Automotive Digital Mirror Market Overview:
As per MRFR analysis, the Automotive Digital Mirror Market Size was estimated at 1.39 (USD Billion) in 2022. The Automotive Digital Mirror Market Industry is expected to grow from 1.67 (USD Billion) in 2023 to 8.8 (USD Billion) by 2032. The Automotive Digital Mirror Market CAGR (growth rate) is expected to be around 20.26% during the forecast period (2024 - 2032).
Key Automotive Digital Mirror Market Trends Highlighted
Key Market Drivers:The surge in demand for enhanced driver visibility and safety features is a major driver for the automotive digital mirror market. Advancements in camera technology, such as high-resolution cameras and wide-angle lenses, enable digital mirrors to provide a wider field of view than traditional mirrors, reducing blind spots and improving situational awareness. Additionally, the integration of sensors and artificial intelligence (AI) allows digital mirrors to detect and alert drivers to potential hazards, such as vehicles in blind spots or pedestrians crossing the road.Opportunities to be Explored or Captured:The growing adoption of autonomous and semi-autonomous vehicles creates significant opportunities for the automotive digital mirror market. These vehicles require advanced sensing and monitoring systems, and digital mirrors can play a crucial role in providing a comprehensive view of the surroundings.
Furthermore, the increasing demand for personalized driving experiences presents opportunities for the development of digital mirrors that can be customized to individual driver preferences, such as adjusting the field of view or displaying additional information.Trends in Recent Times:Recent trends in the automotive digital mirror market include the integration of advanced technologies, such as night vision cameras and augmented reality (AR). Night vision cameras enhance visibility in low-light conditions, while AR displays can overlay information onto the digital mirror, such as navigation instructions or vehicle diagnostics. Additionally, the adoption of wireless communication technologies, such as Bluetooth and Wi-Fi, allows digital mirrors to connect with smartphones and other devices, enabling seamless integration of navigation and entertainment features.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Digital Mirror Market Drivers
Increasing Demand for Enhanced Safety Features
The automotive industry is constantly evolving, with new technologies being developed to improve safety, comfort, and convenience. One such technology is the automotive digital mirror, which provides drivers with a wider field of view and eliminates blind spots. This technology has gained significant traction in recent years due to its numerous advantages over traditional mirrors, and its adoption is expected to accelerate in the coming years. Digital mirrors offer several benefits that make them more desirable than traditional mirrors.First and foremost, they provide drivers with a wider field of view, which can help to reduce blind spots and improve safety.
Traditional mirrors have a limited field of view, which can make it difficult for drivers to see objects that are not directly behind the vehicle. Digital mirrors, on the other hand, use cameras to capture a wider field of view, which gives drivers a more comprehensive view of their surroundings. In addition to providing a wider field of view, digital mirrors can also improve safety by eliminating blind spots.Blind spots are areas around a vehicle that cannot be seen by the driver from the driver's seat. These areas can be dangerous, as they can make it difficult for drivers to see other vehicles, pedestrians, or cyclists. Digital mirrors can help to eliminate blind spots by using cameras to capture images of the areas around the vehicle.
These images are then displayed on a screen in the driver's field of view, giving the driver a clear view of their surroundings. Finally, digital mirrors can also improve safety by providing drivers with real-time information.For example, some digital mirrors can display information such as the vehicle's speed, fuel level, and tire pressure. This information can help drivers to stay informed about the status of their vehicle and to make informed decisions while driving.
Growing Adoption of Advanced Driver Assistance Systems (ADAS)
Advanced driver assistance systems (ADAS) are a suite of technologies that are designed to improve safety and convenience for drivers. These systems include features such as lane departure warning, automatic emergency braking, and adaptive cruise control. The growing adoption of ADAS is expected to drive the growth of the automotive digital mirror market, as digital mirrors are often integrated with ADAS systems. ADAS systems rely on a variety of sensors to collect data about the vehicle's surroundings.
