(MENAFN- PR Newswire)
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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Technavio has announced its latest market research report titled Global automotive rear-view mirror market 2024-2028
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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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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.
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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.
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