Global Automotive Camera Based Side Mirror Market Overview
As per MRFR analysis, the Automotive Camera Based Side Mirror Market Size was estimated at 0.87 (USD Billion) in 2022. The Automotive Camera Based Side Mirror Market Industry is expected to grow from 0.99 (USD Billion) in 2023 to 3.242 (USD Billion) by 2032. The Automotive Camera Based Side Mirror Market CAGR (growth rate) is expected to be around 14.06% during the forecast period (2024 - 2032).
Key Automotive Camera Based Side Mirror Market Trends Highlighted
The Global Automotive Camera-Based Side Mirror Market has gained significant traction due to key drivers, such as increasing safety regulations, growing consumer demand for advanced driver assistance systems (ADAS), and rising safety concerns among drivers. This market has witnessed notable trends, including the integration of artificial intelligence (AI) and computer vision, miniaturization of cameras, and the adoption of wireless connectivity.
Opportunities lie in exploring the integration of camera-based side mirrors with other ADAS features, such as lane departure warning and blind-spot monitoring systems, to enhance overall vehicle safety and convenience. Additionally, the expansion of the electric vehicle market presents opportunities for camera-based side mirrors to support automated driving and improve aerodynamics.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Camera Based Side Mirror Market Drivers
Increasing Demand for Enhanced Safety Features
A key driver of the increasing development of the Global Automotive Camera Based Side Mirror Market Industry is the growing demand for safety features across all automobiles. The mirror integrated into the side of the automobiles is a critical component that gives the driver a view of where they are and aids in the removal of blind spots, enabling the driver to observe properly. It follows that the interest is in the camera-based side mirrors that provide a broader view and a better vision of what is in the surroundings of the driver.
This vision is beneficial in various maneuvers such as lane changing, overtaking, and reversing, as the driver can see anything that might collide with them, ensuring their safety and that of the bystanders. As consumers continue to become more aware of the benefits that follow, the popularity of the cameras overlooks the necessity for standard side mirrors that are fixed.
Technological Advancements and Innovation
Another important driver of the growth of the Global Automotive Camera Based Side Mirror Market Industry is the swift advancement of technology and innovation. Camera technology has been significantly developed recently, including the invention of high-resolution cameras, good image processing algorithms, and artificial intelligence. Such development of technology contributed to making camera-based side mirrors more beneficial to drivers by providing a clearer and more detailed view of their surroundings.
Among other, AI-powered object detection and lane departure warnings make side mirrors safer to use.
Government Regulations and Safety Standards
Government regulations and safety standards are also playing a significant role in driving the growth of the Global Automotive Camera Based Side Mirror Market Industry. In many countries, regulations are becoming stricter, requiring new vehicles to be equipped with advanced safety features, including camera-based side mirrors. This is due to the growing recognition of the safety benefits of these systems and their potential to reduce accidents and save lives.
As governments continue to implement stricter safety standards, the demand for camera-based side mirrors is expected to increase, further driving the growth of the market.
Automotive Camera Based Side Mirror Market Segment Insights
Automotive Camera Based Side Mirror Market Vehicle Type Insights
The Automotive Camera Based Side Mirror Market is segmented by vehicle type into passenger cars, commercial vehicles, and two-wheelers. Among these segments, passenger cars are expected to account for the largest share of the market in 2023, with a valuation of around 0.49 Billion USD. The market for camera-based side mirrors in commercial vehicles is also expected to grow significantly, with a valuation of around 0.27 Billion USD in 2023. The growth in this segment is attributed to the increasing adoption of camera-based side mirrors by commercial vehicle manufacturers to improve safety and reduce blind spots.
The two-wheeler segment is expected to witness the fastest growth during the forecast period, with a CAGR of 16.5%, owing to the rising popularity of two-wheelers in developing countries and the increasing focus on safety regulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Camera Based Side Mirror Market Camera Position Insights
The Camera Position segment of the Global Automotive Camera Based Side Mirror Market is further divided into Side Mirrors, Rear Side Windows, and A-Pillar cameras. Side Mirrors currently hold the major market share as they are widely accepted and used instead of traditional mirrors. Further, a greater tendency to follow the classroom procedure with the usage of side mirrors and various mandatory driving tests and licensing procedures leverages the growth of the segment with new-age vehicles fully substituting the glass mirrors for cameras. Rear Side Windows offer a wider field of view and thus are suitable for larger vehicles such as buses and trucks; therefore, it is also anticipated to register a considerable growth rate as compared to A-Pillar cameras.
