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The Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market size is estimated to grow at a CAGR of 4.81% between 2023 and 2027. The market size is forecast to increase by USD 2,191.71 million. The growth of the market depends on several factors such as the increasing demand for electrically adjustable ORVMs with advanced functionalities, the increasing safety concerns in automotive ecosystem, and the increasing preference for safe and convenient features in vehicles.
This automotive electrically adjustable outside rear view (OMRV) mirror market report extensively covers market segmentation by application (passenger vehicles and commercial vehicles), type (memory storage, foldable, and heatable), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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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 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 the growth of the market in focus during the forecast period.
The emergence of surround-view mirror systems is a key trend in the automotive electrically adjustable outside rear view (ORVM) mirror 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 the growth of the automotive electrically adjustable ORVM market in focus during the forecast period.
The technical issues associated with automotive electrically adjustable ORVMs are a major challenge in the market. In order 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. Automotive electric mirrors are integrated with a digital system, unlike the natural reflection of a mirror.
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. This can become a major challenge for the growth of the market in focus during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror 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 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.
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-segment vehicles. For medium and premium segment vehicles, electrically adjustable ORVMs can be fitted as standard equipment.
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The passenger vehicles segment was the largest segment and was valued at USD 5,779.24 million 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 vehicles 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 automotive electrically adjustable outside rear view (ORVM) mirror market. This will allow the region to consolidate its automotive electrically adjustable outside rear view mirror 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 market growth.
The COVID-19 pandemic negatively impacted the automotive electrically adjustable outside rear view mirror market in APAC in 2020. However, with the easing of lockdown restrictions, in 2021 the regional market recovered thanks to a resumption of manufacturing activities in the automobile sector and starting mass COVID-19 vaccination drives. Moreover, the electric vehicles (EVs) industry post-COVID-19 is witnessing growth, especially in India. The growing automotive industry in the region is expected to boost the growth of the automotive electrically adjustable outside rear view mirror market in APAC during the forecast period.
The automotive electrically adjustable outside rear view (ORVM) mirror market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.81% |
Market growth 2023-2027 |
USD 2,191.71 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.57 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, 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 forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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