NEW YORK, July 26, 2024 /PRNewswire/ -- The
global automotive rear-view mirror market size is estimated to
grow by USD 3.61 billion from
2024-2028, according to Technavio. The market is estimated to
grow at a CAGR of 5.93% during the forecast period. Growing
popularity of premium sport utility vehicles (SUVs) is driving
market growth, with a trend towards integration of different
technologies in automotive mirror. However, auto-dimming mirrors
are still seen as expensive option in emerging regions poses a
challenge. Key market players include 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..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Vehicle Type (Passenger
Vehicle and Commercial Vehicle), Product Placement (Exterior and
Interior), and Geography (APAC, Europe, North America, South
America, and Middle East and Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
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.
|
Key Market Trends Fueling Growth
The Automotive Rear-View Mirror market is witnessing significant
trends among auto component suppliers, with many establishing new
production sites to meet increasing demand for advanced mirror
systems. Government lockdown measures have disrupted production
volumes, causing delays in auto sales and supply chain networks.
However, the medium term outlook remains positive, as consumers
continue to prioritize comfort and safety features like ADAS in new
vehicles. Rear-view cameras and camera systems, including complex
ones, are becoming standard in cars to prevent back over accidents,
particularly for passengers, children, and elders. Prime
utilization of driver comfort and safety features is a key focus
for OEMs, with innovative products like cameras and sensors gaining
popularity. Strict government regulations on vehicle safety are
also driving market growth. Prominent players like Porsche and
General Motors are investing in technological development, with
Michigan factories leading the way
in fuel-efficient rear-view mirror systems. The Passenger Car
Segment, especially in the global market, is expected to show
strong growth in the face of economic activities disruptions due to
the global pandemic. The shift towards electric mobility is also
expected to impact the market dynamics in the coming
years.
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Market Challenges
- The automotive rear-view mirror market has witnessed steady
growth, but the adoption of advanced technologies like auto-dimming
mirrors has been slow, particularly in price-sensitive emerging
markets. Auto-dimming mirrors offer benefits such as reducing glare
from headlights of following vehicles. However, their high price
point, starting from USD150, and
additional features like blind spot indicators or home link
function, which can cost above USD250, make them a luxury for many consumers in
regions like India. These factors
contribute to the preference for conventional mirrors among vehicle
owners and drivers. Additionally, concerns over the reliability of
auto-dimming mirrors due to potential functional and operational
issues further hinder their market penetration. These challenges
may limit the growth of the automotive rear-view mirror market
during the forecast period.
- The automotive rear-view mirror market faces challenges from
administrations and transportation sectors due to evolving
regulations and advancements in transportation technology.
Automobile production is impacted by supply chain disruptions,
leading to delays in the adoption of advanced mirror systems.
Vehicle design trends favor smart mirrors with full-screen monitors
and multi-sensor systems, including heating functions. Blind spot
detection, power control, and automatic folding are popular feature
types. The market includes LCD monitor screens for both exterior
and interior mirrors, with camera integration and mounting
locations in door-mounted and body-mounted segments. Product types
range from conventional mirrors to advanced systems with SoC
(system-on-a-chip) technology, HD screens, and console control. The
automotive market's technological dominance drives R&D projects
for improved IRVM features, enhancing user safety, comfort, and
entertainment for passenger cars and commercial vehicles. Luxury
vehicles lead the market, with a focus on auto-dimming IRVMs and
advanced camera systems for the back row passengers.
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challenges - Download a Sample Report
Segment Overview
This automotive rear-view mirror market report extensively
covers market segmentation by
- Vehicle Type
- 1.1 Passenger Vehicle
- 1.2 Commercial Vehicle
- Product Placement
- 2.1 Exterior
- 2.2 Interior
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Passenger Vehicle- The global automotive
rear-view mirror market is experiencing significant growth due to
the increasing demand for convenience and safety features in
passenger vehicles. This trend is driven by customers' preferences
for advanced technologies that enhance comfort and ride quality.
One such technology is the auto-dimming mirror, which was initially
limited to luxury vehicles but has now penetrated the mass market.
Another emerging trend is the adoption of side-view dimming mirrors
in the luxury segment, which is expected to expand to mid- and
entry-level vehicles due to economies of scale. The luxury vehicle
segment remains a key revenue contributor, with a focus on
high-quality equipment, precise design, and technological
innovations. The growing passenger vehicle market, particularly in
countries like China, the US,
Canada, India, Germany, France, the UK, and Spain, is fueling the demand for automotive
rear-view mirrors. Increased disposable income and attractive
financing options are also contributing to the market's growth.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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reports
The global Automotive Electrically Adjustable Outside Rear View
Mirror market is expected to grow significantly, driven by
increasing demand for advanced driver assistance systems.
Similarly, the Automotive Electric Side View Mirror market is
expanding due to advancements in automotive technology and rising
consumer preference for enhanced vehicle safety features. The
global Automotive Wiring Harness market is also on the rise, fueled
by the growing complexity of vehicle electronics and the shift
towards electric vehicles. Collectively, these markets reflect the
automotive industry's push towards innovation and safety.
Research Analysis
The automotive rear-view mirror market is expected to experience
significant growth during the forecast period due to advancements
in vehicle design. Smart mirrors, which integrate full-screen
monitors and multi-sensor systems, are gaining popularity as they
offer improved visibility and additional features. However,
automobile production has been disrupted due to supply chain
disruptions caused by various factors, including government
lockdown measures and production site closures. These disruptions
have affected the supply chain network, leading to decreased
production volumes and auto sales. Despite these challenges, auto
component suppliers are investing in research and development to
innovate and meet the increasing demand for advanced rear-view
mirror technology.
Market Research Overview
The automotive rear-view mirror market is witnessing significant
growth in the medium term, driven by the increasing demand for
advanced driver assistance systems (ADAS) features, comfort, and
safety. The market is witnessing a shift from traditional mirrors
to complex camera and monitor systems, with prime utilization in
passenger cars. The production volumes of auto components have been
affected by government lockdown measures due to the global
pandemic, leading to hindrances in the supply chain network. New
vehicle models are integrating rear-view cameras as standard
features, with OEMs like Porsche and General Motors leading the
technological development. The Asia-Pacific region is expected to dominate
the market due to low-cost raw materials and cheap labor. The
market is also witnessing a rise in the sales of fuel-efficient and
new energy vehicles, with sales statistics indicating a global
trend towards electric mobility. The market is segmented by feature
type, including blind spot detection, power control, automatic
folding, and camera systems. The market for inside rear-view
mirrors is also witnessing innovation, with smart mirrors,
full-screen monitors, and multi-sensor systems gaining popularity.
The heating function segment is also expected to grow due to
passenger comfort. The market is further segmented by mounting
location, including door-mounted and rear-mounted segments. The
market for rear-view mirrors is expected to continue its high
growth rate, driven by government regulations aimed at reducing
back over accidents, especially those involving children, elders,
and other victims.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Vehicle Type
-
- Passenger Vehicle
- Commercial Vehicle
- Product Placement
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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