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Vehicle Rear Vision Systems Market Segmented By Rear vision Camera/ Monitor and Mirror product type with vehicle type such as Passenger cars, Light Commercial Vehicle (LCV) and Heavy Commercial vehicle(HCV)
The vehicle rear vision systems are systems such as cameras and mirrors used for the elimination of blind spots and improve the rear vision during normal driving and reversing. The rear vision systems improve the vision on the backside of the vehicle by eliminating any rear seating, pillars or any obstructions allowing the driver to have an uninterrupted view of the lanes. The new systems provide vision over a wider angle range.
Some cameras provide the view of what’s behind and slightly to the sides all the time, rather than just at the time of reversing. With the rising technological advancements and increasing demand for safety, many OEMs have incorporated such systems as a mandatory feature in cars, thus driving the growth of the market.
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Global Vehicle Rear Vision System Market: Drivers
The highly competitive passenger cars market consists of a large number of players with similar product offerings in each segment. Thus, the car makers need to adopt new strategies in order to hold their share in the market. Thus the addition of value added features such as advanced vehicle rear vision systems is emerging as a prominent strategy by the OEMs to differentiate their products in the market.
With the incorporation of vehicle rear vision systems in cars, collisions and accidents are avoided to a large extent. The rising awareness among vehicle owners for the deployment of advanced safety and security in the cars is driving the growth of the global vehicle rear vision systems market.
Global Vehicle Rear Vision Systems Market: Restraints
The high cost associated with vehicle rear vision systems are restraining the growth of the market especially in the developing economies. Moreover, the higher expense associated with the regular maintenance of such systems is also restraining the growth of the market.
Global Vehicle Rear Vision Systems Market: Trends
A major trend observed in the global vehicle rear vision systems market is the development of advanced infrared night vision camera systems that allow the users to detect and monitor objects even in complete darkness.
Another trend in the global rear vision system market is the development of high tech vision systems for autonomous self-driving vehicles.
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In the present scenario, North America holds a significant share in the global vehicle rear vision systems market due to the adoption of novel technological advancements and a large base of automotive OEMs in the region. Western Europe and Eastern Europe are also expected to hold significant shares in the global vehicle rear vision systems market.
Asia Pacific is projected to expand at a substantial CAGR over the forecast period owing to the increasing automotive production and vehicle parc in the region. Moreover, there has been an increasing awareness in the developing economies of the region about the adoption of such high tech systems. Japan is estimated to be a major shareholder in the vehicle rear vision systems market and is expected to be a lucrative region over the span of next 10 years. Middle East and Africa is foreseen to exhibit a sluggish growth in the vehicle rear vision systems market over the forecast period.
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Some of the examples of the market participants identified across the value chain of the global vehicle rear vision systems are: Robert Bosch GmbH, Magna International Inc., Continental AG, Gentex Corporation, Mitsubishi Electric Corporation, Delphi Automotive LLP. , Valeo S.A., Ficosa Internacional SA, David Horn Communications Ltd and Truck Rear Vision Systems (TRVS) among others.
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