Authored By: Sarah
26 Jun 2024

 Automotive Rear-View Mirror Market Size to grow by USD 3615.1 million between 2024-2028

According to a research report “ Automotive Rear-View Mirror Market” by Vehicle Type (Passenger Vehicle, Commercial Vehicle) Product Placement (Exterior, Interior) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 3615.1 million, at a CAGR of  5.93% during the forecast period. In the automotive industry, SUVs have driven the demand for rear-view mirrors due to their elevated structures limiting the driver's view of short obstacles during reversing. To address this issue, an additional mirror is typically installed on the rear windshield of SUVs. However, in developed regions, camera systems are increasingly replacing traditional rear-view mirrors. These systems offer superior visibility and comfort to drivers, making them a preferred choice for enhancing rearward vision. The forecast period is expected to witness the maximum adoption of camera systems. Concurrently, the market for rear-view mirrors and electronic mirrors remains significant, catering to the needs of various vehicle segments. The growing popularity of affordable small SUVs and crossovers is fueling the market's expansion.

Browse market data tables, figures, and in-depth TOC on “Automotive Rear-View Mirror Market” by Vehicle Type (Passenger Vehicle, Commercial Vehicle) Product Placement (Exterior, Interior) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Vehicle Type, the Passenger Vehicle segment is projected to dominate the market size in 2024

The exterior rear-view mirror segment dominates the global automotive rear-view mirror market, accounting for the largest share in 2023. Convex mirrors, which are placed externally on vehicles, fall under this segment. These mirrors offer drivers a wider field of view, reducing blind spots and enhancing safety during lane changes, overtaking, and parking maneuvers. The burgeoning automotive industry, fueled by rising disposable income globally, is driving the demand for vehicles, thereby boosting the market growth for exterior rear-view mirrors. Both passenger and commercial vehicles incorporate these mirrors due to their significant benefits.

By Product Placement, Exterior  segment is expected to hold the largest market size for the year 2024

The automotive rear-view mirror market is experiencing significant growth due to the increasing demand for advanced features in passenger vehicles. Consumers' preference for convenience and safety is driving the adoption of innovative technologies, such as auto-dimming mirrors, which have transitioned from luxury vehicles to mass-market segments. Moreover, the electrification of vehicle components is accelerating the integration of new technologies, including side-view dimming mirrors, which are anticipated to witness increased adoption during the forecast period. These trends are contributing to the revenue growth of the global automotive rear-view mirror market.

APAC is forecasted to hold the largest market size by region in 2024

The Automotive Rear-View Mirror market is experiencing significant growth, driven by increasing demand for advanced safety features in vehicles. Manufacturers are focusing on integrating technologies such as digital displays, wide-angle views, and heating elements to enhance the functionality and convenience of rear-view mirrors. Additionally, regulatory norms mandating the installation of rear-view mirrors in vehicles are further boosting market expansion. Overall, the market is expected to witness robust growth in the upcoming years, fueled by these factors and advancements in technology.

The Automotive Rear-View Mirror Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Burco Inc.
  • Continental AG
  • FLABEG Automotive Glass Group GmbH
  • Gentex Corp.
  • Holitech Technology Co. Ltd.
  • Konview Electronics Corp. Ltd.
  • Lumax Industries Ltd
  • Magna International Inc.
  • MEKRA Lang GmbH and Co. KG
  • Murakami Corp.
  • OmniVision Technologies Inc.
  • Panasonic Holdings Corp.
  • Sakae Riken Kogyo Co. Ltd.
  • Shenzhen Germid Co. Ltd
  • SL Corp.
  • SMR Deutschland GmbH
  • Tata Sons Pvt. Ltd.
  • Tokai Rika Co. Ltd.
  • Valeo SA
  • VOXX International Corp.
.

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Research Analysis Overview

The Automotive Rear-View Mirror market is experiencing significant growth due to the integration of advanced technologies such as multi-sensor systems and full-screen monitors in rear-view mirror designs. These innovations offer improved visibility and enhanced safety features for drivers. The automotive production sector has been adopting these smart mirrors in vehicle design to cater to evolving consumer preferences. However, the automotive production industry has faced numerous supply chain disruptions due to the ongoing pandemic and government lockdown measures. Production sites have been closed, and auto component suppliers have faced challenges in meeting the demand for these advanced rear-view mirror systems. These disruptions have impacted the production volumes and auto sales during the forecast period. Despite these challenges, the market for automotive rear-view mirrors is expected to grow at a steady pace. The increasing demand for advanced safety features and the integration of technology in vehicle design will continue to drive market growth. The supply chain network is expected to adapt and recover, ensuring a steady supply of these advanced components to meet the demands of the automotive industry.

Market Research Overview

The Automotive Rear-View Mirror Market is experiencing significant growth due to the increasing demand for comfort and user safety among back row passengers. Rearview mirrors are no longer just simple reflective surfaces but have evolved into advanced technological devices, with features like HD screens, auto dimming IRVM, and console control integrated into instrument panels. The market can be segmented by product type into Body mounted and Door mounted segments, with the former dominating the market. Technological dominance is driving the market with innovations like LCD monitor screens, SoC (system-on-a-chip), and camera integration. Prominent players like General Motors, Porsche, and others are investing in R&D projects to develop smart mirrors, automatic folding, power control, and blind spot detection. The Interior mirror segment and Exterior mirror segment are key markets, with the former expected to grow at a higher CAGR due to the integration of advanced features. The Commercial vehicle segment and Passenger cars segment are major consumers, with the latter accounting for a larger share of the market. The market is facing challenges from supply chain disruptions due to strict lockdowns and economic activities being hindered by the global pandemic. However, the market is expected to recover in the medium term with innovative products, incentives for new energy vehicles, and the continued focus on safety features like camera systems and sensors. The Asia-Pacific Region is a high-growth market due to cheap labor and low-cost raw materials. However, camera technologies and integration are hindrances to market growth. Companies like Lansing, with their battery facility in Michigan, are investing in electric mobility to reduce their carbon footprint and remain competitive. Driver's visibility, monitor systems, and complex camera systems are crucial for the market's growth, with fuel-efficient cars and OEMs focusing on prime utilization and reducing blind-spot accidents, which are a major cause of concern for victims, particularly elders and children. Government regulations are driving the market towards advanced safety features, and the market is expected to continue its technological development in the coming years.

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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