The global automotive electrically adjustable outside rear view mirror (ORVM) market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global automotive electrically adjustable outside rear view mirror (ORVM) market 2019-2023. (Graphic: Business Wire)
OEMs are increasingly integrating automotive electrically adjustable ORVMs with additional functionalities such as heated mirrors, puddle lamps, and mirrors with auto-fold function. Some mirror systems also incorporate a joystick or adjustment buttons to electrically fold the mirrors. Such features enhance the functionality of electrically adjustable ORVMs and contribute to the convenience in the vehicle. They also increase the overall cost of electrically adjustable ORVMs and help vendors generate more revenue. This growing integration of advanced features in electrically adjustable OVRMs is expected to fuel the growth of the market during the forecast period.
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As per Technavio, the increased offerings in side rear-view mirror for trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market: Increased Offerings in Side-View Mirror for Trucks
Prominent automotive OEMs are offering ADAS with electrically adjustable OVRMs for pickup trucks. For instance, Ford Motors offers blind spot information system (BLIS) on outside rear-view mirrors in its F-150 pickup truck. GM offers a similar feature in its RAM pickup truck. The rear cross-traffic alert information available on the side view mirror improves safety. The integration of such safety systems with OVRMs is enhancing the value proposition of automotive mirror systems. This trend is expected to have a positive impact on the growth of the global electrically adjustable outside rear view mirror (OVRM) market during the forecast period.
"Vehicle access systems comprising of mirrors having biometric authentication and the increasing availability of electrically adjustable OVRMs in entry-segment vehicles in APAC will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Global Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market: Segmentation Analysis
This market report segments the global automotive electrically adjustable outside rear view mirror (ORVM) market by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the increasing adoption of electrically adjustable OVRMs in passenger vehicles in China, Japan, South Korea, and India.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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