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The automotive rear-view mirror market size is estimated to grow by USD 3.62 billion at a CAGR of 5.93% between 2023 and 2028. The Global Automotive Rear View Mirror Market thrives on key drivers shaping the automotive landscape. With the rising preference for premium sport utility vehicles (SUVs), there's a corresponding demand for advanced rear-view mirror solutions. Additionally, the growing integration of Advanced Driver Assistance Systems (ADAS) underscores the importance of rear-view mirrors as integral safety components in modern vehicles. Moreover, increasing safety concerns within the automotive ecosystem drive the need for enhanced visibility and safety features, further fueling market growth.
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During the forecast period, the Global Automotive Rear View Mirror Market faces challenges such as supply chain disruptions impacting automobile production, particularly in developing and mature economies, necessitating advancements in vehicle design like smart mirrors and full-screen monitors, alongside multi-sensor systems to enhance passenger and driver protection amidst government lockdown measures, affecting production volumes and demand, thereby influencing auto sales and the supply chain network of auto component suppliers and manufacturers across production sites. 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 latest models of ultra-luxurious, high-end, and mid-end cars feature advanced technology such as full-screen monitor and multi-sensor system for enhanced driver experience and safety.
The growing popularity of premium sport utility vehicles (SUVs) is notably driving market growth. The widespread adoption of rear-view mirrors is a direct result of SUVs' prevalence, particularly due to their height, which often obstructs visibility during reversing. However, in developed regions, traditional mirrors are gradually being replaced by camera systems, offering a wider and more comfortable view to drivers. Presently, rear-view and electronic mirrors dominate the automotive market, catering to diverse consumer needs.
Moreover, the affordability and reduced ownership costs of small SUVs and crossovers are driving their popularity, especially in emerging economies like China and India. China leads global SUV sales, with major automakers such as Toyota, Ford, and Nissan driving the market with their established C-segment and D-segment SUVs. In 2022, SUVs accounted for 46% of global car sales, and this upward trajectory is expected to fuel growth in the global automotive rear-view mirror market during the forecast period.
Integration of different technologies in automotive mirrors is an emerging trend shaping market growth. Night driving on poorly lit roads can be uncomfortable and hazardous for drivers, particularly due to the bright glare from vehicles behind, which can distract and blind the driver, potentially leading to accidents. Automotive inside rearview mirrors (IRVM) and dimming mirrors, equipped with sensors to detect glare and automatically adjust their brightness, help prevent such accidents. Advancements in technology, such as integrating cameras and LED technology with dimming mirrors, further enhance vehicle safety and comfort.
Another expected standard feature offered by most OEMs in vehicles during the forecast period is the integration of radar systems with dimming mirrors for blind spot detection. This collision avoidance system tracks nearby traffic in blind spots and provides alerts to the driver, helping to avoid lane-changing accidents. By using radar or ultrasonic sensors and cameras, the system monitors the area behind and next to the vehicle. This ongoing development is a growing trend that will drive the growth of the global automotive rear view mirror market in the forecast period.
Reliability issue with auto-dimming mirrors hinders the adoption and is a significant challenge hindering market growth. Mirror technologies, such as automotive auto-dimming mirrors, rely heavily on their installed sensors for effective functioning. However, if these sensors experience failures or malfunctions, the time taken for the mirrors to dim may be longer than expected. Even occasional system faults can lead users to discard sensor technology, adversely impacting auto-dimming mirror adoption.
Moreover, issues like short circuits and loose wires can also affect the performance of auto-dimming mirrors. Many vehicles in the market come with tinted windows, and consumers often add aftermarket tint films, which can make the windows dimmer and potentially impact the functioning of dimming mirrors. Therefore, reliability concerns with auto-dimming mirrors pose a significant challenge to the growth of the automotive rear view mirror market during the forecast period.
The market forecasting 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 market growth analysis strategies.
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.
Burco Inc. - The company offers automotive rear view mirrors such as Breakaway Wedge and Camlock mount.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 market share growth by the passenger vehicle segment will be significant during the forecast period. The rising customer demand for convenience and safety features in passenger vehicles is fueling the adoption of various advanced technologies in cars. The rapid electrification of vehicle components has further accelerated the integration of new technologies that enhance comfort, convenience, and safety. One such example is the auto-dimming mirror, which was previously limited to luxury cars but has now become commonplace in mass-market vehicles.