A-Pillar cameras provide a distinct view and eliminate the presence of blind spots due to the A-pillar size. The market revenue for the Camera Position segment would have generated around $1.2 bn by 2024 and is anticipated to witness a CAGR growth rate of 15.2% from 2023-2032.
Automotive Camera Based Side Mirror Market Camera Technology Insights
The Global Automotive Camera Based Side Mirror Market is segmented by Camera Technology into CMOS, CCD, and MEMS Mirror. Among these, the CMOS segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of CMOS cameras in automotive applications due to their high resolution, low power consumption, and compact size. The CCD segment is expected to witness a steady growth rate during the forecast period, owing to its high image quality and low noise levels.
The MEMS Mirror segment is anticipated to gain significant traction in the coming years due to its ability to provide a wider field of view and enhanced image stabilization.
Automotive Camera Based Side Mirror Market Display Type Insights
The Global Automotive Camera Based Side Mirror Market is segmented by Display Type into OLED, LCD, and TFT. Among these, the OLED segment is expected to witness the highest growth rate during the forecast period. The superior display quality, wider color gamut, and lower power consumption of OLED displays are driving their adoption in automotive camera-based side mirrors. The LCD segment is expected to hold the largest market share during the forecast period due to its cost-effectiveness and wide availability. The increasing adoption of advanced driver assistance systems (ADAS) and the growing demand for enhanced safety features in vehicles are key factors driving the growth of the automotive camera-based side mirror market.
Furthermore, government regulations mandating the use of camera-based side mirrors in certain regions are expected to further boost market growth.
Automotive Camera Based Side Mirror Market Connectivity Insights
The Global Automotive Camera Based Side Mirror Market is segmented by Connectivity into Bluetooth, Wi-Fi, and Cellular. In 2023, the Bluetooth segment accounted for the largest market share, followed by the Wi-Fi segment. The Cellular segment is expected to grow at the highest CAGR during the forecast period. The Bluetooth segment is expected to continue to dominate the market over the forecast period due to its wide compatibility with various devices and its low cost. The Wi-Fi segment is expected to grow at a steady pace due to its increasing availability in vehicles and its ability to provide a more stable and faster connection than Bluetooth.
The market growth is attributed to the increasing demand for improved safety and convenience features in vehicles, as well as the growing adoption of advanced driver assistance systems (ADAS).
Automotive Camera Based Side Mirror Market Regional Insights
The geographical analysis of the Global Automotive Camera Based Side Mirror Market showcases distinct market dynamics across key regions. North America holds a substantial market share, driven by the presence of major automotive manufacturers and the early adoption of advanced technologies. Europe follows closely, with a strong automotive industry and government regulations promoting safety features. The Asia-Pacific region is poised for significant growth, attributed to the rising demand for vehicles and increasing disposable income. South America and the Middle East and Africa (MEA) present emerging markets with untapped potential, offering opportunities for market expansion.
These regional insights are crucial for businesses to tailor their strategies, identify growth opportunities, and gain a competitive edge in the Global Automotive Camera Based Side Mirror Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Camera Based Side Mirror Market Key Players And Competitive Insights:
Major players in the Automotive Camera Based Side Mirror Market are constantly striving to gain a competitive edge in the market. They are focusing on developing innovative products with advanced features to meet the evolving demands of customers. The industry is witnessing a growing trend towards the adoption of camera-based side mirrors due to their superior visibility and safety benefits. Leading Automotive Camera Based Side Mirror Market players are investing heavily in research and development to enhance their product offerings and stay ahead of the competition.
One of the leading companies in the Automotive Camera Based Side Mirror Market is Magna International. The company is a global supplier of automotive components and systems. Magna International offers a wide range of camera-based side mirrors with advanced features such as blind-spot monitoring, lane departure warning, and rear cross-traffic alert. The company has a strong global presence and supplies its products to major automakers around the world. Magna International is committed to innovation and continuously invests in research and development to enhance its product offerings and maintain its leadership position in the market.
