Automotive Rear-View Mirror Market Assessment, By Type [Conventional, Smart], By Vehicle Type [Passenger Vehicle, Commercial Vehicle], By Position [Interior, Exterior], By Features [Auto Dimming, Blind Spot Detection, Automatic Foldable, Heated, Indicator

Automotive Rear-View Mirror Market Assessment, By Type [Conventional, Smart], By Vehicle Type [Passenger Vehicle, Commercial Vehicle], By Position [Interior, Exterior], By Features [Auto Dimming, Blind Spot Detection, Automatic Foldable, Heated, Indicator, Others], By Distribution Channel [OEM, Aftermarket], By Region, Opportunities and Forecast, 2017-2031F

Global automotive rear-view mirror market is projected to witness a CAGR of 5.72% during the forecast period 2024-2031, growing from USD 11.26 billion in 2023 to USD 17.57 billion in 2031. The market is experiencing a dynamic evolution driven by a convergence of factors. With safety at the forefront, technological advancements have become a key driver, influencing the market's trajectory. The integration of cutting-edge safety features, such as blind-spot detection and lane departure warning systems, has heightened the demand for innovative rear-view mirrors, making them integral components of modern vehicle safety systems.

Technological innovation is a defining aspect of the market, with the emergence of smart mirrors incorporating features like auto-dimming, integrated displays, and connectivity options. Additionally, the shift towards camera-based systems and augmented reality displays is reshaping traditional mirror functionalities, enhancing overall visibility, and driving experience. The automotive industry's push towards electric and autonomous vehicles is further propelling innovation in rear-view mirrors to meet the unique requirements of these evolving platforms. As safety regulations become more stringent globally and consumers demand sophisticate towards tech-infused vehicles, the global automotive rear-view mirror market is positioned for sustained growth and transformation.

Advancements in Safety Features

Advancements in safety features stand as a pivotal driver in the global automotive rear-view mirror market. The integration of cutting-edge technologies, such as blind-spot detection, collision avoidance systems, and lane departure warnings, has significantly elevated the importance of rear-view mirrors in enhancing overall vehicle safety. These sophisticated features, often integrated into mirrors, provide drivers with real-time information, improving situational awareness and minimizing the risk of accidents. As automotive manufacturers strive to meet stringent safety standards and cater to consumer preferences for advanced safety functionalities, the demand for rear-view mirrors with embedded safety features continues to grow, shaping the market's trajectory towards increasingly sophisticated and technologically advanced mirror solutions.

For example, in January 2023, OMNIVISION announced the release of its new 1.3-megapixel (MP) OX01E20 system-on-chip (SoC) for automotive 360-degree surround view systems (SVS) and rear-view cameras (RVC). The OX01E20 is designed to provide top-of-the-line LED flicker mitigation (LFM) and 140 dB high dynamic range (HDR) capabilities for automotive single-chip image sensor and signal processor solutions.

Increasing Vehicle Production

The market is experiencing a significant boost due to the increasing production of vehicles worldwide. As automotive manufacturing continues to rise globally, the demand for rear-view mirrors as essential safety components follows suit. With expanding markets in both developed and emerging economies, the surge in vehicle production presents a substantial growth opportunity for rear-view mirror manufacturers. The proliferation of production, especially in regions witnessing economic development and increased motorization, contributes to a higher demand for these mirrors. The trend aligns with the need to ensure safety standards in newly manufactured vehicles, drive the market's expansion, and emphasize the integral role of rear-view mirrors in the overall safety ecosystem of modern automobiles.

Significant Growth in Asia-Pacific

The global automotive rear-view mirror market is experiencing significant growth in Asia-Pacific. The expansion is fueled by the region's robust automotive industry, driven by increasing vehicle production and rising consumer demand. Countries like China, India, Japan, and South Korea are witnessing a surge in automobile manufacturing, contributing substantially to the demand for rear-view mirrors. The growing middle-class population, urbanization, and a heightened emphasis on vehicle safety features are further propelling the growth. As Asia-Pacific continues to be a key hub for automotive production and innovation, the rear-view mirror market is poised for sustained expansion, reflecting the region's pivotal role in shaping the dynamics of the global automotive industry.

