Global Truck And Bus Rearview Mirror Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Truck And Bus Rearview Mirror Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Truck And Bus Rearview Mirror market finds that the global Truck And Bus Rearview Mirror market reached a value of USD 793.61 million in 2022. It’s expected that the market will achieve USD 1038.47 million by 2028, exhibiting a CAGR of 4.58% during the forecast period.

COVID-19’s Impact on Crude Oil and Refined Products

On Monday March 9, Oil plunges 24% for worst day since 1991, hits multi-year low after OPEC deal failure sparks price war. Growing concerns over the COVID-19 outbreak and surplus production from Saudi Arabia, the United Arab Emirates and Russia have roiled global crude oil markets. The COVID-19 pandemic has made the already subdued demand outlook grimmer. The spread has led to demand disruption in major crude oil-consuming nations. Some countries/regions with increasing COVID-19 cases such as the North America, Europe, China, Japan, South Korea, Latin America, and now even India and Southeast Asia, account for ~85% of the global economy. The spread of the virus would deal a severe blow to their industries and supply chains and impact oil demand from these geographies.

However, there’s a flip side. Crude oil and gas prices are falling, potentially benefiting industrial users and consumers. Not only is industry using less oil as global demand pressures are reduced by curtailed business travel and manufacturer closures in quarantined areas, but Saudi Arabia is increasing supply. Lower crude oil prices will help chemical producers outside of the US, at least on the raw material side, since there are a number of companies that produce ethylene and other basic chemicals from crude oil instead of from natural gas. However, that will likely not be enough to offset the drop in demand for more chemical end-use products as the effects of cancelled events, flights, vacations, etc., ripple their way through the global economy. Consumers will likely be happy about the lower gas prices. However, with many limiting or delaying travel plans out of real and/or perceived risk of either contracting COVID-19 or being stuck in a quarantine zone in this volatile time, they are not likely taking advantage of it in the way they ordinarily would. A return to higher levels of consumer confidence will be needed for consumers to absorb this higher level of production.

Truck And Bus Rearview Mirror Market Challenges

Generally speaking, traditional trucks and buses have installed huge rearview mirrors. Because the truck and bus have a large body, it is very important to ensure a clear rear view. However, the huge rearview mirror is about to become a thing of the past, and it will be replaced by a small, exquisite and beautiful camera. The image captured by the camera is wider than the traditional rearview mirror, and it can also avoid the blind spot of the traditional rearview mirror. In an environment that is too bright, too dark, or even rainy, the display can be digitally corrected to show the driver more clearly the situation behind the vehicle. This factor has brought challenges to the development of the truck and bus rearview mirror market.

When the truck and bus rearview mirror is raining or fogging, it is easy to cause situations that the driver cannot clearly recognize, which increases the driving hazard. At night, it will also be affected by the glare of the rear vehicle headlights. The wide-angle lens installed by some truck and bus drivers may cause image distortion and loss of the basis for judging the actual distance between vehicles. Such factors may affect the development of the truck and bus rearview mirror market.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Mekra Lang , Ficosa and Magna with the revenue market share of 16.52% ,11.73% and 9.44% in 2020.

MEKRA Lang has become the worldwide leading manufacturer of vision systems for the commercial vehicle industry, with a workforce of more than 2490 employees and operations in 9 locations in 8 countries around the globe. By offering an extensive portfolio of innovative products and solutions, the Lang Group of Companies has become a valued partner of virtually all leading commercial vehicle manufacturers, a systems supplier of mirror and camera monitor systems and a trusted vendor for the truck, construction equipment, agricultural machine, bus and recreational vehicle and light commercial vehicle segments.

Ficosa manufactures automobile components. The Company designs, produces, and distributes various original vehicle parts and systems, including industrial vehicle components, air intake, door, parking brake, and other systems. Ficosa International serves customers worldwide.

Segmentation Overview:

Among different product types, Exterior Mirrors segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Truck segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Truck And Bus Rearview Mirror market covered in Chapter 3:

Gentex
Mekra Lang
Murakami
Beijing Goldrare
Qingdao Jidong Auto
Hongli Rearview Mirror
Shanghai Ganxiang
Shanghai Lvxiang
Parts
Robert Bosch
SMR
Magna
Velvac
Ficosa

In Chapter 4 and Chapter 14.2, on the basis of types, the Truck And Bus Rearview Mirror market from 2018 to 2029 is primarily split into:

Exterior Mirrors
Interior Mirrors
Under rearview mirrors

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Truck And Bus Rearview Mirror market from 2018 to 2029 covers:

Truck
Bus

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)