A notable competitor in the Automotive Camera Based Side Mirror Market is Gentex Corporation. The company is a leading provider of automotive interior and exterior mirrors. Gentex Corporation offers a wide range of camera-based side mirrors with advanced features such as automatic dimming, rain-sensing, and compass display. The company has a strong focus on research and development and has developed a number of patented technologies for its camera-based side mirrors. Gentex Corporation is known for its high-quality products and excellent customer service. The company has a strong distribution network and supplies its products to major automakers around the world.
Key Companies in the Automotive Camera Based Side Mirror Market Include:
- Toyota Boshoku
- Magna International
- Aptiv
- ZF Friedrichshafen
- Gentex International
- Denso Corporation
- Robert Bosch
- Continental
- Hella
- Koito Manufacturing
- Mitsubishi Electric
- Valeo
- Hyundai Mobis
- AAC Technologies Holdings
- Ficosa Automotive
Automotive Camera Based Side Mirror Market Industry Developments
The Global Automotive Camera-Based Side Mirror Market is projected to grow from USD 0.99 billion in 2023 to USD 3.242 billion by 2032, at a CAGR of 14.06%. Increasing demand for enhanced safety features, stringent government regulations mandating advanced driver-assistance systems (ADAS), and rising consumer preference for technologically advanced vehicles drive market growth.
Key players include Gentex, Magna International, Hyundai Mobis, and Ficosa. Recent developments include the launch of camera-based side mirrors by automakers such as Audi and Lexus and strategic partnerships between suppliers and technology providers to enhance product offerings and expand market reach.
Automotive Camera Based Side Mirror Market Segmentation Insights
Automotive Camera Based Side Mirror Market Vehicle Type Outlook
- Passenger Cars
- Commercial Vehicles
- Two-Wheelers
Automotive Camera Based Side Mirror Market Camera Position Outlook
- Side Mirrors
- Rear Side Windows
- A-Pillar
Automotive Camera Based Side Mirror Market Camera Technology Outlook
Automotive Camera Based Side Mirror Market Display Type Outlook
Automotive Camera Based Side Mirror Market Connectivity Outlook
Automotive Camera Based Side Mirror Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
0.87 (USD Billion) |
| Market Size 2023 |
0.99 (USD Billion) |
| Market Size 2032 |
3.242 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
14.06% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Toyota Boshoku, Magna International, Aptiv, ZF Friedrichshafen, Gentex International, Denso Corporation, Robert Bosch, Continental, Hella, Koito Manufacturing, Mitsubishi Electric, Valeo, Hyundai Mobis, AAC Technologies Holdings, Ficosa Automotive |
| Segments Covered |
Vehicle Type, Camera Position, Camera Technology, Display Type, Connectivity, Regional |
| Key Market Opportunities |
1 Increasing Demand for Safety Features2 Growing Popularity of Electric Vehicles3 Rising Consumer Demand for Advanced Driver Assistance Systems ADAS4 Government Regulations for Enhanced Safety5 Technological Advancements Leading to Improved Performance |
| Key Market Dynamics |
Rising fuel efficiency standards Government regulations Technological advancements Growing demand for enhanced safety features Increasing consumer awareness |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Camera Based Side Mirror Market is expected to reach a valuation of 0.99 USD Billion in 2023.
The Automotive Camera Based Side Mirror Market is projected to grow at a CAGR of 14.06% from 2024 to 2032.
The North America region is expected to hold the largest market share in 2023.
The increasing demand for enhanced safety features, stringent government regulations, and technological advancements are key factors driving the growth of the market.
Key competitors include Gentex, Magna International, Ficosa, Hyundai Mobis, and Samvardhana Motherson Group.
Automotive Camera Based Side Mirrors are primarily used in passenger cars, commercial vehicles, and off-highway vehicles.
The Automotive Camera Based Side Mirror Market is expected to reach a valuation of 3.242 USD Billion by 2032.
Technological advancements such as improved image quality, wider field of view, and enhanced object detection capabilities are driving the growth of the market.
The competitive landscape is expected to intensify with the entry of new players and the expansion of existing players.
Challenges include high production costs, limited consumer awareness, and regulatory hurdles.