For instance, in August 2022, Audi India launched Q3, which incorporate several new features. The vehicle now includes a frameless auto dimming IRVM and parking aid plus with a rearview camera, enhancing driver safety and comfort. These additions are part of the overall upgrade to the Q3, which includes other new features.

Technological Innovation

Technological innovation play a pivotal role in propelling the global automotive rear-view mirror market. The industry is witnessing a transformative shift with the integration of advanced technologies into rear-view mirror systems. Smart mirrors incorporate features, like auto-dimming, integrated displays, and connectivity options, are gaining prominence. Additionally, the development of camera-based systems and augmented reality displays are revolutionizing traditional mirror functionality, enhancing visibility and safety. As consumers increasingly prioritize connected and tech-savvy vehicles, automotive manufacturers are investing in innovative mirror solutions.

The surge in technological innovation caters to evolving consumer expectations that align with the broader automotive industry's push towards creating safer, more efficient, and technologically advanced vehicles. For instance, in January 2024, Mahindra introduced several enhancements for the XUV700, including ventilated front seats, auto-dimming interior rearview mirrors (IRVM), and memory functions for the outside rearview mirrors (ORVMs). Additionally, the automaker has expanded the options by adding a 6-seater configuration to the AX7 and an AX7L variant to the XUV700 lineup. These updates are expected to be launched in early 2024.

Future Market Scenario (2024 – 2031F)

Continued integration of smart mirror technologies, including features like auto-dimming, integrated displays, and connectivity options, enhancing safety, and providing a tech-savvy driving experience.

Growing preference for camera-based rear-view systems, offering improved visibility, reduced blind spots, and compatibility with advanced driver assistance systems (ADAS) and autonomous driving features.

Ongoing development of augmented reality displays in mirrors will be providing real-time information and enhancing situational awareness for drivers.

Increasing emphasis on designing lightweight and aerodynamic rear-view mirrors are expected to meet fuel efficiency standards and improve the overall vehicle design.

Tailoring rear-view mirrors for specific needs of electric and autonomous vehicles, are being considered for aerodynamics, connectivity, and compatibility with emerging technologies in these segments.

Key Players Landscape and Outlook

The global automotive rear-view mirror market features a competitive landscape with key players steering innovation and market dynamics. Prominent companies such as Gentex Corporation, Magna International Inc., and Ficosa International S.A. dominate the market, offering a diverse range of rear-view mirror solutions.

Gentex is known for its electrochromic auto-dimming mirrors and holds a significant market share, while Magna International focuses on advanced mirror technologies and integrated camera systems. Ficosa, with its global presence, specializes in innovative mirror solutions catering to various vehicle types. The outlook for the global automotive rear-view mirror market remains optimistic, characterized by ongoing technological advancements, strategic partnerships, and a focus on meeting evolving consumer preferences for safety, connectivity, and design.

For instance, in January 2023, Magna's advanced ClearView vision technology made its production debut on the Ram 2500 and 3500 Heavy Duty trucks. The unique system combines interior and exterior mirrors, cameras, electronics, and software, potentially reducing blind-spot accidents and enhancing vehicle visibility. The ClearView system includes an interior rear-view video mirror and exterior mirrors with integrated cameras. It is designed to make vehicles smarter and safer, with benefits such as easier parking and indicator.

For instance, in September 2022, Samvardhana Motherson Automotive Systems Group BV, through its Vision systems division, agreed with Ichikoh Industries in Japan to acquire a 100% stake in Ichikoh's mirror business. The transaction, valued at USD 34.95 million, encompasses Ichikoh's mirror business in Japan and China, primarily serving Japanese OEMs. In 2021, the target business reported revenues of USD 106.20 million. The acquisition will add three manufacturing facilities across Japan and China and 260 patents to Motherson's intellectual property portfolio.