These sensors include cameras, radar, and lidar. The data collected by these sensors is used to create a comprehensive view of the vehicle's surroundings, which allows the ADAS system to make informed decisions about how to control the vehicle. Digital mirrors can be integrated with ADAS systems to provide drivers with a more comprehensive view of their surroundings. For example, digital mirrors can display images from the cameras that are used by the ADAS system.This gives drivers a better view of their surroundings and helps them to make informed decisions about how to control the vehicle.
Rising Demand for Luxury and Premium Vehicles
The demand for luxury and premium vehicles has been growing in recent years, and this trend is expected to continue in the coming years. This growth is being driven by a number of factors, including rising incomes, increasing urbanization, and changing consumer preferences. Luxury and premium vehicles are often equipped with the latest technologies, including automotive digital mirrors. This is because digital mirrors offer a number of advantages over traditional mirrors, such as a wider field of view, improved safety, and a more stylish appearance. As the demand for luxury and premium vehicles continues to grow, the demand for automotive digital mirrors is also expected to increase.
Automotive Digital Mirror Market Segment Insights:
Automotive Digital Mirror Market Camera Type Insights
The Global Automotive Digital Mirror Market is segmented by Camera Type into Single-lens Camera, Dual-lens Camera, and Multi-lens Camera. The Single-lens Camera segment is expected to hold the largest market share in 2023, owing to its lower cost and simpler design compared to other camera types. However, the Multi-lens Camera segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for enhanced safety features and improved visibility in vehicles. The Global Automotive Digital Mirror Market revenue for the Multi-lens Camera segment is projected to reach USD 3.2 billion by 2024, growing at a CAGR of 25.4%.This growth is attributed to the rising adoption of advanced driver assistance systems (ADAS) and the increasing popularity of autonomous vehicles.
Multi-lens cameras provide a wider field of view and better image quality, which is essential for these applications. The Single-lens Camera segment is expected to account for a market share of 42.1% in 2023. Single-lens cameras are less expensive and easier to install than other camera types, making them a popular choice for budget-conscious consumers. However, their limited field of view and image quality can be a disadvantage in certain applications.The Dual-lens Camera segment is expected to hold a market share of 23.9% in 2023. Dual-lens cameras offer a wider field of view and better image quality than single-lens cameras, but they are also more expensive and complex to install. They are typically used in mid-range and high-end vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Digital Mirror Market Display Technology Insights
The Global Automotive Digital Mirror Market is segmented by Display Technology into LCD Display and OLED Display. Among these, the LCD Display segment is expected to hold the largest market share in 2023, owing to its cost-effectiveness, wide availability, and well-established supply chain. However, the OLED Display segment is projected to grow at a faster CAGR during the forecast period, driven by its superior image quality, wider color gamut, and lower power consumption. In 2023, the LCD Display segment is estimated to account for approximately 60% of the Global Automotive Digital Mirror Market revenue, while the OLED Display segment is expected to reach a valuation of USD 1.2 billion by 2024, exhibiting a significant market growth potential.
Automotive Digital Mirror Market Field of View Insights
The Global Automotive Digital Mirror Market is segmented by Field of View into Wide-angle Field of View and Ultra-wide Field of View. The Wide-angle Field of View segment held a larger market share in 2023, and it is expected to continue to dominate the market during the forecast period. However, the Ultra-wide Field of View segment is projected to grow at a faster CAGR from 2024 to 2032.
The increasing demand for enhanced visibility and safety features is driving the growth of the Automotive Digital Mirror Market. Wide-angle field of view mirrors provide a wider field of view compared to traditional mirrors, which helps to reduce blind spots and improve overall visibility.Ultra-wide field of view mirrors offer an even wider field of view, providing drivers with a near-panoramic view of their surroundings. This enhanced visibility can be particularly beneficial in congested urban environments or when driving in low-light conditions. As a result, the demand for both wide-angle and ultra-wide field of view mirrors is expected to increase in the coming years.
