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NEW YORK , June 1, 2022 /PRNewswire/ -- The Automotive Camera-based Side Mirrors Market size is expected to grow by USD 69.68 million with a YOY growth of 35.96% during the forecast period. The growing uptake of automotive electronics is notably driving the automotive camera-based side mirrors market growth. The report offers an up-to-date analysis of the current market scenario and information from several leading manufacturers.
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This market research report extensively covers Automotive Camera-based Side Mirrors Market by the following:
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Automotive Camera-based Side Mirrors Market Dynamics
One of the primary factors driving the worldwide automotive camera-based side mirrors market is the increasing adoption of automotive electronics. Electronic components and sub-systems have become more common in automobiles as a result of technological advancements (especially passenger vehicles). Stringent regulatory norms and mandates, the growing focus on fuel efficiency, the demand for advanced safety, the growing need for connectivity systems, the increasing adoption of hybrid powertrains, and the electrification of components all contribute to the high adoption of automotive electronics.
The expansion of the worldwide automobile camera-based side mirrors market will be fueled by the emergence of surround-view mirror systems. A surround-view mirror system, often known as a 360-degree camera system, is a collection of numerous cameras positioned to offer the driver with 360-degree visibility of the vehicle. The technology is built to automatically combine all of the inputs from the surrounding cameras into a single movie that provides the driver with an elevated view. Surround-view mirror systems use sonar technology to correctly determine the distance between nearby vehicles or obstacles and provide auditory cues to the driver about the distance between the vehicle and the obstacle.
Government laws governing vehicle mirrors are posing a significant impediment to the growth of the worldwide automotive camera-based side mirrors market. The majority of states in the United States have laws requiring vehicles to have side-view mirrors. The inclusion of side mirrors based on automobile cameras raises production costs. As a result, automakers are more likely to offer automotive camera-based side mirrors solely on expensive vehicles.
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Automotive Camera-based Side Mirrors Market Segmentation
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Automotive Camera-based Side Mirrors Market Vendor
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Automotive Camera-based Side Mirrors Market Scope
Accelerate at a CAGR of 83.09%
Japan, UK, China, Germany, and South Korea (Republic of Korea)
Leading companies, Competitive strategies, Consumer engagement scope
BMW Group, Continental AG, Gentex Corp., Honda Motor Co. Ltd., Hyundai Mobis Co. Ltd., Kappa optronics GmbH, Kyocera Corp., Magna International Inc., Mitsubishi Electric Corp., and Motherson Sumi Systems Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
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