(1) More than a year after the "debut", the trend of electronic rearview mirrors replacing traditional optical rearview mirrors is not clear, and its current penetration rate may be less than 1%;

(2) The price of electronic rearview mirror is about 15 times that of traditional rearview mirror, and the domestic market size will reach 100 billion yuan according to the expected penetration rate of 30%;

(3) From the perspective of the development trend of intelligent driving, the electronic rearview mirror is only a transitional technology rather than the ultimate technology, so it cannot be hyped as a long-term concept.

Finance Associated Press, December 14 (Reporter Wang Bin) With the explosion of Xiaopeng's "land aircraft carrier" out of the circle, the electronic rearview mirror (camera-monitor system, referred to as CMS) carried by its land part has also attracted market attention, and the electronic rearview mirror track has become lively again.

The reporter of the Financial Associated Press combed through the data and found that more than 30 A-share listed companies have been involved in the business of electronic rearview mirror related products. According to the information of the State Intellectual Property Office, Cialis (601127. SH) is applying for CMS-related patents, and Yutong Optics (300790. SZ) also recently said that the company has laid out in the CMS field and has product supply.

However, a number of industry insiders told the Financial Associated Press reporter that the trend of electronic rearview mirrors replacing traditional optical rearview mirrors is still unclear, and the current penetration rate of electronic rearview mirrors may be less than 1%. At present, the situation of electronic rearview mirror is still relatively embarrassing, on the one hand, consumers are "not used to" electronic rearview mirror; On the other hand, the high price of electronic rearview mirrors has discouraged many consumers.

At the same time, as a new concept, does the electronic rearview mirror represent a new trend in the development of automotive intelligence? Opinions in the industry are quite divided on this. An industry insider told the Financial Associated Press reporter that "the electronic rearview mirror is only one explosive model away from the outbreak period." However, some interviewees believe that from the perspective of the development trend of intelligent driving, electronic rearview mirrors are only transitional technology, not the ultimate technology, and cannot become the "soul" safety part of intelligent driving.

100 billion market space, domestic manufacturers actively layout

The rearview mirror is known as the driver's "third eye". It is reported that CMS is a combination of cameras and displays, which can provide the driver with a clearer and broader view of the exterior and enhance the driver's visual perception around the vehicle and behind the side and rear.

According to the market research institute 168report, the domestic automotive rearview mirror market size will be 20.4 billion yuan in 2022, and the value of electronic rearview mirrors will be about 15 times that of traditional rearview mirrors, and the domestic electronic rearview mirror market will reach about 100 billion yuan according to the expected penetration rate of 30%.

On July 1, 2023, the new national standard GB 15084-2022 "Performance and Installation Requirements for Indirect Vision Devices for Motor Vehicles" (hereinafter referred to as the "new national standard") was officially implemented, which added technical requirements for camera-monitor systems (CMS), which marked the first year of mass production of electronic rearview mirrors.

The IHS Markit survey report predicts that the production of electronic rearview mirrors will rise rapidly from 2024, and it is expected that the Chinese market will reach 1 million sets in 2026 and 5 million sets in the global market in 2031, with huge market growth potential.

The huge market "cake" attracts domestic automobile supply chain manufacturers to expand their layout. According to public information, Horn Steam and Electric (301488. SZ), Huayang Group (002906. SZ), OFILM (002456. SZ), PIA (688306. SH), Weishi Electronics (605218. SH), Chenzhan Optoelectronics (003019. SZ), Aolian Electronics (300585. SZ) and many other companies have been deployed in advance in the CMS field.

Among them, the relevant person of Huayang Group told the reporter of the Financial Associated Press that the company's electronic rearview mirror products supporting the S9 have begun mass production, and at the same time, the company is also in contact with other car companies, and cooperative customers include new car-making forces, independent brands and joint venture brand car companies. ST Digital Source (000909.SZ) told the Financial Associated Press reporter that the company's electronic rearview mirror products have been put into small batch applications.

PIA said on the investor relations platform that electronic rearview mirrors are one of the company's main subdivisions in unmanned driving, and the company has reached a cooperation with the global commercial vehicle rearview mirror giant Mekron for exterior mirror camera assembly and testing production lines.

However, a number of manufacturers also admitted to the Financial Associated Press reporter that the company's electronic rearview mirror products are advancing well, but the business scale is not large, and the profit contribution is small. Tongda Electric (603390.HK) SH) previously said on the investor relations interactive platform that the electronic rearview mirror currently does not generate any income in the aftermarket market.

Prices remain high, and sales "discourage" car buyers

Recently, the reporter of the Financial Associated Press participated in several activities such as the 2024 China Mobility Show (national diversified international auto show matrix) Hangzhou Auto Show, EAS2024 Hangzhou Auto Show, and ASC Hangzhou Auto Show Carnival. Unfortunately, many car brands gathered at the scene, but there was not a single show car equipped with CMS. The reporter also visited the major automobile 4S stores in Hangzhou and found that there are very few models equipped with CMS, and many car sales are even "too lazy" to introduce.

