the services segment is expected to exhibit the highest CAGR. This growth is attributed to the increasing demand for maintenance, software updates, and cloud-based services related to virtual exterior mirrors. The software segment, which includes algorithms and image processing, is also expected to experience steady growth, reflecting the importance of software in optimizing mirror performance.
In 2022, 3D body scanning technology garnered the highest revenue due to its precision and ability to provide an accurate representation of the vehicle's surroundings. However, during the forecast period from 2023 to 2031, 3D augmented reality and virtual reality technology are expected to exhibit the highest CAGR. This technology enhances the driver's visual experience by overlaying critical information on the mirror's display. Photo-accurate VFR and other technologies will also continue to grow but at a slower pace.
Geographically, the automotive virtual exterior mirror market is witnessing significant trends. North America and parts of Europe contributed high revenues in 2022, primarily due to stringent safety regulations and the adoption of advanced technologies. These regions are also expected to continue experiencing the highest CAGR during the forecast period, driven by increasing safety awareness and technological advancements. Asia-Pacific, especially China, is a region with significant revenue percentages in 2022, and it is expected to maintain this position during the forecast period, supported by the growing automotive industry and consumer demand for advanced safety features.
In the competitive landscape of the automotive virtual exterior mirror market, key players such as Gentex, Magna International, Bosch, Continental, Panasonic Corporation, Ficosa International, Hyundai Mobis, Harman Inernational, Nissan Motor Co., Ltd., Samsung Electro-Mechanics, Honda Motor Co., Ltd, BMW AG, Leopold Kostal GmbH & Co. KG, Mitsubishi Electric Corporation, YFAI (Yanfeng Automotive Interiors), Samvardhana Motherson Reflectec (SMR), and Valeo S.A. have been at the forefront of innovation and product development. These companies have consistently invested in research and development to enhance virtual mirror technology and have formed strategic partnerships with automotive manufacturers to implement these solutions effectively. In 2022, these industry leaders secured substantial revenue shares, and they are expected to maintain their positions during the forecast period from 2023 to 2031. Their strategies encompass producing high-quality hardware and software components, aligning with the technological trends, and expanding their global presence. Moreover, they are actively involved in addressing cost and integration challenges, making virtual exterior mirrors more accessible to a broader range of vehicles.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofAutomotive Virtual Exterior Mirror market are as follows:
Micro and macro environment factors that are currently influencing the Automotive Virtual Exterior Mirror market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
TABLE 3 Global Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 4 Global Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 9 Global Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 12 North America Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 13 North America Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 18 North America Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 21 U.S. Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 22 U.S. Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 27 U.S. Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 30 Canada Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 31 Canada Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 36 Canada Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 39 Rest of North America Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 40 Rest of North America Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 45 Rest of North America Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 48 UK and European Union Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 49 UK and European Union Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 54 UK and European Union Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 57 UK Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 58 UK Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 63 UK Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 66 Germany Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 67 Germany Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 72 Germany Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 75 Spain Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 76 Spain Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 81 Spain Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 84 Italy Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 85 Italy Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 90 Italy Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 93 France Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 94 France Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 99 France Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 102 Rest of Europe Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 103 Rest of Europe Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 108 Rest of Europe Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 111 Asia Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 112 Asia Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 117 Asia Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 120 China Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 121 China Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 126 China Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 129 Japan Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 130 Japan Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 135 Japan Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 138 India Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 139 India Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 144 India Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 147 Australia Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 148 Australia Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 153 Australia Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 156 South Korea Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 157 South Korea Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 162 South Korea Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 165 Latin America Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 166 Latin America Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 171 Latin America Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 174 Brazil Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 175 Brazil Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 180 Brazil Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 183 Mexico Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 184 Mexico Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 189 Mexico Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 192 Rest of Latin America Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 193 Rest of Latin America Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 198 Rest of Latin America Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 201 Middle East and Africa Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 202 Middle East and Africa Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 207 Middle East and Africa Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 210 GCC Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 211 GCC Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 216 GCC Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 219 Africa Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 220 Africa Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 225 Africa Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
TABLE 228 Rest of Middle East and Africa Automotive Virtual Exterior Mirror Market By Sensors, 2021-2031, USD (Million)
TABLE 229 Rest of Middle East and Africa Automotive Virtual Exterior Mirror Market By Technology, 2021-2031, USD (Million)
TABLE 234 Rest of Middle East and Africa Automotive Virtual Exterior Mirror Market By Distribution Channel, 2021-2031, USD (Million)
FIG. 13Market Positioning of Key Automotive Virtual Exterior Mirror Market Players, 2022
FIG. 14Global Automotive Virtual Exterior Mirror Market - Tier Analysis - Percentage of Revenues by Tier Level, 2022 Versus 2031