Impact of COVID-19 on the Global Automotive Mirror Dimming Market
The automotive mirror dimming market has been negatively impacted due to a fall in product demand in recent months owing to the lockdowns imposed in the majority of the countries. These lockdowns have resulted in temporarily halting the manufacturing of automobiles, which has drastically impacted the demand for automotive mirror dimming products since its outbreak in December 2019. Several countries witnessed curfew-like situations where non-authorized people were not allowed to travel, impacting the demand for automobiles. Improvements in technological advancements, a rise in the production of vehicles, and an increase in demand for luxury features, are the key factors that drive the growth of the automotive mirror dimming market. Automotive mirror dimming can control the movement of the rear-view mirror at various speeds when the system is switched on. Implementation of automotive mirror dimming is driven by the increasing use of advanced electrical features in vehicles and the rising number of road accidents across the world.
The pandemic outbreak has hampered the demand for automotive mirror dimming products significantly, however, the product demand is anticipated to recover in the coming months as several governments prepare to uplift the lockdowns in a phased manner. The rise in new vehicle sales is expected to propel the growth of the automotive industry, which, in turn, is projected to support the growth of the automotive mirror dimming market. The rising standards of living, the availability of a credit system, and the proliferating component aftermarket are expected to fuel the growth of the automotive industry. Thus, the demand for automotive mirror dimming products is anticipated to increase over the next few years.
Source: International Organization of Motor Vehicle Manufacturers (OICA)