The Asia Pacific automotive rear-view mirror market size is expected to reach a valuation of USD 8178 million by 2030, growing at a CAGR of 8.85% during the forecast period (2022–2030).
A gadget that enables the driver to observe what is happening behind them is called a rear-view mirror. Inside the cabin, it can typically be found perched atop the windscreen in some configuration. This device is not only one of the most fundamental, but also one of the most important safety devices in the automobile. It offers the driver help when passing slower vehicles, parking in reverse gear, and other similar manoeuvres. In most cases, automobiles are equipped with a pair of mirrors that are affixed to the exterior of the body. They are commonly known as "side mirrors" or Outer Rear-View Mirrors (ORVM), both of which refer to the same thing and serve the same function.
A swivel joint is a particular kind of joint that is used to hold the rear-view mirror to the windshield. This joint is held in place by an anchor. It provides the capability of adjusting the mirror in accordance with the seating position of the driver. In contrast to the plain glass that was traditionally used in the manufacturing of mirrors, convex lens is now commonly employed instead. The utilisation of convex lenses has significantly boosted the capacity of mirrors to seize images from a greater distance.
On the other hand, the items that appear in the rear-view mirror are much closer than they appear to be. This is due to the fact that the convex lens produces images of the objects that are smaller. Because of this, the manufacturers print a cautionary statement on the rear-view mirror that states, "things in the rear-view mirror are closer than they appear." As a result, this cautionary message is displayed in the rear-view mirrors of cars so that drivers can prevent collisions.
Largest population & Increasing demand for vehicles
The Asia-Pacific region, which encompasses an area that is 29.3 million square kilometres in size, is home to sixty percent of the total population of the planet. In terms of their total populations, a good number of the countries in this region, notably China and India, are among the most rapidly expanding countries in the world. When one takes into account the continent's growing population, it should not come as a surprise that the continent's economy and sectors are undergoing continuous change. The automotive sector is an example of one of these industries. A rise in the population results in an increase in the need for efficient transportation. It is widely known that this part of the world is home to a few of the most successful automobile manufacturers in the world. Because of the high levels of production in the automotive industry, which encompasses the production of both motor vehicles and the aftermarket parts for those vehicles, the region sees a significant increase in the number of sales of both passenger cars and commercial vehicles. Because of this, it has become an essential sector for many Asia-Pacific countries.
Demand for Automotive Rear-view Mirrors to Fall as Back Cameras Become More Popular
A backup camera, also called a reversing camera or rear-view camera, is a specialised kind of video camera that is designed to be attached to the back of a vehicle. Its purpose is to assist the driver in backing up the vehicle and to remove the blind spot in the back. It was devised to forestall the possibility of a rear-end accident. The area right behind automobiles has been given the nickname "death zone" as a result of the high number of accidents that occur there. The display of the head unit is often connected to the backup camera in the vast majority of cases.
In today's world, the rear camera often serves as a substitute for the traditional rear-view mirror. The camera is installed on the exterior of the vehicle, and the gathered photos are then sent to the screen that is located within the vehicle. This allows the driver to have a better view of the surroundings. In addition, because the range of the camera may be expanded, blind spots may be avoided even more successfully, which contributes to an increase in the level of safety. Because of the severity of the danger posed by this scenario to the market for car rear-view mirrors, revenue growth is expected to be sluggish.
The Asia Pacific automotive rear-view mirror market is divided into two types: interior mirrors and outside mirrors. The interior mirror segment dominated the market due to its high cost and extensive requirements. This is typically a flat-glass mirror that provides a clear view of anything behind the driver, also known as the rear-view mirror.
The Asia Pacific automotive rear-view mirror market share is split between passenger cars and commercial vehicles, which is determined by the application of the product. Passenger automobiles held a dominant position in the market as a result of their significant production and aftermarket sales.
Based on the characteristics that are included, the market for automobile rear-view mirrors may be broken down into the following categories: power controlled, blind spot detection, auto foldable, heating function, and others (turn signal and auto-dimming). These characteristics are applicable in a wide variety of contexts, depending on the circumstances.
The electric remote power-controlled automotive rear-view mirror of a car is intended to be installed on the exterior of the vehicle, immediately adjacent to the windshield, and either on the left or right side of the vehicle, so that the driver can have an unobstructed view of the area behind the vehicle.
On the basis of the type of sales channel, the market for vehicle rear-view mirrors may be broken down into OEM and aftermarket segments. OEM possesses a predominant share of the vehicle rear-view mirror market and is expected to expand at a rate comparable to or even faster than that of its competitors. They are a significant stakeholder as a result of their persistent rise in automotive vehicle manufacturing, rising levels of demand, and their role as a primary purchaser of the products.
The market is divided on the basis of countries into China, Japan, India, Malaysia & rest of Asia Pacific. The market for car rear-view mirrors worldwide was controlled by Asia and the Pacific. The automobile industry and other associated businesses had been devastated by COVID-19, which resulted in a precipitous decline in market growth. Because of the coronavirus, production at numerous European locations was halted by Japanese automakers Toyota, Nissan, and Honda. This resulted in a huge loss to both the economy and the trained workers in Europe.
As a contingency plan for the possibility that the coronavirus will have an effect on Japan's automobile industry, the Japanese government and the automotive industry are currently working together to establish a new task force. This committee would be responsible for ensuring that the necessary procedures are made in order to get ready for the potential impact that the new coronavirus will have on the automotive supply chain in the future.
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