Market Size of Automotive Outside Rearview Mirrors (ORVM) Industry
| 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 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 | |||||||
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Automotive Outside Rearview Mirrors (ORVM) Market Size Summary
The Automotive Outside Rearview Mirrors (ORVM) market is poised for significant growth, driven by the expansion of the automotive industry and increasing consumer demand for safety and comfort features. The market experienced a downturn during the COVID-19 pandemic due to manufacturing shutdowns and supply chain disruptions, but has since rebounded as vehicle production resumed and automotive OEMs expanded their offerings. The introduction of smart automotive rearview mirrors, which enhance visibility and functionality, is a key trend contributing to market growth. Additionally, the rising demand for premium vehicles and stringent government regulations on vehicle safety are expected to further propel the market.
The Asia-Pacific region, followed by Europe, is anticipated to hold substantial market shares, supported by the region's dominance in global vehicle production and the growing demand for luxury vehicles. The market is also benefiting from the rapid adoption of electric vehicles, particularly in countries like China and India, where advanced mirror technologies are being integrated to improve vehicle performance and reduce emissions. Despite the competition from emerging camera technologies, traditional ORVMs continue to be relevant, with key players investing heavily in research and development to innovate and maintain a competitive edge. The market's moderate consolidation is evident with the presence of major players like Magna International Inc., Gentex Corporation, and Valeo, who are actively pursuing strategic initiatives to enhance their market positions.
Automotive Outside Rearview Mirrors (ORVM) Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD billion)
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2.1 By Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 By Powertrain Type
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2.2.1 IC Engine
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2.2.2 Electric
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2.3 By Feature Type
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2.3.1 Auto-Dimming
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2.3.2 Blind Spot Indicator
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2.3.3 Automatic Folding
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2.3.4 Others
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2.4 By Sales Channel Type
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2.4.1 OEM
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2.4.2 Aftermarket
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2.5 By Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Rest of North America
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 India
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2.5.3.2 China
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2.5.3.3 Japan
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2.5.3.4 South Korea
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2.5.3.5 Rest of Asia-Pacific
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2.5.4 Rest of the World
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2.5.4.1 Brazil
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2.5.4.2 United Arab Emirates
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2.5.4.3 Other Countries
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Automotive Outside Rearview Mirrors (ORVM) Market Size 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.
