The $26-billion US-based Magna International, the fourth-largest global automotive component maker, is planning to enter the Indian automotive mirror market.
The company's mirror division Magna Donnelly, will launch specialised products such as camera mirror, digital mirror, speaker mirror and electrochromatic mirror for the Indian original equipment market through a joint venture Lumax Magna Donnelly Automotive Mirrors.
The JV between Indian auto component maker Lumax Automotive Systems and Magna Donnelly was set up in January 2006.
"Hitech mirrors would be launched for the first time in the country. The JV is in discussions with original equipment makers like Maruti, GM, Ford, and Hyundai for the mirrors," said V K Talwar, chief executive officer, Lumax Automotive Systems.
So far, only luxury cars like Mercedes Benz or a BMW featured hitech mirrors.
Shortly mid-segment cars such as Tata Indica, Maruti Swift, Hyundai Santro and Getz will also be equipped with such mirrors.
Camera mirror (an inside-the-vehicle mirror) has an in-built mobile camera, capturing a more clear vision of things behind the vehicle.
Digital mirrors will indicate information like direction, temperature, and humidity.
The speaker mirror has an in-built speaker, which could function like a mobile handset, ensuring that both hands of the driver stay on the steering wheel.
An electrochromatic mirror minimises the effect of the glare produced during night driving, enabling a clearer view.
Realising the safety potential of hitech mirrors, the Automotive Research Association of India (ARAI) is expected to standardise usage norms for hitech mirrors in vehicles, thereby, enhancing their market demand, said a Mumbai-based auto analyst.
"The increasing popularity of technology, combined with better enforcement from ARAI will lead to a bigger market for hitech mirrors," said Talwar.
In 2003, ARAI in the first time in its history, gave regulations for standardisation of mirrors in automobiles.
Globally, Magna Donnelly has a share of 46 per cent in the inside (the automobile) mirror market and 26 per cent in the outside mirror market. It is a supplier to global players including Volkswagen, Audi and BMW.
Other mirror companies such as Schefnecker, Tata Ficosa, and Krishna Toyo also have plans to introduce hitech mirrors in the country.
Schefnecker is the largest original equipment maker in the domestic passenger car mirror market, with a market share of more than 60 per cent. Lumax has a market share of 70 per cent in the commercial vehicle mirror market.
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