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The shift towards digital display modes in this market is driven by the need for enhanced visibility and safety. Digital rearview systems provide a wider, unobstructed view, reducing blind spots and improving situational awareness, especially in challenging driving conditions. They offer adaptability by switching between traditional mirror and display modes, making them versatile for drivers. Advanced features, such as night vision and integration with other ADAS (Advanced Driver Assistance Systems), further enhance driver confidence. Additionally, digital mirrors support the trend towards sleek, aerodynamic vehicle designs by eliminating bulky side mirrors in some cases.
For instance, in June 2023, Peugeot Sport has partnered with Gentex Corporation to equip its 9X8 Hybrid Hypercar with an advanced digital rearview mirror for the 24 Hours of Le Mans and the FIA World Endurance Championship. This Gentex Full Display Mirror (FDM) system enhances the driver’s visibility by streaming video from a rear-facing camera to an LCD display integrated into the mirror, helping drivers maintain situational awareness during high-speed endurance races.
Driver Gustavo Menezes noted its benefits in reducing blind spots, improving safety in traffic. This technology, also available in passenger vehicles, can switch between standard mirror and digital display modes.
One major challenge in the automotive electrically adjustable outside rear view mirror market is the rapid pace of technological advancements. Manufacturers must continuously innovate to keep up with evolving consumer expectations for features like automatic dimming, blind-spot detection, and integrated cameras. This necessitates significant investment in research and development, which can strain resources, especially for smaller companies. Additionally, the challenge of ensuring compatibility with various vehicle models and electrical systems complicates production processes. The need for ongoing training and skill development for personnel further adds to operational costs.
The key players in the industry include Continental, Denso, Ficosa, Gentex, Hitachi, Honda, Magna, Mekra, Robert Bosch, and Valeo.
China's market share was significant in 2023 and is expected to exceed USD 2 billion by 2032, led by the country's massive automotive industry and increasing disposable income.
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The market size of automotive electrically adjustable outside rear view mirrors reached USD 3 billion in 2023 and is set to grow at a 14.9% CAGR from 2024 to 2032, driven by the rising demand for vehicle safety and convenience features.