Automotive Rear-View Mirror Market Size is projected to reach USD 15.22 Billion by 2030, growing at a CAGR of 7.83%: Straits Research
Asia-Pacific dominated the global rear-view mirror market. COVID-19 wreaked havoc on the automobile and related industries, causing market growth to plummet. Japanese carmakers Toyota, Nissan, and Honda, halted production at many sites in Europe to combat coronavirus, resulting in a significant economic and skilled workforce loss. Europe is the second-largest market dominating the Automotive Rear-View Mirror Market.
New York, United States, July 19, 2022 (GLOBE NEWSWIRE) -- Automotive rear-view mirror encourages careful driving by allowing you to look behind your vehicle without turning your head. People can watch traffic and prepare for any hazards by monitoring their rear-view mirror. It is also helpful for parking because it provides a clean line of sight to the sides and rear of the car. The rear-view mirror is a valuable tool when backing into, parallel parking, or exiting a parking space. Due to exterior design and taller headrests in the back seats, several classic rear-view mirrors have lost vision. As a result, a number of automakers have included smart rear-view mirrors in their vehicles to provide a clear vision while keeping the intended benefits and functionalities.
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Key Insights
The Global Automotive Rear-View Mirror Market is predicted to grow at a CAGR of 7.83% and to be valued at USD 15228.27 million in 2030.
Passenger vehicles dominated the market and is expected to grow at a CAGR of 8.28% generating a revenue of USD 11009.22 million by 2030.
The interior mirror segment dominated the market is expected to grow at a CAGR of 7.74% generating a revenue of USD 10,673.89 million by 2030.
The power-controlled segment held the largest share and is expected to grow at a CAGR of 7.45% generating a revenue of USD 5774.42 million in 2030.
Lucrative Opportunity in the Global Automotive Rear-View Mirror Market
Smart automotive rear-view mirrors have an integrated camera and allow the driver to switch between the regular rear-view mirror and the LCD. It improves visibility in poor weather or when tall cargo and commercial vehicles obstruct the view.
They also come in various forms and sizes, and they contribute to improving aerodynamics, resulting in improved fuel efficiency and drivability. Increased awareness of shared connectivity and mobility, rising demand for fully autonomous automobiles, automatic parking, a preference for comfort and safety features, soaring sales of ultra-luxury vehicles, and technical breakthroughs are all contributing to increased demand.
Report Scope |
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Report Metric | Details |
Market Size | USD 15.22 Billion by 2030 |
CAGR | 7.83% (2020-2030) |
Historical Data | 2019-2020 |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Application, Features Analysis, Sales Channel, and Region |
Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
Key Companies Profiled/Vendors | SMR, Magna International, Gentex, FICOSA, Murakami, Mekra, Flabeg |
Key Market Opportunities | Smart Technology to Create Lucrative Opportunities in the Global Automotive Rear-view Mirror Market |
Key Market Drivers | Safety Concerns to Drive Demand for Global Automotive Rear-view Mirror Market |
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Impact of COVID-19
The multi-faceted impacts of the COVID-19 pandemic wreaked havoc on the automotive sector. On the one hand, most automotive plants suspended or decreased production due to mobility limitations, lockdowns, and public panic. On the other side, the epidemic has detrimental influences on the global economy, with businesses closing and employees being laid off. The general public's discretionary income is rapidly disappearing, and with no idea when normalcy will return, people are apprehensive about spending on non-essentials.
National lockdowns have had a significant impact on the automotive industry, particularly in western countries, particularly in Europe, which is a key manufacturing base. Factory closures have been imposed due to the lockdowns, and firms have been forced to lay off workers due to low sales. The European Automobile Manufacturers Association (ACEA) estimates that more than 1.1 million (1,138,536) of Europe's 2.6 million automotive workers are directly affected by the temporary stoppage. Furthermore, due to the stoppage, manufacturing of 2.06 million units was interrupted in such a short period.
