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The Automotive Rear View Mirror Market is forecasted from $5.5$ billion in 2023 to $9.6$ billion in 2032 with a compound annual growth rate (CAGR) of 7.14% which is the average rate of growth during the estimated time period (2023-2032). Heavy stream of electric cars and the development of new mirror technologies, including the electro chromic mirrors and the camera-based mirrors have become the key issues expanding the industry. In the competitive industry of automotive rear-view mirrors many companies decide on very different positioning strategies in order to stand out and secure a share in the sector. The most common strategy is based on inventive technologies, this is the nearest from the truth. Aiming to set a new direction, companies come up with new rear view mirrors with wired camera, display and different sensors incorporated. These smart mirrors offer capacities beyond the basic rear-view mirror like “blind-spot detection”, “auto-dimming”, and “improved visibility”, therefore becoming a strong suit in safety and innovation leading to a customer-attraction-in-technological-advancements and high-end-of-the-market-seeking-safety-features.
Additionally the rest of market players who practice their expertise in a very narrow specialization segment to be unique. On the other hand, some companies are oriented especially to a specific vehicle segment, for instance a certain manufacturer, and offer their rear-view mirror systems with special features taking into account those vehicles unique purposes and characteristics. Through their specialization, the experts become experts at the given field with their choice; offer unique solutions for their customer’s needs by considering the particularities of their niche, how they consistently set themselves apart as great specialists in this niche field.
However, a core strategy will be directed at the provision of a full range of services. Organizations strive to achieve differentiation not only through the product but through services offering throughout product lifecycles, such as installation, repair and maintenance, customer engagement, and so on. Developing a full-cycle product (in our case the rear-view mirror) that includes all cycle phases might be a noteworthy distinction. This route guarantees that clients will have that perfect time as along with that, they will trust and be loyal to the brand that had always been there for its one-of-a-kind and full-service.
Besides, besides, there is also the application of pricing strategy to get ahead in the market game. Some companies are adopting a bundle-leading strategy and they are able to do this by offering quality without changing the price of the products. This strategy aims at discount oriented customers, especially in those markets where price sensitivity houses the vast majority customers. In contrast on the other hand, some of the companies place their product in the premium category with the emphasis on high quality, additional features and extra value by targeting customers who concentrate more on performance and are able to afford premium brand.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | High levels of competitiveness in the automobile industry |
| Market Dynamics | Safety features in automobile sales |
Automotive Rear View Mirror Market Highlights:
Automotive Rear View Mirror Market Overview:
The Automotive Rear View Mirror Market size was valued at USD 5.5 Billion in 2023. The Automotive Rear View Mirror industry is projected to grow from USD 5.89 Billion in 2024 to USD 9.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.29% during the forecast period (2024 - 2032). Increased demand for electric vehicles and the development of new mirror technologies, such as electro chromic mirrors and camera-based mirrors are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Rear View Mirror Market Trends
Demand for connected and autonomous vehicles is driving market growth.
Market CAGR for automotive rear view mirror is being driven by the demand for connected and autonomous vehicles. Connected and autonomous vehicles are becoming more popular because they provide numerous benefits such as greater safety, reduced traffic congestion, and increased comfort. Various sensors and cameras, including rearview cameras, are used in these vehicles to monitor the surroundings around the vehicle and offer real-time feedback to the driver. Rearview mirrors are an important component of connected and autonomous vehicles because they offer drivers with a clear view of the vehicle's back. The growing demand for connected and autonomous vehicles is projected to propel the automotive rearview mirror market forward in the approaching years.
Because of their lower cost of ownership and better affordability, small SUVs and crossovers is seeing increased volume sales in the SUV industry. SUVs are becoming more popular in emerging markets like China and India, with China leading the worldwide SUV industry in terms of volume sales. In 2017, the worldwide SUV market accounted for 16.88 million cars, and this figure is likely to exceed 33 million throughout the forecast period. During the forecast period, this will be a key driver of market expansion.
Concerns regarding the safety of drivers and passengers in the case of an accident are another factor driving market expansion. Traditional rear-view mirrors in certain vehicles have lost vision due to exterior design and larger headrests in the back seats. As a result, several automakers have installed smart automotive rear-view mirrors in their vehicles to improve eyesight while retaining the intended benefits and functionality.
These smart devices have a full-screen display for easy viewing and may be put within existing mirrors, allowing users to freely switch between mirror and camera modes. They also help drivers understand traffic circumstances behind the wheel.
For instance, Magna International Inc. is a global automotive supplier that provides automakers with a variety of goods and services. Magna's vision systems section offers classic mirrors, camera-based mirrors, and hybrid mirrors that combine traditional mirrors with cameras. Many automakers, including BMW, Mercedes-Benz, and Volvo, employ Magna mirrors. The company's emphasis on innovation and client satisfaction has helped it to establish itself as a major player in the vehicle rearview mirror business.
Automotive Rear View Mirror Market Segment Insights:
Automotive Rear View Mirror Mounting Position Insights
The Automotive Rear View Mirror Market segmentation, based on Mounting Position includes Body, Door. In 2022, the door segment generated the most income. Door-mounted mirrors, often known as side or wing mirrors, are commonly found in luxury vehicles. Because of the placement, the driver can move the mirror to improve visibility. The popularity of door-mounted items is also due to their aerodynamic design and inexpensive replacement cost. Because of increased commercial vehicle sales, the segment is likely to grow at a robust CAGR throughout the projection period.
