Automotive Intelligent Rearview Mirror Market by Application, Channel and Geography - Forecast and Analysis 2023-2027

Automotive Intelligent Rearview Mirror Market Forecast 2023-2027 

The automotive intelligent rearview mirror market size is estimated to grow by USD 959.46 million at a CAGR of 15.47% between 2022 and 2027. The market is experiencing robust growth, driven by several pivotal factors. Firstly, the rising preference for luxury vehicles among consumers worldwide amplifies the demand for advanced rearview mirror technologies. Additionally, stringent regulations mandating the incorporation of these mirrors in vehicles further fuel market expansion. Moreover, the growing emphasis on enhanced safety features in automobiles contributes significantly to the market's growth trajectory, as intelligent rearview mirrors become integral components for ensuring safer driving experiences. This market research and growth report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Automotive Intelligent Rearview Mirror Market During the Forecast Period?

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The market is experiencing significant growth due to the increasing demand for advanced driver assistance systems (ADAS) in vehicles. These mirrors, equipped with vehicle sensors and cameras, provide drivers with a clear view of their surroundings, especially during reversing. Passive and active parking sensors are integral components of these mirrors, enabling drivers to detect obstacles and park their vehicles safely and efficiently. Moreover, the integration of vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication technologies in intelligent rearview mirrors enhances road safety by providing real-time traffic information and alerts. The use of high-definition (HD) displays and digital video processing further improves the clarity and accuracy of the mirror's image. The market for Automotive Intelligent Rearview Mirrors is driven by factors such as increasing consumer preference for advanced safety features, stringent regulations for vehicle safety, and the growing adoption of electric and autonomous vehicles. Despite the high initial investment, the long-term benefits of improved safety and convenience make these mirrors a worthwhile investment for automotive manufacturers.

Market Dynamics and Customer Landscape

The market is experiencing significant growth, with Intelligent Rearview Mirrors (IRVMs) being a key component in modern automotive technology. OEMs (Original Equipment Manufacturers) such as Audi, Toyota, OmniVision, OEMs, and others are investing in the development and integration of IRVMs in their vehicles. These mirrors use advanced technologies like Computer Vision and Machine Learning to provide drivers with a wider and clearer view of their surroundings. The Mirrors' functionality includes Blind Spot Detection, Lane Change Assist, and Reversing Assist. Extender and Smart mirrors are two popular types of IRVMs, offering enhanced safety and convenience features. The market for these mirrors is expected to grow significantly due to increasing consumer demand for advanced safety features and government regulations mandating their installation in new vehicles. The market is also driven by the ongoing trend towards the development of Autonomous and Semi-Autonomous vehicles. 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.

Key Market Driver

The growing popularity of luxury vehicles is the key factor driving the growth of the market. The luxury vehicle segment has seen a rising demand due to factors such as growing disposable income, changing lifestyle preferences, and the desire for a more comfortable and convenient driving experience. Consumers are willing to invest in cars that not only offer superior performance and aesthetics but also have a range of advanced features such as smart mirror. 

Moreover, intelligent mirrors not only help to see surroundings better but also provide additional features like night vision and blind spot detection. These features significantly enhance safety and driving comfort, driving the popularity of luxury vehicles. Thus, these factors are expected to drive the growth of the global market during the forecast period.

Significant Market Trends

The growing adoption of ADAS is the primary trend in the market. ADAS, which includes various technologies such as collision warning systems, lane assist systems, and adaptive cruise control, has evolved as an important feature of modern vehicles. These systems use cameras, sensors, and advanced algorithms to detect potential hazards and help drivers to avoid accidents. Therefore, the demand for intelligent car rearview mirrors with integrated ADAS functions is constantly increasing.

In addition, consumers are increasingly aware of the importance of safety in their purchasing decisions, leading to increased demand for vehicles equipped with ADAS and these mirrors. Hence, these factors are anticipated to propel the growth of the global market during the forecast period.

Major Market Challenge

The high cost of automotive intelligent rearview mirrors is a challenge that affects the growth of the market. Although these mirrors offer many advantages in terms of safety and convenience, their high cost is a major impediment to the growth of the global market. One of the main reasons for the higher cost is that the rearview mirror includes a sophisticated camera system. These cameras capture high-resolution images and video feeds, which require advanced image processing capabilities and expensive sensor technology.

Furthermore, there are limited economies of scale, which also impacts costs. The demand for these intelligent mirrors is still relatively low compared to traditional rearview mirrors, so manufacturers cannot benefit from mass production and cost savings. The result is higher production costs per unit, which are passed on to the final consumer. Thus, such factors are expected to impede the global market during the forecast period.

Market Customer Landscape

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 Market Customer Landscape

Market Segmentation

The mid-end cars segment in the global automotive market experiences notable growth in the sales of intelligent side mirrors for passenger vehicles. These advanced mirrors, featuring auto-dimming, automatic folding, and heating functions, are popular due to their safety enhancements and improved visibility. Premium vehicles, SUVs, luxury cars, and sedans integrate them, offering real-time video feeds, blind spot detection, parking assistance, and traffic sign recognition through built-in cameras, sensors, and display systems. Leveraging AI and machine learning algorithms, they provide valuable insights to drivers. Local restrictions may impact their mounting location. The commercial vehicle segment, including vehicle fleets, also benefits from intelligent side mirrors, contributing to the market's expansion.