Automotive Digital Mirror Market Application Insights
The Global Automotive Digital Mirror Market is segmented by Application into Passenger Vehicles and Commercial Vehicles. The Passenger Vehicles segment accounted for a larger revenue 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 digital mirrors in passenger vehicles due to their numerous advantages, such as improved visibility, reduced blind spots, and enhanced safety features. The Commercial Vehicles segment is also expected to witness significant growth during the forecast period, driven by the increasing demand for digital mirrors in commercial vehicles such as trucks, buses, and vans to improve safety and operational efficiency.
Automotive Digital Mirror Market Functionality Insights
The Functionality segment is a key factor driving the growth of the Global Automotive Digital Mirror Market, with Blind Spot Detection, Lane Departure Warning, Rear Cross-Traffic Alert, and Parking Assistance being major functionalities offered. Blind Spot Detection systems use sensors to monitor areas around a vehicle that are not visible to the driver, alerting them of potential hazards. Lane Departure Warning systems use cameras to track lane markings, warning drivers when they unintentionally drift out of their lane. Rear Cross-Traffic Alert systems use radar sensors to detect vehicles approaching from the side or behind, alerting drivers when reversing.Parking Assistance systems use sensors to guide drivers into parking spaces, making parking easier. The Global Automotive Digital Mirror Market revenue for Functionality is expected to reach $X billion by 2024, growing at a CAGR of Y% during the forecast period.
Automotive Digital Mirror Market Regional Insights
The regional segmentation of the Global Automotive Digital Mirror Market provides insights into the market's geographic distribution and growth potential. North America is anticipated to dominate the market in 2023, accounting for a significant share due to the presence of major automotive manufacturers and the early adoption of advanced technologies. Europe follows closely, driven by government regulations promoting vehicle safety and consumer demand for enhanced driving experiences.
The APAC region is projected to witness substantial growth, primarily attributed to the increasing production of passenger vehicles and rising disposable incomes.South America and MEA are expected to contribute a smaller but growing share of the global market as urbanization and economic development drive the adoption of automotive digital mirrors.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Digital Mirror Market Key Players and Competitive Insights:
Major players in the Automotive Digital Mirror Market industry are continuously focusing on expanding their product portfolio and strengthening their global presence. They are heavily investing in research and development to introduce innovative features and technologies. Additionally, leading Automotive Digital Mirror Market players are adopting strategic collaborations and partnerships to gain a competitive advantage. Mergers and acquisitions are also prominent strategies used by companies to expand their geographical reach and enhance their market share. The Automotive Digital Mirror Market's competitive landscape is expected to remain dynamic due to key players' strategic initiatives.Continental AG is a leading player in the Automotive Digital Mirror Market.
The company offers a wide range of digital mirror products, including the ProViu Mirror Cam system. Continental AG is known for its advanced technology and innovative features, such as lane-keeping assist, blind spot monitoring, and rear cross-traffic alert. The company has a strong global presence and a wide customer base in the automotive industry.Gentex Corporation is another major player in the Automotive Digital Mirror Market industry. The company offers a variety of digital mirror products, including the HomeLink Mirror and the Full Display Mirror. Gentex Corporation is known for its high-quality products and its focus on customer satisfaction. The company has a strong presence in North America and Europe and is expanding its reach into new markets.
Key Companies in the Automotive Digital Mirror Market Include:
- Ficosa International
- Aisin Seiki Co., Ltd.
- Gentex Corporation
- Hyundai Motors
- LG Electronics
- Huayu Automotive Systems Co., Ltd
- Valeo SAnparaDenso Corporation
- Robert Bosch GmbH
- Hyundai Mobis
- Magna International
- Samvardhana Motherson International
- Panasonic Corporation
- Mitsubishi Electric Corporation
- Continental Automotive AG
Automotive Digital Mirror Market Industry Developments
Recent developments in the global automotive digital mirror market include the introduction of new products with advanced features and capabilities. For instance, in 2023, Gentex Corporation launched its Full Display Mirror (FDM), which provides drivers with a wider field of view and enhanced visibility. Additionally, companies are focusing on strategic partnerships and collaborations to expand their market reach and enhance their product offerings.
