Report Id: SNS/AUTO/1054 | May 2022 | Region: Global | 127 Pages
Report Scope & Overview:
Automotive Rear-View Mirror Market Size was valued at USD 10.52 billion in 2022 and is expected to reach USD 15.19 billion by 2030 and grow at a CAGR of 4.7% over the forecast period 2023-2030.
An automotive rearview mirror's primary purpose is to provide the driver with a clear view of all things to the side or rear of the car. Manufacturers are focusing on novel technology for the development of modern car rearview mirrors in order to ensure safety. The refinement of the performance of automotive side rearview mirrors, particularly mirror vibration, has received less attention. Four-wheelers and two-wheelers both have rearview mirrors.
In the past, mirrors were only used to judge the distance and type of vehicle approaching the car. However, factors such as the assault of vehicle headlight beams and the development of smart mirrors to view smaller impediments that go unobserved near the vehicle have evolved through time. The rearview mirror technology essentially covers critical components such as collecting data from the rearview camera and projecting it onto the rearview mirror screen, as well as converting the rearview mirror between a traditional mirror and a digital screen.
To begin with, global car sales have been steadily increasing as people's spending power has increased around the world.
As vehicle movement has risen, the safety elements employed in automobiles have shifted dramatically.
Automobile manufacturers must contend with fierce rivalry in the automotive industry, they offer cutting-edge technological features at competitive costs.
They are boosting their research budget and investing considerably.
Market growth is being hampered by a rising trend for advanced cameras rather than mirrors.
During the forecast period, rules and laws pertaining to car rearview mirrors are expected to boost demand for the automotive rearview mirror market.
Several manufacturers are encouraged to introduce smart mirrors in vehicles to offer better visual clarity.
Vehicle buyers are increasingly concerned about the safety of passengers and vehicles.
Smart mirrors, which raise car costs, could pose a risk to the automotive rearview mirror market's growth.
IMPACT OF COVID-19:
The COVID-19 epidemic has had a negative influence on passenger and commercial vehicle sales, lowering demand. Europe continues to dominate market growth, a pattern that is projected to continue in the coming years; however, due to a recent drop in automobile sales in the region, the adoption rate has fallen. Due to economic stimulus packages and municipal constraints, the regional market is projected to see a mixed recovery cycle. Due to the COVID-19 epidemic, countries around the world have suffered a setback, significantly harming vehicle production. Following the initial lockdowns in March 2020, supply chain issues occurred, with some production facilities grinding to a halt. However, beginning in 2022, the automotive industry is predicted to rebound.
Major Players Included in this market report are FLABEG Holding GmbH (Germany), Magna International Inc. (Canada), Ficosa International S.A. (Spain), Ichikoh Industries, Ltd. (Japan), Gentex Corporation (US), SL Corporation (South Korea), and Burco Inc. are the leading participants in the vehicle rearview mirror market (U.S.). Among the companies involved are Valeo SA (France), Honda Lock Manufacturing (Japan), Lumax Automotive Systems Ltd (India), and Murakami Corporation (Japan).
Market, By Mounting Position:
The door-mounted type is more typically utilized because of the installation position. This is primarily because of the simplicity and flexibility with which electrical and electronic systems can be syndicated. This facilitates the replacement and repair of mirror parts if necessary.
Market, By Features:
The smart rearview mirror is more expensive and offers a wider range of functionality based on technology. The traditional rearview mirror, on the other hand, is a less expensive alternative that can be installed in even the most basic vehicles.
Market, By Product Type:
In 2020, the smart rear-view mirror sector was the most popular, accounting for over 70% of the market. These devices include an integrated camera and allow the driver to switch from a typical rear-view mirror to an LCD display screen. These mirrors aid visibility in poor weather circumstances or when the view is obstructed by towering freight and commercial trucks.
Market, by Vehicle Type:
The market is divided into three categories based on vehicle type: Passenger cars, HCV and LCV.
By Mounting Position:
Blind Spot Detection
By Product Type:
Smart Rear-view Mirror
Conventional Rear-view Mirror
By Vehicle Type:
Passenger car (PC)
Heavy commercial vehicle (HCV)
Light commercial vehicle (LCV)
In 2020, Asia Pacific had the greatest revenue share of almost 50%, and this dominance is expected to continue throughout the forecast period. Due to rising car production in India, China, and Japan. In 2020, the area produced more than half of all vehicles produced worldwide. Furthermore, by 2028, the regional market is predicted to develop due to an increase in demand for luxury automobiles in India, as well as the availability of new purchases and replacements of automotive parts.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 10.52 Billion|
|Market Size by 2030||US$ 15.19 Billion|
|CAGR||CAGR of 4.7% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Mounting Position (Door Mounted, Body Mounted)
• by Features (Auto-dimming, Automatic Folding, Heating Function, Blind Spot Detection, Power Control, Others)
• by Product Type (Smart Rear-view Mirror, Conventional Rear-view Mirror)
• by Vehicle Type (Passenger car (PC), Heavy commercial vehicle (HCV), Light commercial vehicle (LCV))
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||FLABEG Holding GmbH (Germany), Magna International Inc. (Canada), Ficosa International S.A. (Spain), Ichikoh Industries, Ltd. (Japan), Gentex Corporation (US), SL Corporation (South Korea), and Burco Inc. are the leading participants in the vehicle rearview mirror market (U.S.). Among the companies involved are Valeo SA (France), Honda Lock Manufacturing (Japan), Lumax Automotive Systems Ltd (India), and Murakami Corporation (Japan).|
|Key Drivers||• To begin with, global car sales have been steadily increasing as people's spending power has increased around the world.
• As vehicle movement has risen, the safety elements employed in automobiles have shifted dramatically.
|RESTRAINTS||• They are boosting their research budget and investing considerably.
• Market growth is being hampered by a rising trend for advanced cameras rather than mirrors.
Frequently Asked Questions (FAQ) :
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Rear-View Mirror Market Segmentation, by Mounting Positions
8.1 Door Mounted
8.2 Body Mounted
9. Global Automotive Rear-View Mirror Market Segmentation, by Features
9.2 Automatic Folding
9.3 Heating Function
9.4 Blind Spot Detection
9.5 Power Control
10. Global Automotive Rear-View Mirror Market Segmentation, by Product type
10.1 Smart Rear-view Mirror
10.2 Conventional Rear-view Mirror
11. Global Automotive Rear-View Mirror Market Segmentation, by Vehicle type
11.1 Passenger car (PC)
11.2 Heavy commercial vehicle (HCV)
11.3 Light commercial vehicle (LCV)
12. Regional Analysis
12.2 North America
12.2.1 the USA
12.3.2 the UK
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 FLABEG Holding GmbH (Germany)
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Magna International Inc. (Canada)
13.3 Ficosa International S.A. (Spain)
13.4 Ichikoh Industries, Ltd. (Japan)
13.5 Gentex Corporation (US)
13.6 SL Corporation (South Korea)
13.7 Burco Inc. Valeo SA (France)
13.8 Honda Lock Manufacturing (Japan)
13.9 Lumax Automotive Systems Ltd (India)
13.10 Murakami Corporation (Japan)
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
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