Automotive Outside Rearview Mirrors Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Outside Rearview Mirrors Market Analysis
The Automotive Outside Rearview Mirrors (ORVM) market was valued at USD 5.21 billion by 2021 and is expected to reach USD 7.37 billion by 2027 registering a CAGR of around 7% during the forecast period.
The COVID-19 pandemic had a negative impact on the market as the shutdown of manufacturing facilities and supply chain disruptions in 2020 due to lockdowns and restrictions imposed worldwide resulted in a decline in the vehicle and associated components like rear view mirror production. However, post-2021 as vehicle production picked up and key automotive OEMs started focusing on expanding their offerings to gain a competitive edge the demand for rearview mirrors started gaining momentum.
Over the medium term, the expansion of the automotive industry and growing concerns of consumers over safety and comfort features in wake of rising accidents and government incentives are expected to act as primary driving factors in the market. In addition, several automakers have included smart automotive rear-view mirrors in their vehicles to improve vision while maintaining the intended benefits and functionalities, such trends in the market to enhance the overall market growth.
Moreover, factors like the increasing demand for premium vehicles and the introduction of stringent government programs regarding vehicle safety are expected to drive segmental growth over the forecast period. Additionally, increasing sales of ultra-luxurious, high-end, and mid-end cars are also expected to favor the global demand for rear-view mirrors.
Asia-Pacific region followed by Europe expected to hold significant shares in the market during the forecast period. These regions account for more than half of the total global production of vehicles over recent years. Furthermore, the increase in demand for luxury vehicles in India and the availability of new purchases and replacements of automotive parts are likely to fuel the market growth during the forecast period.
Automotive Outside Rearview Mirrors Market Trends
This section covers the major market trends shaping the Automotive Outside Rearview Mirrors Market according to our research experts:
Increasing Developments of New technologies to Drive Market growth
The automotive industry is evolving every next day, new technologies are trying to replace the existing conventional option. The automotive outside rearview mirror market is facing tough competition from new camera technologies.
Leading automotive OEMs and exterior component manufacturers are spending of huge amount on research and development of future technologies such as surround-view mirror systems, digital mirrors, auto-dimming, etc. For instance, In May 2021, Gentex Corporation announced that it has recently begun shipping to Volkswagen its Bluetooth-enabled automatic-dimming mirror with HomeLink integrated buttons capable of operating a wide range of radio frequency (RF) and cloud-based smart home devices. Gentex's Bluetooth-enabled HomeLink mirror will launch with VW as an optional accessory on the 2022 Volkswagen Taos.
Surround-view mirror systems integrate sonar technologies to accurately identify the distance between adjacent vehicles or obstacles and alert the driver with audio signals regarding the distance between the vehicle and the obstacle. For instance, in February 2021, Magna International Inc. launched the 3D Surround View System with Next-Gen Cameras and Electronic Control Units. It consists of a multi-camera system providing a high-resolution, 360-degree field of view around the vehicle. The domain controller then creates a 3D surround-view image by processing the four camera images, rendering a seamlessly stitched 3D view of the surroundings of the vehicle.
On other hand, Smart automotive rear-view mirrors have an integrated camera and allow the driver to switch between the regular rear-view mirror and the LCD. Such digital mirrors and aforementioned technologies to drive demand in the market. For instance, In 2020 Automotive Company, Panasonic Corporation has developed jointly with Nissan Motor Corporation a high-performance electronic mirror for driver safety. It features significant image definition enhancement for better visibility at night and control of a flicker phenomenon caused by the LED lamps of vehicles behind.
Therefore, such trends and technologies in the market expected to create positive outlook for the market during the market.
