Impact of COVID-19 on the Global Automotive Rearview Mirrors Market
Automotive rearview mirrors are flat mirrors fitted in both heavy and light commercial vehicles as well as passenger vehicles, which are designed to enable the driver to see rearward via the vehicle’s rear window. It allows the driver to see the road or vehicle behind. The automotive rearview mirror provides a view of the smaller obstacles going unnoticed near the car. The increase in automobile sales across the world, owing to the rise in purchasing power, is the major factor driving the growth of the market. Besides, safety features used in the vehicles have seen a drastic shift owing to the increased vehicle movement. However, the COVID-19 outbreak has impacted the automotive industry significantly. Precautionary measures, such as maintaining social distancing, restrictions on travel, and temporary closure of manufacturing plants, have been imposed by government authorities, which has drastically impacted the growth of the market. The slowdown in the production of rearview mirrors, and new vehicles, is hampering the growth of the market. The declining sales of passenger and commercial vehicles owing to the economic crisis are also negatively impacting market growth. Moreover, the change in consumer purchase behavior due to economic uncertainty is also affecting the demand for vehicles.
According to MRFR analysis, North America held the largest market share before the outbreak of the pandemic. However, the sharp decline in the production of new vehicles caused due to the COVID-19 outbreak is hampering the sales of vehicles, and thus the growth of the rearview mirrors market. The U.S. and Canada vehicle markets are expected to enter the recovery phase once the lockdown norms are relaxed. Besides, the market is expected to grow when the companies start their operations at full pace while complying with the safety norms. This resumption in production is expected to increase the adoption of the rearview mirrors. Companies are expected to face challenges such as shortage of raw materials, labor, and other auto parts, post the lockdown period.
Global Smart Mirrors Market Value from 2018 to 2023 (In USD Billion)