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Automotive Rear-View Mirror Market

Automotive Rear-View Mirror Market Size, Share and Segmentation 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)), by Regions - Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1054 | May 2022 | Region: Global | 127 Pages

Report Scope & Overview:

Automotive Rear-View Mirror Market Size was valued at USD 10.05 billion in 2021 and is expected to reach USD 13.86 billion by 2028 and grow at a CAGR of 4.7% over the forecast period 2022-2028.

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.

Automotive Rear-View Mirror Market Revenue Graph

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.

MARKET DYNAMICS: 

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.

  • Automobile manufacturers must contend with fierce rivalry in the automotive industry, they offer cutting-edge technological features at competitive costs.

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.

OPPORTUNITIES: 

  • 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.

CHALLENGES: 

  • 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.

KEY PLAYERS:

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 ESTIMATION: 

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.

MARKET SEGMENTATION:

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)

Automotive Rear-View Mirror Market Segment Chart

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The 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

Automotive Rear-View Mirror Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 10.05  Billion
Market Size by 2028 US$ 13.86 Billion
CAGR CAGR of 4.7% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

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

9.1 Auto-dimming

9.2 Automatic Folding

9.3 Heating Function

9.4 Blind Spot Detection

9.5 Power Control

9.6 Others

 

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

12.1 Introduction

12.2 North America

12.2.1 the USA

12.2.2  Canada

12.2.3  Mexico

12.3 Europe

12.3.1  Germany

12.3.2  the UK

12.3.3  France

12.3.4  Italy

12.3.5  Spain

12.3.6  The Netherlands

12.3.7  Rest of Europe

12.4 Asia-Pacific

12.4.1  Japan

12.4.2  South Korea

12.4.3  China

12.4.4  India

12.4.5  Australia

12.4.6  Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1  Israel

12.5.2  UAE

12.5.3  South Africa

12.5.4  Rest

12.6 Latin America

12.6.1  Brazil

12.6.2  Argentina

12.6.3  Rest of Latin America

 

13. Company Profiles

13.1 FLABEG Holding GmbH (Germany)

13.1.1 Financial

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

 

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of a good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach a stage wherein we can provide our clients best and most accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research as the name suggests is a research process wherein, we collect data through readily available information. In this process, we use various paid and unpaid databases to which our team has access and gather data through the same. This includes examining listed companies’ annual reports, Journals, SEC filling, etc. Apart from this, our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various universities as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content-specific facts that can be sued to solve specific problems. Since the collected data is fresh and first-hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply sides of the industry to make sure we land an accurate judgment and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses, and observation of on-field participants. The below-mentioned chart should give a better understanding of part 1 of the primary interview.

Part 2: In this part of the primary research the data collected via secondary research and part 1 of the primary research is validated with the interviews with individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Step 4: QA/QC Process

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Step 5: Final QC/QA Process:

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