Published Date : May 15, 2017
ALBANY, New York, May 15, 2017: MarketResearchReports.biz has featured a new report titled “Global Automotive Trailer Tow Mirror Market 2017-2021,” to its expanding database of research reports. The report presents detailed insights about the growth curve of the global automotive trailer tow mirror (ATTM) market for the forecast period between 2017 and 2021. The report looks into the market dynamics and market landscape to ascertain how the global ATTM market is expected to chart growth in the future.
According to the report, the global market for automotive trailer tow mirror is set to expand at an impressive 11.87% CAGR between 2017 and 2021.
The report points out the various factors that are driving the ATTM market. First and foremost, high demand of pickup trucks translates into growth for the towing mirror market. Across the world, with economic recovery and improving business conditions, the demand for pickup trucks has surged from small to medium sized businesses. Improved housing conditions and rebound of the housing market is leading contractors to buy new pickup trucks.
This is because new-generation pickup trucks are fuel-efficient that results in considerable savings on fuel.
Secondly, the increasing demand for towable recreation vehicles (RVs) is positively influencing the growth of ATTM market. Towable RVs are designed for pleasure activities such as camping and vacationing. With economic recovery and gaining consumer confidence post the economic slump of 2007, the demand for towable RVs is on the rise. This in turn is benefitting the ATTM market.
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The increasing trend of purchase of do-it-yourself (DIY) products is also benefitting the market’s growth. This is consumers are increasingly preferring dismantled towing mirror kits that can be easily assembled following instructions given in the manual. This saves considerable money that would be spent in seeking help from an expert. The growing popularity of e-commerce is also playing a major role in the growth of ATTM market.
However, regulatory concerns that towable RVs and pickup trucks need to abide by in terms of accessories are challenging the market’s growth. Plying heavy vehicles on the roads is restricted to certain times in a day to avoid traffic congestions and for safety of other vehicles. Heavy vehicles need to be equipped with quality-tested and certified accessories that have negligible chances of false indication.
The integration of towing mirrors with cameras to avoid blind spot negligence mishaps is expected to present lucrative opportunities to the market’s growth. In addition, electronically controlled features are adding to the safety feature of towing mirrors.
Some of the key vendors in the global ATTM market include Samvardhana Motherson, Milenco, K Source, and ISP Glendale. Some other prominent vendors in this market are CARiD.com, Power Vision, and Ford Motor Company.
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