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The passenger vehicle segment was valued at USD 7.72 billion in 2018. Luxury passenger vehicles have gained popularity as they signify prestige, brand, and status, leading to premium pricing and contributing significantly to the revenue of the rear-view mirror market. The global passenger vehicle market is experiencing substantial growth, with increasing demand for sedans, coupes, hatchbacks, crossovers, and SUVs in countries like China, the US, Canada, India, Germany, France, the UK, and Spain. The availability of attractive vehicle loan schemes and higher disposable income has further fueled the demand for vehicles, driving the growth of the passenger vehicle market and, in turn, propelling the expansion of the global automotive rear view mirror market throughout the forecast period.
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APAC is estimated to contribute 55% 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 experiencing rapid growth in the global automotive inside rear view mirror (IRVM) market, solidifying its position as a key player in the industry. Major countries like China, India, South Korea, and Japan are driving this growth due to their high adoption rates of passenger cars. The passenger cars segment in APAC is expected to outpace other regions during the forecast period, further boosting market growth.
Moreover, the changing consumer preference from mileage to aesthetics and advanced features is also contributing to the increasing demand for advanced mirrors such as auto-dimming, power fold side-view mirrors, and mirrors with indicators, which will drive revenue growth in the region. Apart from mass-produced passenger cars, luxury cars are also a significant application segment for advanced auto-dimming mirrors in both interior rear-view and side-view mirrors. The systems used in luxury cars are more sophisticated and expensive, contributing to a larger share of revenue growth in the market.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is influenced by various factors, including the dynamic nature of automobile production and the impact of supply chain disruptions on the automotive production sector. This market encompasses a wide range of vehicles, from ultra-luxurious and high-end cars to mid-end cars, catering to diverse consumer preferences in both developing and mature economies. With a focus on passenger and driver protection, manufacturers emphasize innovative vehicle design elements such as smart mirrors, full-screen monitors, and multi-sensor systems. However, challenges such as government lockdown measures and fluctuations in production volumes necessitate resilient supply chain networks and close collaboration with auto component suppliers to sustain auto sales and ensure continuous automobile production.
Furthermore, in the realm of automotive safety, the market is undergoing significant transformations to address evolving concerns and standards. With an emphasis on enhancing driver comfort and passenger safety, manufacturers are integrating advanced ADAS features into their products. These measures aim to mitigate risks associated with back-over accidents, particularly affecting children, elders, and other vulnerable road users. Regulatory bodies like the Insurance Institute for Highway Safety play a pivotal role in raising awareness and enforcing government regulations to reduce the incidence of blind-spot accidents. As the market evolves, production sites are adapting to incorporate innovative technologies, ensuring medium-term viability while catering to new vehicle demands, including those emphasizing fuel efficiency and prime utilization.
Moreover, in the medium term, the passenger car segment continues to innovate with technological development, integrating full-screen monitors and multi-sensor systems to enhance user safety and comfort for back row passengers. Prominent players like Porsche and General Motors are expanding their electric car manufacturing capacity, with Michigan factories focusing on advanced camera technologies and electric mobility. Despite challenges from the global pandemic and strict lockdowns, the automotive segment in the Asia-Pacific Region, fueled by incentives and a shift towards new energy vehicles, remains the largest electric vehicle market. Low-cost raw materials and cheap labor support a high growth rate, driving vehicle sales and economic activities. Auto-dimming interior rear-view mirrors with improved IRVM features highlight the technological dominance in luxury vehicles, integrating HD screens and entertainment systems for user convenience and safety across commercial vehicle segments such as Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs).
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.93% |
Market growth 2024-2028 |
USD 3.62 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.5 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
China, US, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Burco Inc., Continental AG, FLABEG Automotive Glass Group GmbH, Gentex Corp., Holitech Technology Co. Ltd., Konview Electronics Corp. Ltd., Lumax Industries Ltd, Magna International Inc., MEKRA Lang GmbH and Co. KG, Murakami Corp., OmniVision Technologies Inc., Panasonic Holdings Corp., Sakae Riken Kogyo Co. Ltd., Shenzhen Germid Co. Ltd, SL Corp., SMR Deutschland GmbH, Tata Sons Pvt. Ltd., Tokai Rika Co. Ltd., Valeo SA, and VOXX International Corp. |
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 |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Product Placement
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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