Asia-Pacific Region Anticipated to Capture Major Market Share in the Market
Asia-Pacific region accounts for the largest share in the market, owing to the availability of low-cost raw materials, cheap labor, and increasing government initiatives towards local manufacturing. This region is also estimated to have prominent growth in the market due to the rush in the adoption of electric vehicles. For instance, as per FADA-sourced industry statistics, retail sales of EVs hit their highest at 429,217 units in FY2022, up 218% on FY2021's 134,821 units, and up 155% on FY2020's 168,300 units. Rapid urbanization in countries such as India, China, and ASEAN Countries, is providing good potential for the advance outside rearview mirrors, as the car buyers are willing to pay some extra money for advanced features in their vehicles.
Besides, China is one of the largest producers of electric vehicles and smart outside mirrors are to reduce the additional drag which is caused by mirrors and CO2 emissions, by 1.3 grams per kilometer, and also decrease the noise generated by the mirrors. In the future, electric vehicle manufacturers will adopt these camera-based mirror systems to increase their vehicle range and performance.
Owing to such trends key players operating in the market are adopting various initiatives such as expansion, collaborations, etc. to gain a competitive edge in the market. For instance, In October 2021, Ningbo SMR Huaxiang Automotive Mirrors Ltd. (SMR NBHX), a 50:50 joint venture in China under Samvardhana Motherson Reflectec, announced the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd by Samvardhana Motherson Automotive Systems Group BV (SMRPBV) (SMR).
Market across Asia-Pacific region also accomodates some of the notable model launches, For instance in august 2022 Dongfeng Honda launched the 11th-generation Civic e:HEV compact car at the 2022 Chengdu Motor Show. It offers 3 versions, priced between CNY 159,900 and CNY 187,900. The vehicle sticks to the design of sporty aesthetics. It has an exclusive e:HEV sign, a blue Honda logo, and silver rear view mirrors. The above mentioned factors and instances likely to spur demand in the market during the forecast period.
Automotive Outside Rearview Mirrors Industry Overview
The automotive market is moderately consolidated due to the presence of many local and global players such as Magna International Inc., Gentex Corporation, and Valeo amongst others. The market is transforming but the new technologies are right now in the concept phase and in the near future, they will not replace conventional mirrors. Although companies are increasing investment in R&D projects to provide a more convenient and safer experience to the car owner. For instance,
- In May 2021, Gentex Corporation announced that it has recently begun shipping to Volkswagen its Bluetooth-enabled automatic-dimming mirror with HomeLink integrated buttons capable of operating a wide range of radio frequency (RF) and cloud-based smart home devices. Gentex's Bluetooth-enabled HomeLink mirror will launch with VW as an optional accessory on the 2022 Volkswagen Taos.
Automotive Outside Rearview Mirrors Market Leaders
-
Gentex Corporation
-
Samvardhana Motherson Reflectec
-
Magna International, Inc.
-
Ficosa International SA
-
Murakami Corporation
*Disclaimer: Major Players sorted in no particular order
Automotive Outside Rearview Mirrors Market News
- In June 2022, Gentex Corporation, a manufacturer of automotive camera vision systems and anti-glare devices, introduced automotive interior monitoring systems that use cameras into the Japanese market. Vayyar Imaging Ltd., an Israeli company that has the edge in the image recognition technology that used millimeter-wave radars, to enter the Japanese market in the fields of automobiles and long-term care for older people.
- In June 2022, Tokai Rika announced that it will enter into the autonomous driving-related business. The company will apply the image synthesis technology it cultivated through the development of electric mirrors to remote monitoring systems for autonomous driving. Tokai Rika first aims to introduce its remote monitoring system into autonomous driving demonstration tests that are planned to be conducted at more than 40 locations in Japan.
- In April 2022, Murakami Corporation announced a name change for its consolidated subsidiary, Oshima Electric Works Co., Ltd. (Oshima Electric Works). The new company name is Murakami East Japan Corporation (Murakami East Japan). Murakami announced in August 2021 that it would acquire 84.2% of Oshima Electric Works' shares held by Mitsuba Corporation and make it a subsidiary.