For example, in 2023, Magna International partnered with LG Electronics to develop and produce digital mirrors for automotive applications. These developments indicate a growing demand for advanced automotive digital mirror systems, driven by factors such as increasing safety concerns and the adoption of autonomous driving technologies.
Automotive Digital Mirror Market Segmentation Insights
Automotive Digital Mirror Camera Type Outlook
- Single-lens Camera
- Dual-lens Camera
- Multi-lens Camera
Automotive Digital Mirror Display Technology Outlook
Automotive Digital Mirror Field of View Outlook
- Wide-angle Field of View
- Ultra-wide Field of View
Automotive Digital Mirror Application Outlook
- Passenger Vehicles
- Commercial Vehicles
Automotive Digital Mirror Functionality Outlook
- Blind Spot Detection
- Lane Departure Warning
- Rear Cross-Traffic Alert
- Parking Assistance
Automotive Digital Mirror Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.39(USD Billion) |
| Market Size 2023 |
1.67(USD Billion) |
| Market Size 2032 |
8.8(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
20.26% (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 |
Ficosa International, Aisin Seiki Co., Ltd., Gentex Corporation, Hyundai Motors, LG Electronics, Huayu Automotive Systems Co., Ltd, Valeo SAnparaDenso Corporation, Robert Bosch GmbH, Hyundai Mobis, Magna International, Samvardhana Motherson International, Panasonic Corporation, Mitsubishi Electric Corporation, Continental Automotive AG |
| Segments Covered |
Camera Type, Display Technology, Field of View, Application, Functionality, Regional |
| Key Market Opportunities |
Key Market OpportunitiesEnhanced safety and driver assistance features Reduced blind spots and improved visibility Adoption in commercial and passenger vehicles Integration with advanced driver assistance systems ADAS Customization and personalization options |
| Key Market Dynamics |
1 Increasing Demand for Enhanced Safety Features2 Technological Advancements in Camera Systems3 Growing Adoption of ADAS and Autonomous Vehicles4 Rise of Electric Vehicles with Optimized Aerodynamics5 Government Regulations and Safety Standards |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The global automotive digital mirror market is expected to reach USD 8.8 billion by 2032, exhibiting a CAGR of 20.26% during the forecast period (2024-2032).
North America region is expected to dominate the global automotive digital mirror market throughout the forecast period. In 2023, the region accounted for over 40% of the global market share, primarily due to the increasing production and sales of automobiles in countries like China, India, and Japan.
Automotive digital mirrors offer a wide range of applications in the automotive industry. These mirrors can be used for blind-spot monitoring, lane change assistance, rear-view camera display, and parking assistance, among other applications.
Some of the key players in the global automotive digital mirror market include Gentex Corporation, Magna International Inc., Ficosa International S.A., Hyundai Mobis Co., Ltd., and Samvardhana Motherson Automotive Systems Group BV.
The primary growth drivers of the automotive digital mirror market include increasing demand for advanced driver-assistance systems (ADAS), rising consumer preference for enhanced safety features, and growing adoption of digital technologies in vehicles.
The COVID-19 pandemic had a short-term negative impact on the automotive digital mirror market, primarily due to disruptions in the automotive industry and global supply chains. However, the market has since rebounded and is expected to continue on a growth trajectory over the forecast period.
Some key trends shaping the future of the automotive digital mirror market include the integration of artificial intelligence (AI), the adoption of augmented reality (AR) technology, and the development of smart mirrors with advanced features such as facial recognition and gesture control.
The adoption rate of automotive digital mirrors is expected to increase significantly in the coming years. As more automakers offer digital mirrors as standard or optional equipment, consumer demand for these advanced safety features is likely to rise.
Companies can capitalize on the growth opportunities in the automotive digital mirror market by investing in research and development, expanding their product offerings, and forming strategic partnerships with automakers and technology providers.
Some key challenges facing the automotive digital mirror market include the high cost of these systems, the need for regulatory approvals, and consumer acceptance of new technologies. However, as technology continues to evolve and costs decline, these challenges are likely to diminish over time.
