Global Automotive Rear View Mirror Market Size Study, by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Product Placement (Exterior, Interior), and Regional Forecasts 2022-2032

Global Automotive Rear View Mirror Market Size Study, by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Product Placement (Exterior, Interior), and Regional Forecasts 2022-2032

Global Automotive Rear View Mirror Market is valued at approximately USD 12 Billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.93% over the forecast period 2024-2032. An automotive rear-view mirror is a reflective surface mounted inside a vehicle that allows the driver to see what is behind them. It is a crucial safety feature, helping drivers change lanes, park, and avoid collisions by providing a visual representation of the traffic and conditions behind the car. Modern rear-view mirrors often incorporate features like anti-glare technology, blind-spot monitoring, and even digital displays for enhanced visibility and safety. The market thrives on key drivers shaping the automotive landscape. With the rising preference for premium sport utility vehicles (SUVs), there's a corresponding demand for advanced rear-view mirror solutions. Additionally, the growing integration of Advanced Driver Assistance Systems (ADAS) underscores the importance of rear-view mirrors as integral safety components in modern vehicles. Moreover, increasing safety concerns within the automotive ecosystem drive the need for enhanced visibility and safety features, further fueling market growth.

During the forecast period, the market faces challenges such as supply chain disruptions impacting automobile production, particularly in developing and mature economies. These disruptions necessitate advancements in vehicle design like smart mirrors and full-screen monitors, alongside multi-sensor systems to enhance passenger and driver protection amidst government lockdown measures, affecting production volumes and demand, thereby influencing auto sales and the supply chain network of auto component suppliers and manufacturers across production sites.

The growing popularity of premium SUVs is notably driving market growth. The widespread adoption of rear-view mirrors is a direct result of SUVs' prevalence, particularly due to their height, which often obstructs visibility during reversing. In developed regions, traditional mirrors are gradually being replaced by camera systems, offering a wider and more comfortable view to drivers. Presently, rear-view and electronic mirrors dominate the automotive market, catering to diverse consumer needs. The affordability and reduced ownership costs of small SUVs and crossovers are driving their popularity, especially in emerging economies like China and India.

A significant market trend is the integration of different technologies in automotive mirrors. Night driving on poorly lit roads can be uncomfortable and hazardous due to the bright glare from vehicles behind, which can distract and blind the driver, potentially leading to accidents. Automotive inside rearview mirrors (IRVM) and dimming mirrors, equipped with sensors to detect glare and automatically adjust their brightness, help prevent such accidents. Advancements in technology, such as integrating cameras and LED technology with dimming mirrors, further enhance vehicle safety and comfort.

However, reliability issues with auto-dimming mirrors hinder adoption and pose a significant challenge. Mirror technologies, such as automotive auto-dimming mirrors, rely heavily on their installed sensors for effective functioning. If these sensors experience failures or malfunctions, the time taken for the mirrors to dim may be longer than expected. Issues like short circuits and loose wires can also affect the performance of auto-dimming mirrors. Many vehicles come with tinted windows, and consumers often add aftermarket tint films, which can make the windows dimmer and potentially impact the functioning of dimming mirrors. Therefore, reliability concerns with auto-dimming mirrors pose a significant challenge to the growth of the automotive rear-view mirror market during the forecast period.

Moreover, the changing consumer preference from mileage to aesthetics and advanced features is also contributing to the increasing demand for advanced mirrors such as auto-dimming, power fold side-view mirrors, and mirrors with indicators, which will drive revenue growth in the region. Apart from mass-produced passenger cars, luxury cars are also a significant application segment for advanced auto-dimming mirrors in both interior rear-view and side-view mirrors. The systems used in luxury cars are more sophisticated and expensive, contributing to a larger share of revenue growth in the market.

The key regions considered for the global Automotive Rear View Mirror Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Automotive Rear View Mirror Market in terms of revenue. The market growth in the region is being attributed to factors including strong emphasis on vehicle safety, leading to increased demand for advanced mirror technologies. The rising popularity of SUVs and trucks, with their larger blind spots, is also driving the market. Additionally, stringent government regulations regarding vehicle visibility and the integration of advanced driver assistance systems (ADAS) are contributing to the growth of this market. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by the rapid growth in the global automotive inside rearview mirror (IRVM) market, solidifying its position as a key player in the industry. Major countries like China, India, South Korea, and Japan are driving this growth due to their high adoption rates of passenger cars. The passenger car segment in APAC is expected to outpace other regions during the forecast period, further boosting market growth.

Major market players included in this report are:

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

SMR Deutschland GmbH

Burco Inc.

Continental AG

FLABEG Automotive Glass Group GmbH

The detailed segments and sub-segment of the market are explained below:

By Vehicle Type:
• Passenger Vehicle
• Commercial Vehicle

By Product Placement:
• Exterior
• Interior

By Region:
• North America

o U.S.

o Canada
• Europe

o UK

o Germany

o France

o Spain

o Italy

o ROE
• Asia-Pacific

o China

o India

o Japan

o Australia

o South Korea

o RoAPAC
• Latin America

o Brazil

o Mexico

o RoLA
• Middle East & Africa

o Saudi Arabia

o South Africa

o RoMEA

Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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