The automotive mirror system market share is expected to increase by USD 22.72 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 2%.
This automotive mirror system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive mirror system market segmentation by product (exterior and interior) and geography (APAC, Europe, North America, South America, and MEA). The automotive mirror system market report also offers information on several market vendors, including Ford Motor Co., General Motors Co., Gentex Corp., Kappa optronics GmbH, Magna International Inc., Motherson Sumi Systems Ltd., Murakami Corp., Robert Bosch GmbH, Stoneridge Inc., and Valeo SA among others.
What will the Automotive Mirror System Market Size be During the Forecast Period?
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Automotive Mirror System Market: Key Drivers, Trends, and Challenges
The increase in the sales of passenger cars is notably driving the automotive mirror system market growth, although factors such as side view mirrors are leading to a reduction in fuel economy benefits due to aerodynamic resistance may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive mirror system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Mirror System Market Driver
An increase in the sales of passenger cars is driving the demand for mirror systems is one of the key drivers for the automotive mirror system market growth. The sales of passenger cars are positively correlated with the market growth of automotive mirror systems as each passenger car equipped with two ORVMs, one IRVM, and a vanity mirror (not present in the entry-level variants of the mass-selling cars). Mirror systems in the passenger car segment contribute predominantly to the automotive mirror system market. Global car sales increased by around 3% in 2016, wherein most of the sales have been contributed by the sales of SUVs and crossovers in the Chinese and the European passenger car markets.Sales in the midsized crossover segment in Europe increased by 8% in 2019 to 872,500 units and accounted for 5.6% of the total European car market when compared to 2018. Thus, the rising preference for fuel efficiency and three-row seats in crossovers and SUVs are the main factors driving the SUV and crossover market in the US. Crossovers are more fuel-efficient than SUVs as they are built from the frames of cars and are considerably lighter in weight, which is leading to the growing preference for crossovers over SUVs. The growing demand for SUVs and crossovers is likely to drive the growth of the global automotive mirror system market.OEMs like Toyota have plans to increase the production of their passenger cars.
Key Automotive Mirror System Market Trend
An increase in the popularity of smart rearview mirrors is one of the key trends in the automotive mirror system market growth. Mirror integration option. The Radar-Mirror modification generates alert arrows, which light up through the rearview mirror glass when the K40 radar and laser system detects police speed enforcement. Similarly, Delphi has integrated radars and cameras in Volvo's cars to provide traffic sign recognition, forward collision warning, autonomous braking, and pedestrian detection. Even Bosch has developed a mid-range radar that provides clear visibility of the rear end of the vehicle. The main advantage of the Bosch mid-range radar sensor is its compact design. Other automotive OEMs are also expected to equip their vehicles with such systems to remain competitive in the market. The integration of advanced technology and tools in automotive mirrors will enhance the features of automotive mirrors, and thus, will drive the growth of the market during the forecast period.
Key Automotive Mirror System Market Challenge
Side view mirror is leading to a reduction in fuel economy benefits due to aerodynamic resistance is one of the key challenges for the automotive mirror system market growth. In a vehicle, there are different components that contribute to the drag, which leads to aerodynamic resistance. ORVMs contribute significantly to aerodynamic resistance. The ORVMs increase the aerodynamic resistance by 2%-7% when the vehicle is moving at a speed of more than 60 miles/hour. There are regulations on rearview mirrors due to safety aspects. Thus, they must be positioned in such a way that they can provide clear rear visibility to the drivers. OEMs have been trying to redesign and reshape the mirrors to reduce the aero drag. The small changes such as changes in edge radius and adding gutters and inclinations affect the flow of air and thus reduce the aero drag. The aero drag was reduced significantly when the housing of the mirror was replaced from a bulky one to a flatter one. Since rearview mirrors have a significant effect on the aero drag, mirror system design optimization is important where OEMs are trying to reduce the aerodynamic resistance.
This automotive mirror system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Parent Market Analysis
Technavio categorizes the global automotive mirror system market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive mirror system market during the forecast period.
Who are the Major Automotive Mirror System Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Ford Motor Co.
- General Motors Co.
- Gentex Corp.
- Kappa optronics GmbH
- Magna International Inc.
- Motherson Sumi Systems Ltd.
- Murakami Corp.
- Robert Bosch GmbH
- Stoneridge Inc.
- Valeo SA
This statistical study of the automotive mirror system market encompasses successful business strategies deployed by the key vendors. The automotive mirror system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive mirror system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Automotive Mirror System Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the automotive mirror system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive components and accessories market includes the following core components:
- Inputs
- Inbound logistics
- Operations
- Outbound logistics
- Marketing and sales
- Service
- Support activities
- Innovation
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Which are the Key Regions for Automotive Mirror System Market?
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70% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the automotive mirror system market in APAC. Market growth in this region will be faster than the growth of the market in regions.
Increasing growth in inter-city road construction and an increase in housing construction will facilitate the automotive mirror system market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 negatively impacted the automotive mirror system market in APAC during the first half of 2020. The rising number of COVID-19 cases in the region compelled governments of various countries to restrict international trade and impose lockdowns. Furthermore, the temporary shutdown of various offline distributors led to a reduction in the sales of automotive mirror systems in APAC. In addition, the second wave of the pandemic in few countries in APAC has obstructed auto sales and decreased the demand for automotive mirror systems in Q1 2021. However, the reopening of international boundaries for trading is likely to enhance the demand for automotive mirror systems in APAC during the forecast period. Also, developed economies in APAC, such as Japan, South Korea, and Australia, were able to control the COVID-19 outbreak in 2020, which was a positive factor for the growth of the market in focus in these countries. China also contained the spread of COVID-19, and manufacturing and retail activities are peaking steadily in the country. Hence, APAC is expected to witness a low impact of the pandemic in terms of the adoption of automotive mirror systems during the forecast period, which will help in the regional market's growth.
What are the Revenue-generating Geography Segments in the Automotive Mirror System Market?
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The automotive mirror system market share growth in the exterior segment will be significant during the forecast period. The exterior mirror system segment will grow during the forecast period, owing to the rise in demand for passenger cars in developing countries, new safety regulations and emission norms, and technological advances introduced by key vendors in the market.The sales of passenger cars will gain momentum in emerging countries such as China, India, Brazil, South Korea, Indonesia, and parts of eastern Europe, which will drive the market for automotive exterior mirror systems. The increase in the sales of LCVs is driving the market for outer rearview mirrors across all regions.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive mirror system market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Mirror System Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2% |
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Market growth 2021-2025 |
$ 22.72 million |
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Market structure |
Fragmented |
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YoY growth (%) |
1.25 |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 70% |
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Key consumer countries |
China, US, Germany, and Japan |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Ford Motor Co., General Motors Co., Gentex Corp., Kappa optronics GmbH, Magna International Inc., Motherson Sumi Systems Ltd., Murakami Corp., Robert Bosch GmbH, Stoneridge Inc., and Valeo SA |
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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, Market condition analysis for forecast period |
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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. |
What are the Key Data Covered in this Automotive Mirror System Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive automotive mirror system market growth during the next five years
- Precise estimation of the automotive mirror system market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive mirror system industry across APAC, Europe, North America, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive mirror system market vendors
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