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The Automotive Electrically Adjustable Outside Rear View Mirror Market size is estimated to grow by USD 2.19 billion at a CAGR of 4.81% between 2022 and 2027. The growth of the market depends on the increasing demand for electrically adjustable ORVMs with advanced functionalities, the increasing safety concerns in the automotive ecosystem, and the increasing preference for safe and convenient features in vehicles as well as advanced automotive technologies. Addressing technical challenges linked with automotive electrically adjustable ORVMs poses a significant obstacle in the market. Electric side mirrors, crucial for minimizing blind spots, represent technologically advanced components integrated into vehicles. The automotive electrically adjustable ORVM market is witnessing growth due to the significant advancements driven by innovations in camera technologies and automotive rear view mirrors and collaborations with commercial vehicles OEMs.
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The automotive electrically adjustable outside rear view mirror market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The automotive electrically adjustable ORVM market caters to automakers and automobile OEMs, offering a range of features from auto-dimming to blind spot detection. With a focus on safety and comfort, electrically foldable ORVMs and automatic dimming mirrors enhance the driving experience. As the automotive sector shifts towards electric vehicles and lightweight materials to reduce carbon emissions, automotive electronics like electronic control units play a crucial role. Emerging economies drive demand for low-cost raw materials, fostering new business ventures in the industry.
The passenger vehicles segment is estimated to witness significant growth during the forecast period. Globally, passenger vehicles can be classified as entry-segment, mid-segment, and premium or luxury vehicles. For medium and premium segment vehicles, electrically adjustable ORVMs can be fitted as standard equipment. The automotive electrically adjustable ORVM market research and growth report includes historical market data from 2017 to 2021. It also includes an in-depth analysis of drivers, trends, and challenges.
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The passenger vehicles segment was the largest segment and was valued at USD 5.78 billion in 2017. One of these advanced visibility systems is a camera-based outside rearview mirror, which is slowly replacing electrically adjustable ORVMs. The growing demand for electrically adjustable ORVMs in passenger cars will drive the growth of the global automotive electrically adjustable ORVM market in the passenger cars segment during the forecast period.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the fastest-growing region in the global market. This will allow the region to consolidate its market position further. China, India, South Korea, and Japan are the major countries in the region. Moreover, the APAC region is a high-volume market for passenger cars, and vehicle manufacturers in the APAC region are offering electrically adjustable ORVMs as standard or optional equipment in their vehicles. Therefore, the high adoption of electrically adjustable ORVM in these vehicles is attributed to its dominant position. This is because most of the passenger cars (across all segments) come equipped with electrically adjustable ORVMs. In addition, the passenger cars segment in the region is expected to grow at a faster rate than that in other regions during the forecast period, which will drive automotive electrically adjustable ORVM market growth.
The market addresses the needs of automobile vehicles, automobile sector and automotive OEMs, providing comfort features such as auto-dimming and LCD monitor for enhanced driving experiences. Amid concerns over CO2 emissions and the economic landscape, manufacturers focus on luxury vehicles and passenger vehicles with advanced entertainment device. Accidents drive demand for safety features like commercial vehicle blind spot detection systems, shaping macroeconomic analysis of the automotive sector, and the role of auto part like ORVMs in mitigating risks on the road. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand for electrically adjustable ORVMs with advanced functionalities is driving growth in the automotive electrically adjustable ORVM market. An ORVM is composed of electrical motors and electrical parts, which are electronically adjusted. These mirrors are integrated with advanced functionalities such as heated mirrors, puddle lamps, and mirrors with auto-fold functions. They form a crucial part of convenience in a vehicle.
Moreover, the functionality of electrical adjustable ORVMs is improved through features, such as heat lamps and auto-tilt mirrors which also add to the overall cost of electrically adjustable ORVMs. Hence, the growing integration of advanced features in electrically adjustable ORVMs will help to drive automotive electrically adjustable outside rear view mirror market growth during the forecast period.
The emergence of surround-view mirror systems is a key trend in the market. A surround-view mirror or 360-degree camera system is a system of multiple cameras placed around the vehicle to give drivers visibility for all four sides of the vehicle. The system is designed to intelligently combine all the inputs from the surrounding cameras and display a single video offering an elevated view to the driver.
Moreover, the system will help to make parking more convenient and comfortable, by making it possible for drivers to park in even the tightest spaces. Thus, the emergence of surround-view mirror systems is one of the emerging trends that is expected to drive automotive electrically adjustable ORVM market growth during the forecast period.
The technical issues associated with automotive electrically adjustable ORVMs are a major challenge in the market. To avoid blind spots, electric side mirrors are technologically advanced components that are installed in the vehicle. The use of automotive electrically adjustable ORVMs can be complicated for drivers who are accustomed to conventional rear-view mirrors.
Hence, the eyes of the driver would require time to adjust to the new system. This distracts drivers by causing them to take their eyes off the road. The use of electric adjustable ORVMs is not recommended by customers due to technical complications. Automotive electric side view mirrors are integrated with a digital system, unlike the natural reflection of a mirror. This will be a major challenge for automotive electrically adjustable outside rear view mirror market growth during the forecast period.
The automotive electrically adjustable outside rear view mirror market research report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the automotive electrically adjustable outside rear view mirror market forecast report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
FLABEG Automotive Glass Group GmbH- The company offers automotive electrically adjustable outside rearview mirrors for a larger field of vision and significant blind spot elimination to intelligent bending technology.
The automotive electrically adjustable ORVM market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Companies are pioneering the development of connected ORVMs and digital mirrors, enhancing functionality and safety features. Technologies such as surround view systems and image definition enhancement are becoming increasingly prevalent, especially in premium vehicles. The market is fueled by fuel efficiency concerns and the demand for high-end features like heatable electric rearview mirror and HomeLink integrated buttons. Some of the key players are tapping into emerging investment potentials and investment pockets to capitalize on growing sales. As the social landscape evolves and supply chain dynamics adapt, the OVRM market continues to expand, offering a range of spare parts and catering to various submarkets with innovative solutions.
The automotive electrically adjustable ORVM market is witnessing growth, driven by demand from commercial vehicle OEMs, automakers, and automotive OEMs. These mirrors incorporate advanced features like auto-dimming, blind spot detection, and connected ORVMs to enhance safety and reduce accidents. Digital mirrors and camera technologies improve image definition enhancement, offering superior visibility and safety in automobile vehicles, including luxury and electric vehicles. As the automobile sector focuses on reducing CO2 emissions, lightweight materials and fuel efficiency have become key factors. Emerging economies are presenting new investment pockets, while low-cost raw materials are boosting market potential. The integration of entertainment devices, LCD monitors, and HomeLink integrated buttons in mirrors, alongside heatable electric rearview mirrors and electrically foldable ORVMs, adds comfort features that cater to changing consumer preferences.
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Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.81% |
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Market growth 2023-2027 |
USD 2.19 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.57 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 48% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BEEKAY AUTOMOTIVES, Enginetech Systems Pvt. Ltd., FLABEG Automotive Glass Group GmbH, Gentex Corp., Hilux Auto Electric Pvt. Ltd., Ishizaki Holdings Corp., Magna International Inc., MEKRA Lang GmbH and Co. KG, MinebeaMitsumi Inc., Mitsuba Corp., Murakami Corp., Panasonic Holdings Corp., Royal Auto Product, Sakae Riken Kogyo Co. Ltd., Samvardhana Motherson International Ltd., SL Corp., Valeo SA, Tata Sons Pvt. Ltd., and Tokai Rika Co. Ltd. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our automotive electrically adjustable ORVM market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this automotive electrically adjustable outside rear view mirror market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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