Figure1: Automotive Rear View Mirror Market, by Mounting Position, 2022 & 2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Rear View Mirror Features Insights
The Automotive Rear View Mirror Market segmentation, based on Features, includes Power Controlled, Auto Dimming, Turn Signal, Blind Spot Detection, and Auto Foldable. The auto dimming segment is expected to increase rapidly between 2022 and 2032. The rear-view mirror's auto-dimming feature improves safety while driving at night. When extra light from vehicles behind is detected, the mirror automatically darkens, avoiding glare from impairing the vision of vehicles behind.
Automotive Rear View Mirror Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America is predicted to have the highest revenue share during the forecast period. Rapidly rising automotive sector, presence of leading market players, increased investments in R&D activities, increasing demand for enhanced rear-view systems, and availability of advanced automobiles with cutting-edge features are key factors driving market expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2:Automotive Rear View Mirror Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Automotive Rear View Mirror Market accounts for the second-largest market share owing to increased automotive production, high demand for passenger and commercial vehicles, rise in disposable income, and expanding acceptance of rear-view mirrors. Further, the German Automotive Rear View Mirror Market held the largest market share, and the UK Automotive Rear View Mirror Market was the fastest growing market in the European region
The Asia-Pacific Automotive Rear View Mirror Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the increased demand for luxury automobiles in India, as well as the availability of new purchases and replacement automotive components, the regional market is predicted to develop by 2032. Moreover, China’s Automotive Rear View Mirror Market held the largest market share, and the Indian Automotive Rear View Mirror Market was the fastest growing market in the Asia-Pacific region.
Automotive Rear View Mirror Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Automotive Rear View Mirror Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive Rear View Mirrorindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Automotive Rear View Mirror industry to benefit clients and increase the market sector. In recent years, the Automotive Rear View Mirror industry has offered some of the most significant advantages to medicine. Major players in the Automotive Rear View Mirror Market, including Ficosa International S.A. (Spain), Magna International Inc. (Canada), Gentex Corporation (U.S.), SL Corporation (South Korea) and others, are attempting to increase market demand by investing in research and development operations.
Samvardhana Motherson International Ltd is an Indian manufacturer of passenger car wiring harnesses, plastic components, and rearview mirrors.[4] The company was founded in 1986 as a joint venture with the Japanese Sumitomo Group. In November 2021, Samvardhana Motherson Automotive Systems Group BV (SMRPBV) announced the successful completion of Ningbo SMR Huaxiang Automotive Mirrors Ltd's acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd. In China, SMR NBHX is a 50:50 joint venture between SMR and Ningbo Huaxiang Electronic Co., Ltd. SMR NBHX has purchased a 60% stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd, while JMCG will keep a 40% stake in the company. With the completion of this transaction, SMR now has expanded capabilities to meet the present and future vision system requirements of commercial vehicle OEMs in this region.
Gentex Corporation is an American electronics and technology business that develops, designs, and manufactures automatic-dimming rearview mirrors, camera-based driver aid systems, and other automobile equipment. Dimmable airplane windows are manufactured for the commercial, corporate, and general aviation markets. In addition, for the North American fire prevention market, the company manufactures photoelectric smoke detectors, signalling devices, and the HomeLink Wireless Control System. June 2022, Gentex Corporation, a manufacturer of vehicle camera vision systems and anti-glare technologies, entered the Japanese market with camera-based automotive interior monitoring systems. Vayyar Imaging Ltd., an Israeli business with a competitive advantage in image recognition using millimeter-wave radars, has entered the Japanese market in the domains of autos and long-term care for the elderly.
Key Companies in the Automotive Rear View Mirror market include
- FLABEG Holding GmbH (Germany)
- Ficosa International S.A. (Spain)
- Magna International Inc. (Canada)
- Gentex Corporation (U.S.)
- SL Corporation (South Korea)
- Burco Inc. (U.S.). Valeo SA (France)
- Lumax Automotive Systems Ltd (India)
- Honda Lock Manufacturing (Japan)
- Ichikoh Industries Ltd. (Japan)
- Murakami Corporation (Japan)
Automotive Rear View Mirror Industry Developments
June 2022, Tokai Rika has revealed its intention to enter the autonomous driving market. The image synthesis technology developed through the creation of electric mirrors will be applied to remote monitoring systems for autonomous driving. To begin, Tokai Rika intends to incorporate its remote monitoring system into autonomous driving demonstration demonstrations that will take place in over 40 places around Japan.
April 2022, Oshima Electric Works Co., Ltd. (Oshima Electric Works), a consolidated subsidiary of Murakami Corporation, has changed its name. Murakami East Japan Corporation (Murakami East Japan) is the new corporation name. Murakami stated in August 2021 that it would acquire 84.2% of Mitsuba Corporation's stake in Oshima Electric Works and turn it into a subsidiary.
November 2021, Ningbo SMR Huaxiang Automotive Mirrors Ltd has completed the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd by Samvardhana Motherson Automotive Systems Group BV (SMRPBV). In China, SMR NBHX is a 50:50 joint venture between SMR) and Ningbo Huaxiang Electronic Co., Ltd. SMR NBHX has purchased a 60% share in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd, with JMCG retaining a 40% stake. With the completion of this transaction, SMR now has expanded capabilities to address the present and future vision system requirements of commercial vehicle OEMs in this region.
Automotive Rear View Mirror Market Segmentation:
Automotive Rear View Mirror Market By Mounting Position Outlook
- Body
- Door
Automotive Rear View Mirror Market By Features Outlook
- Power Controlled
- Auto Dimming
- Turn Signal
- Blind Spot Detection
- Auto Foldable
Automotive Rear View Mirror Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
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