Automotive Virtual Exterior Mirror Market is Expected to Accumulate a Value of US$ 740.0 Million by Registering a CAGR of 16.4% in the Forecast Period 2023 to 2031: TMR Report

The increasing regulatory support and growing technological advances such as virtual mirrors, could boost the automotive virtual exterior mirror market during the forecast period

Wilmington, Delaware, United States, Aug. 18, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global automotive virtual exterior mirror market is projected to flourish at a CAGR of 16.4% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 740 million is anticipated for the market in 2031. As of 2023, the market for automotive virtual exterior mirrors is expected to close at US$ 220.9 million.

Increasing regulatory compliance and increased government stricter safety regulations and standards related to visibility and safety features in vehicles are anticipated to boost market demand for automotive virtual exterior mirrors during the forecast period.

The growing automotive industry and increased number of passenger cars, commercial vehicles, and trucks, directly lead to increased demand for virtual mirrors, fuelling the market demand.

The growing demand for ADAS technology drives market sales as it enhances overall vehicle safety and improves the driving experience, where exterior virtual mirrors play a prominent role in collecting surrounding data of the vehicles. Integration of virtual exterior mirrors with ADAS technologies creates an opportunity for market growth.

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Market Snapshot:

Report Coverage	Details
Market Revenue	US$ 190.0 Mn
Estimated Value	US$ 740.0 Mn
Growth Rate – CAGR	16.4%
Forecast Period	2023-2031
No. of Pages	172 Pages
Market Segmentation	By Component, Technology, Deployment Mode, Installation Type, Vehicle Type, Distribution Channel
Regions Covered	North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered	Gentex Corporation, Magna International Inc., 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), Continental AG, Samvardhana Motherson Reflectec (SMR), Valeo S.A, Other Key Players

Key Takeaways from the Market Study

• As of 2022, the automotive virtual exterior mirror market was valued at US$ 190 million

• By vehicle type, the passenger car segment dominated the global market, due to the implementation of advanced safety features in the passenger car segment of the automotive industry

• In terms of components, the hardware segment accounted for major automotive virtual exterior mirror market share owing to an increase in the adoption of camera-based mirror systems.

Automotive Virtual Exterior Mirror Market: Key Trends and Opportunistic Frontiers

• The growing consumer demand for vehicles with advanced technology features, including those that enhance safety and convenience influencing the automotive virtual exterior mirror market

• Increasing technological advances and increased demand for advanced display technology, camera technology, and connectivity have made virtual exterior mirrors more practical and feasible for mass adoption.

• Manufacturers are investing in research & innovation to offer features like auto-dimming, image enhancement, and better visibility during adverse weather conditions, enhancing the user experience.

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Automotive Virtual Exterior Mirror Market – Regional Analysis

• North America is projected to dominate the global automotive virtual exterior mirror market owing to the presence of a prominent automotive industry in the region. Stringent safety regulations and a push for advanced driver assistance systems (ADAS) can drive the adoption of technologies that enhance vehicle safety, such as virtual mirrors, in North America.  The United States key region driving the adoption of automotive virtual exterior mirrors in the region.

• Asia Pacific is expected to hold a prominent share of the automotive virtual exterior mirror market due to the rising demand for advanced features in the automotive industry and the presence of a sizable consumer base in the region. The growing investment in advanced safety technologies by automakers, potentially driving the adoption of virtual mirrors.

Competitive Landscape

The automotive virtual exterior mirror market is highly fragmented with the presence of a large number of market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global automotive virtual exterior mirror market report:

• Gentex Corporation
• Magna International Inc.
• 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)
• Continental AG
• Samvardhana Motherson Reflectec (SMR)
• Valeo S.A
• Other Key Players

Key Developments in the Automotive Virtual Exterior Mirror Market

• In August 2023 – The KOSTAL Group successfully completed the acquisition of the entire operating business of the Compleo Group. As a result, Compleo, one of the leading full-service providers of electric vehicle charging technology in Europe, is now part of the internationally active KOSTAL Group.
• In July 2023 – Honda Motor Co., Ltd. announced that it has reached a basic agreement on a software development partnership with SCSK Corporation (SCSK), a Japan-based IT solution and service provider. 

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Automotive Virtual Exterior Mirror Market – Key Segments

Component

• Hardware
  • Displays
  • Sensors
    • Temperature Sensors
    • Light Sensors
    • Humidity Sensors
  • Cameras
  • Other Hardware Types
• Software
• Services

Technology

• 3D body scanning
• Photo Accurate VFR
• 3D Augmented Reality and Virtual Reality
• Others

Deployment Mode

• On-Premises
• Cloud

Installation Type

• Fixed
• Free Style
• Vehicle Type
• Passenger cars
  • Hatchbacks
  • Sedan
  • Utility Vehicles
• Light Commercial Vehicles
• Heavy Duty Trucks
• Buses and Coaches
• Others

Distribution Channel

• OEM
• Aftermarket
• IAM (Independent Aftermarket Manufacturer)

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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