By Application

The passenger car segment is estimated to witness significant growth during the forecast period. The passenger vehicle segment is experiencing significant growth due to the increasing demand for advanced safety features and technology in passenger vehicles. They are becoming increasingly popular among car owners as they can improve driving safety and enhance visibility. Manufacturers are incorporating innovative features such as integrated cameras, sensors, and advanced display systems.

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The passenger car segment was the largest segment and was valued at USD 376.72 million in 2017.  Additionally, as electric vehicles grow in popularity, manufacturers are incorporating advanced technology to improve the driving experience and overall safety. They play a key role in achieving these goals by providing a comprehensive view of the vehicle's surroundings. Thus, such factors are anticipated to propel the growth of the passenger vehicle segment of the global market during the forecast period.

Which are the Key Regions for the Market?

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APAC is estimated to contribute 36% 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. The APAC region is witnessing a surge in demand for electric and connected vehicles driving the market in the APAC region.

The market in APAC witnesseses robust growth in the adoption of smart rear-view mirrors. OEMs are replacing conventional exterior and interior mirrors with advanced mirrors. They offer features such as auto dimming, automatic foldable, blind spot detection, heated, power control, turn signal indicator, and are integrated with a camera and image-processing program. Primary sources include automotive OEMs and production facilities in APAC, where automotive production is rampant. Enhanced safety, comfort, and convenience are key benefits, making them popular in both developing and mature economies. Passenger and driver protection are prioritized through features like blind spot detection and glare reduction. Vehicle design innovations include oversized back headrests and full-screen monitors. Smart mirrors also provide real-time traffic conditions, shared connectivity, and are compatible with mobility solutions like autonomous vehicles and automatic parking. High-end cars are major consumers of these advanced technologies.

Who are the Major Market Companies?

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 Flabeg automotive interior glass mirror with beam splitter mirror for the integration of information displays.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Continental AG
• Ford Motor Co.
• Gentex Corp.
• KDC Auto Industrial Co. Ltd.
• Kocchi Technology Hong Kong Ltd.
• Magna International Inc.
• MEKRA Lang GmbH and Co. KG
• Murakami Corp.
• Nissan Motor Co. Ltd.
• Panasonic Holdings Corp.
• Pioneer Corp.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Shenzhen Jimi IoT Co. Ltd.
• SUBARU Corp.
• Valeo SA
• Varroc Engineering Ltd.
• VOXX International Corp.
• Xiaomi Communications Co. Ltd.

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.

Market Analyst Overview

The market is experiencing significant growth due to the increasing demand for advanced safety features in vehicles. They utilize advanced technologies such as cameras, sensors, and OEM systems to provide drivers with a clearer and wider view of their surroundings. The market is driven by factors such as the growing preference for safety and convenience, regulatory requirements, and the increasing adoption of connected cars. The market is segmented based on technology, vehicle type, and region. The major players in the market include Autotom, OEM Systems, Magna International, and Veoneer. The market is driven by the increasing demand for advanced safety features and the growing adoption of autonomous vehicles. The use of these mirrors in commercial vehicles and passenger cars is also expected to drive market growth. The market in Asia Pacific is expected to dominate the market due to the large automotive industry and the increasing demand for safety features in vehicles.

 

The market is witnessing rapid growth driven by the increasing emphasis on vehicle and passenger safety. Traditional conventional mirrors are being replaced by advanced exterior mirrors, enhancing passenger protection through improved visibility and reduced blind spots. Particularly in developing economies, where road safety is a concern, the adoption of intelligent rearview mirrors is on the rise. These mirrors often incorporate features such as a full-screen monitor, providing drivers with comprehensive views of their surroundings. Furthermore, the market is buoyed by the growing sales of ultra-luxurious cars, where advanced safety technologies are becoming standard features, further driving the demand.

Segment Overview

The 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. 

• Application Outlook 
  • Passenger car
  • Commercial vehicle

• Channel Outlook 
  • OEM
  • Aftermarket

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile 
    • Brazil 
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Scope
Report Coverage	Details
Page number	170
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 15.47%
Market growth 2023-2027	USD 959.46 million
Market structure	Fragmented
YoY growth 2022-2023(%)	15.15
Regional analysis	APAC, North America, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 36%
Key countries	US, China, Japan, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Continental AG, FLABEG Automotive Glass Group GmbH, Ford Motor Co., Gentex Corp., KDC Auto Industrial Co. Ltd., Kocchi Technology Hong Kong Ltd., Magna International Inc., MEKRA Lang GmbH and Co. KG, Murakami Corp., Nissan Motor Co. Ltd., Panasonic Holdings Corp., Pioneer Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Shenzhen Jimi IoT Co. Ltd., SUBARU Corp., Valeo SA, Varroc Engineering Ltd., VOXX International Corp., and Xiaomi Communications Co. Ltd.
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.
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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What are the Key Data Covered in this Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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