"Not very technical", "not in line with driving habits", "eye-catching gimmick...... This is the Financial Associated Press reporter at the Hangzhou Auto Show heard the on-site car company sales staff for the electronic rearview mirror evaluation, BYD, Xiaopeng, Weilai, Wenjie, Xiaomi and other brands of sales staff have been "discouraged" to consult the electronic rearview mirror as a car buyer reporters.

In fact, electronic rearview mirrors have been controversial since they were launched. Compared with the "cutting-edge technology brought by new energy vehicles" promoted by new forces, many people think that the electronic rearview mirror is a chicken rib function, which is completely contrary to the common sense taught by driving schools. There are also concerns that if the electronic mirror system fails, the car will become "blind", which is more frightening than the failure of the traditional rearview mirror.

At the auto show, Xiaopeng's sales staff bluntly said to reporters, "This is a gimmick made by second- and third-tier car companies, and mainstream models are not used." If you replace the electronic rearview mirror by yourself in the later stage, in addition to considering the fit, it may affect the warranty. A relevant person in the enjoyment industry told reporters, "At present, less than 20% of users choose electronic rearview mirrors, and most people are still accustomed to traditional optical rearview mirrors." ”

Hangzhou Olympic Sports Impression City Weilai Center also said that at present, it is mainly the middle-priced (about 300,000 yuan) models that use electronic rearview mirrors, and models above 400,000 yuan are rarely equipped.

Judging from the feedback from all parties, one of the more prominent pain points of CMS is the high cost. The Associated Press reporter learned that the current price of CMS for various brands of cars ranges from 5,000 yuan to 16,000 yuan.

"The cost of traditional rearview mirrors is only a few hundred yuan, and the price difference between the two is quite large. At present, the cost of all parties is relatively high, especially now that car companies are very rolled, and the price of cars is in a state of falling down. Huayang Group told the Financial Associated Press reporter that the core of the electronic rearview mirror, the host, the external camera, and the three major components of the in-car display screen have relatively high performance requirements, which leads to its relatively high value per vehicle.

The person further said that the factory price of the company's electronic rearview mirror products is about more than 3,000 sets, but at present, the electronic rearview mirror is an optional product, and the main engine factory has to pay additional design costs to the manufacturer. "We hope that the structural parts of the e-mirror can be further integrated and then reduce their value."

The penetration rate is less than 1%, and the future can be expected or short-lived?

At present, there are not many models equipped with CMS in the domestic automotive industry, according to incomplete statistics from the reporter of the Financial Associated Press, as of now, the mass production models equipped with CMS include Lotus Eletre, BAIC New Rubik's Cube (fuel), AVATR 12 and 07, Xiangjie S9, Lingxi L, Denza Z9GT DM and SAIC Maxus 7 EV eight models.

"It is expected that the current market penetration rate of electronic rearview mirrors is less than 1%." Zhang Xiang, director of the Vodafo Digital Vehicle International Cooperation Research Center, said in an interview with a reporter from the Financial Associated Press that the penetration rate of the overseas electronic rearview mirror market is higher than that in China, and the main reason is that it is driven by regulations. In the current domestic business environment, the new national standard is not a mandatory regulation, coupled with the high cost, resulting in low demand. "Optimistically, it will take at least three years to see large-scale growth."

The relevant person of Huayang Group said that there are many reasons for the low penetration rate of electronic rearview mirrors, on the one hand, it is related to the driving habits of consumers, and on the other hand, the value of electronic rearview mirrors is high, resulting in greater cost pressure on automakers. In his view, the penetration rate of CMS has been further improved, and a popular model is urgently needed to guide it.

An industry researcher believes that limited by factors such as camera pixels and screen resolution, the clarity of the daytime electronic rearview mirror is not as good as that of the optical rearview mirror.

It is worth mentioning that Tesla CEO Elon Musk tweeted in 2022 that "rearview mirrors reduce cruising range by about 5%." Last year, Musk claimed on the X platform that he wanted to "get off" the rearview mirror, and "there will be no rearview mirror in the future." In fact, Tesla said as early as the Cybertruck launch event in 2019 that the model would feature electronic mirrors. But so far, Tesla's models are still equipped with traditional rearview mirrors.

"Although the current penetration rate of CMS is relatively low, it can solve some pain points in the process of driving, which is a manifestation of intelligence, and we feel that it has a lot of room for growth in the future. At that time, the same was true of HOD (Hands Off Detection), and new automotive intelligent products were all similar development paths. The company's current popular main products have gone through this stage at the beginning. The above-mentioned Huayang Group related person said.

In Zhang Xiang's view, due to the difficulty of driving, commercial vehicles have a strong demand for electronic rearview mirrors, but commercial vehicles may be more inclined to use a 360° panoramic surround view system. In the long run, the e-mirror is only a temporary product, and it may be replaced by other sensors when the autonomous driving technology of passenger cars matures.

BAIC Blue Valley (600733. SH) also told reporters that the electronic rearview mirror is a transitional product, because it still relies on people, and automatic driving is to liberate people. "For the future of intelligent driving, CMS is just a small accessory, not a soul thing, so it cannot be hyped as a long-term concept." Collection

Read 2411

I want to comment

You are welcome to post valuable comments, advertisements and discord comments will be deleted, and comments will be banned from your account.