Electric Vehicles Revving Up the Rearview Mirror Market: A Symbiotic Growth Story
- Vikas Kumar
- February 23, 2024
- AUTOMOTIVE, NEWS
- Automotive Outside Rearview Mirror, Automotive Outside Rearview Mirror Market, Automotive Outside Rearview Mirror Market analysis, Automotive Outside Rearview Mirror Market forecast, Automotive Outside Rearview Mirror Market growth, Automotive Outside Rearview Mirror Market share, Automotive Outside Rearview Mirror Market trends
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Introduction:
The electric vehicle (EV) revolution is not just transforming the way we drive, but also the components within our vehicles. One crucial area impacted is the humble outside rearview mirror. As EVs become sleeker and more aerodynamic, traditional glass mirrors create drag and hinder efficiency. This is where camera-based rearview mirrors (CRMs) step in, offering a perfect fit for the evolving EV landscape, and propelling the growth of both markets. Let’s delve into the key reasons why:
1. Aerodynamic Advantage:
- Traditional mirrors create significant drag, impacting range and efficiency, crucial concerns for EVs.
- CRMs, with their smaller and sleeker design, significantly reduce drag, translating to increased range and potentially lower energy consumption.
- Example: A study by German research institute Fraunhofer ISI found that CRMs can improve EV range by up to 5%.
2. Advanced Features for Safety and Convenience:
- CRMs offer a plethora of advanced features like blind-spot detection, lane departure warning, and 360-degree surround view, significantly enhancing safety for EVs.
- Integration with other driver-assistance systems (ADAS) allows for seamless information sharing and a more connected driving experience.
- Example: In 2023, Tesla introduced its “Full Self-Driving” package with camera-based mirrors, showcasing the potential for ADAS integration.
3. Customization and Personalization:
- CRMs offer digital displays that can be customized to show different viewing angles, zoom options, and even augmented reality overlays.
- This personalized experience resonates with tech-savvy EV drivers seeking a more futuristic and connected driving experience.
- Example: In 2022, Gentex launched its “Digital Vision Mirror” with customizable display options, catering to individual driver preferences.
4. Regulatory Push and Consumer Demand:
- Governments are increasingly mandating features like blind-spot detection, creating a larger market for CRMs, especially in EVs where traditional mirrors create design challenges.
- Consumer demand for safety and convenience features is also rising, driving adoption of CRMs across all vehicle segments, including EVs.
- Example: The European Union mandated blind-spot detection for all new cars from 2024, boosting the demand for CRMs in EVs.
5. Future-Proofing the Technology:
- CRMs play a crucial role in autonomous driving technology, providing essential data for perception and navigation.
- By investing in CRMs now, EV manufacturers are future-proofing their products for the autonomous driving future.
- Example: In 2023, General Motors announced plans to equip all new Cadillac models with CRMs by 2024, highlighting the industry’s focus on future technologies.
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Supporting News and Data:
2022: The global electric vehicle market reached 9.5 million units, and is expected to reach 26.8 million units by 2025 (Source: IEA).
2021: A study by McKinsey & Company found that 85% of car buyers are willing to pay a premium for advanced driver-assistance systems (ADAS) features.
Conclusion:
The growth of the electric vehicle market is undoubtedly creating a ripple effect on the automotive outside rearview mirror market. CRMs offer a perfect solution for EVs, addressing concerns about aerodynamics, safety, and future-proofing technology. As EV adoption continues to soar, we can expect the demand for CRMs to accelerate, creating a mutually beneficial growth story for both industries.
Contact Universal Data Solutions, a rapidly growing dynamic market research firm led by a core of dedicated professionals for further information. According to the Universal Data Solutions analysis, the growth in vehicle production, particularly in emerging economies would massively transform the global scenario of automotive outside rearview mirror and as per their “Automotive Outside Rearview Mirror Market” report, the global market was valued at USD 5.0 billion in 2022, growing at CAGR of 4.90 % during the forecast period from 2022 – 2030 to reach USD billion by 2030.