- In November 2021, Samvardhana Motherson Automotive Systems Group BV (SMRPBV) announced the successful completion of the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd by Ningbo SMR Huaxiang Automotive Mirrors Ltd. SMR NBHX is a 50:50 joint venture in China between its subsidiary SMR)and Ningbo Huaxiang Electronic Co., Ltd . SMR NBHX has acquired a 60% stake in the Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd, while JMCG will continue to retain its 40% stake in the company. With the closure of this deal, SMR is now equipped with enhanced capabilities to serve the current and future requirements of vision systems for commercial vehicle OEMs in this region
Automotive Outside Rearview Mirrors Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD billion)
5.1 By Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 By Powertrain Type
5.2.1 IC Engine
5.2.2 Electric
5.3 By Feature Type
5.3.1 Auto-Dimming
5.3.2 Blind Spot Indicator
5.3.3 Automatic Folding
5.3.4 Others
5.4 By Sales Channel Type
5.4.1 OEM
5.4.2 Aftermarket
5.5 By Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Rest of North America
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 India
5.5.3.2 China
5.5.3.3 Japan
5.5.3.4 South Korea
5.5.3.5 Rest of Asia-Pacific
5.5.4 Rest of the World
5.5.4.1 Brazil
5.5.4.2 United Arab Emirates
5.5.4.3 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Gentex Corporation
6.2.2 Samvardhana Motherson Reflectec
6.2.3 Magna International, Inc.
6.2.4 Ficosa International SA
6.2.5 Continental AG
6.2.6 Murakami Corporation
6.2.7 Tokai Rika Co., Ltd.
6.2.8 Mitsuba Corporation
6.2.9 SL Corporation
6.2.10 Flabeg Automotive Holding GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Outside Rearview Mirrors Industry Segmentation
An automotive outside rearview mirror (or side mirror), also known as a wing mirror, is a mirror placed on the exterior of motor vehicles for the purposes of helping the driver see areas behind and to the sides of the vehicle, outside the driver's peripheral vision (in the "blind spot").
The Automotive Outside Rearview Mirrors market is segmented by Vehicle Type, Powertrain type, Feature type, Sales channel type, and Geography. By Vehicle type, the market is segmented into Passenger cars and Commercial Vehicles. By Powertrain Type, the market is segmented into IC engines and Electric Vehicles.
By Feature Type, the market is segmented into Auto-Dimming, Blind Spot Indicator, Automatic Folding, and Others. By Sales Channel Type, the market is segmented into OEM and Aftermarket. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report offers market size and forecast for the Automotive Outside Rearview Mirrors (ORVM) market in value (USD billion).
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Powertrain Type | |
| IC Engine | |
| Electric |
| By Feature Type | |
| Auto-Dimming | |
| Blind Spot Indicator | |
| Automatic Folding | |
| Others |
| By Sales Channel Type | |
| OEM | |
| Aftermarket |
| By Geography | |||||||
| |||||||
| |||||||
| |||||||
|
Automotive Outside Rearview Mirrors Market Research FAQs
What is the current Automotive Outside Rearview Mirrors (ORVM) Market size?
The Automotive Outside Rearview Mirrors (ORVM) Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Automotive Outside Rearview Mirrors (ORVM) Market?
Gentex Corporation, Samvardhana Motherson Reflectec, Magna International, Inc., Ficosa International SA and Murakami Corporation are the major companies operating in the Automotive Outside Rearview Mirrors (ORVM) Market.
Which is the fastest growing region in Automotive Outside Rearview Mirrors (ORVM) Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Outside Rearview Mirrors (ORVM) Market?
In 2024, the Asia-Pacific accounts for the largest market share in Automotive Outside Rearview Mirrors (ORVM) Market.
What years does this Automotive Outside Rearview Mirrors (ORVM) Market cover?
The report covers the Automotive Outside Rearview Mirrors (ORVM) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Outside Rearview Mirrors (ORVM) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Outside Rearview Mirrors (ORVM) Industry Report
Statistics for the 2024 Automotive Outside Rearview Mirrors (ORVM) market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Automotive Outside Rearview Mirrors (ORVM) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
