Advanced Functionalities Help Truck Mirror Systems See Strong Growth
In terms of region, the Americas led the truck mirror systems market in 2018 with more than 85% of the market share, followed by Asia-Pacific and EMEA, respectively.
According to Technavio, the global truck mirror system market is projected to post a CAGR of close to 8% from 2019-2023. Increasing advanced functionalities in rear-view mirrors, such as being electrically adjustable and foldable, including built-in defoggers, day/night functionality, and integrated camera displays, represent a key driver for the market.
Technavio highlights developments in side rear-view mirror technologies as another key trend in the global truck mirror system market. The truck mirror system market has been witnessing a growing penetration of advanced functionalities for improving safety. Vendors and automakers are concentrating on optimizing rear-view mirror designs that are helping in increasing the overall value proposition of the mirror systems.
Pickup trucks, as well as medium- and heavy-duty trucks, are witnessing greater penetration of advanced functionalities. The light-duty truck segment, which held the largest truck mirror system market share in 2018 (nearly 90% of the market), is expected to dominate the global market through 2023.
In terms of region, the Americas led the market in 2018 with more than 85% of the market share, followed by Asia-Pacific and EMEA, respectively. The Americas is expected to dominate the market throughout the forecast period.
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