List of Automotive Rear-view Mirror Market Suppliers
SMR
Magna International
Gentex
FICOSA
Murakami
Mekra
Flabeg
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Global Automotive Rear-View Mirror Market: Segmentation
By Type
Interior Mirror
Exterior Mirror
By Application
Passenger Cars
Commercial Vehicles
By Features Analysis
Power Controlled
Blind Spot Detection
Auto Foldale
Heating Function
Others
By Sales Channel
OEM
Aftermarket
By Region
North America
Europe
Asia-Pacific
Latin America
MEA
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Automotive Rear-View Mirror Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Interior Mirror
5.1.2 Market Size & Forecast (Value & Volume)
5.3 Exterior Mirror
5.1.3 Market Size & Forecast (Value & Volume)
6 Application Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Passenger Cars
6.1.2 Market Size & Forecast (Value & Volume)
6.3 Commercial Vehicles
6.1.3 Market Size & Forecast (Value & Volume)
7 Features Analysis Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 Power Controlled
7.1.2 Market Size & Forecast (Value & Volume)
7.3 Blind Spot Detection
7.1.3 Market Size & Forecast (Value & Volume)
7.4 Auto Foldable
7.1.4 Market Size & Forecast (Value & Volume)
7.5 Heating function
7.1.5 Market Size & Forecast (Value & Volume)
7.6 Others
7.1.6 Market Size & Forecast (Value & Volume)
8 Sales Channel Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.2 OEM
8.1.2 Market Size & Forecast (Value & Volume)
8.3 Aftermarket
8.1.3 Market Size & Forecast (Value & Volume)
9 Regional Overview
9.1 Introduction
9.1.1 Market Size & Forecast (Value & Volume)
9.2 North America
9.2.1 Economic Overview
9.2.2 Market Scenario
9.2.3 U.S.
9.2.4 Canada
9.2.5 Mexico
9.3 Central and South America and the Caribbean
9.3.1 Economic Overview
9.3.2 Market Scenario
9.3.3 Brazil
9.3.4 Argentina
9.3.5 Colombia
9.3.6 Rest of Central and South America and the Caribbean
9.4 Europe
9.4.1 Economic Overview
9.4.2 Market Scenario
9.4.3 Germany
9.4.4 France
9.4.5 The U.K.
9.4.6 Italy
9.4.7 The Rest Of Europe
9.5 Asia-Pacific (APAC)
9.5.1 Economic Overview
9.5.2 Market Scenario
9.5.3 China
9.5.4 Japan
9.5.5 India
9.5.6 Australia
9.5.7 South Korea
9.5.8 Rest Of APAC
9.6 Middle East
9.6.1 Economic Overview
9.6.2 Market Scenario
9.6.3 South Arabia
9.6.4 The UAE
9.6.5 Qatar
9.6.6 Oman
9.6.7 Turkey
9.6.8 The Rest Of Middle East
9.7 Africa
9.7.1 Economic Overview
9.7.2 Market Scenario
9.7.3 Nigeria
9.7.4 South Africa
9.7.5 The Rest Of Africa
10 Competitive Landscape — Manufacturers & Suppliers
10.1 Competition Dashboard
10.2 Industry Structure
10.3 SMR
10.3.1 Business Overview
10.3.2 Financial Performance
10.3.3 Recent Developments
10.3.4 Portfolio
10.4 Magna International
10.5 Gentex
10.6 FICOSA
10.7 Murakami
10.8 Mekra
10.9 Flabeg
11 Conclusion & Recommendation
12 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/automotive-rear-view-mirror-market/toc
Market News
In April 2022, Magna International, a Canadian mobility technology business that has partnered with LG Electronics, will manufacture SK On's battery packs. Magna's production complex will also be home to a combined battery factory with LG Energy Solutions and Stellantis.
In March 2021, Gentex Corporation (NASDAQ:GNTX) was named a 2021 Supplier of the Year by General Motors during the company's 30th annual Supplier of the Year awards ceremony in Phoenix, Arizona.
In January 2021, In the future, a top commercial vehicle manufacturer will replace the front mirror with a camera system, thanks to FICOSA, one of the world's leading producers of state-of-the-art image processing, security, and communication systems for the automotive and commercial vehicle industries.
In April 2021, The Motherson group, of which Samvardhana Motherson Automotive Systems Group BV (SMRPBV) is a part, announced the successful completion of the acquisition of a majority stake in Plast Met Plastik Metal San.malatveTic.A..(PM-Bursa) and Plast Met Kalp San.veTic.A..(PM-Istanbul), collectively known as the Plast Met group (Turkey), through its subsidiary Samvardhana Motherson Reflecte (SMR).
In October 2021, Ningbo SMR Huaxiang Automotive Mirrors Ltd. (SMR NBHX), a 50:50 joint venture in China under Samvardhana Motherson Reflectec, announced the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd by Samvardhana Motherson Automotive Systems Group BV (SMRPBV) (SMR).
In December 2021, due to low demand for automotive glass, a German business announced the closure of its plant in Naugatuck, resulting in the loss of 34 employees. According to a corporate statement, Flabeg Technical Glass US Corp. will close its manufacturing facility at 451 Church St. at the end of March.
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