Wilmington, Delaware, United States, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global automotive rear view mirror market is estimated to flourish at a CAGR of 5.0% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for automotive rear view mirror is estimated to reach US$ 18.0 billion by the end of 2031.
A significant driver is the increasing emphasis on design aesthetics and customization options. Automakers are integrating rear view mirrors as a key element of vehicle styling, offering sleek designs, customizable features, and premium finishes enhancing overall vehicle aesthetics.
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Some prominent players are as follows:
- Gentex Corporation
- Magna International Inc.
- Ichikoh Industries Ltd.
- Ficosa Internacional SA
- SMRPBV
- SL Corporation
- Lumax Automotive Systems Ltd.
- Burco Inc.
- Flabeg Automotive Glass Group GmbH
- Murakami Corporation
- Valeo SA
- Continental AG
- Tokai Rika Co. Ltd.
- Honda Lock Mfg. Co. Ltd.
- Sakae Riken Kogyo Co. Ltd.
- Stoneridge
- VOXX Electronics Corp.
- Xiaomi Corporation
The rise of shared mobility and ride-hailing services is driving demand for rear view mirrors with enhanced durability and anti-vandalism features. Rear view mirrors in shared vehicles endure higher usage rates and exposure to potential vandalism, necessitating robust construction and damage-resistant materials to ensure longevity and reliability.
Regulatory changes and standards for pedestrian safety are shaping rear view mirror design and placement. Automakers are exploring innovative mirror configurations and technologies to minimize blind spots and enhance pedestrian visibility, aligning with evolving safety regulations and enhancing overall vehicle safety ratings.
Key Findings of the Market Report
- Auto dimming feature segment is leading the automotive rear view mirror market, enhancing driver visibility and reducing glare for improved safety.
- The passenger vehicle segment, including Sedans, SUVs, Hatchbacks, and Off-road Vehicles, leads the automotive rear view mirror market.
- The windshield segment leads the automotive rear view mirror market, offering crucial visibility and safety features for drivers' optimal awareness.
Automotive Rear View Mirror Market Growth Drivers & Trends
- Increasing emphasis on vehicle safety drives demand for rear view mirrors with features like blind-spot detection, lane departure warning, and auto-dimming capabilities.
- Growing adoption of integrated camera systems enhances rear view mirror functionality, providing better visibility and aiding in parking and maneuvering.
- Electric vehicle proliferation prompts the development of rear view mirrors with improved aerodynamics, lightweight materials, and integrated sensors to optimize efficiency.
- Integration of connectivity features and digital displays transforms rear view mirrors into multifunctional interfaces, enabling navigation, entertainment, and communication within the vehicle.
- Advancements in autonomous driving technology spur innovation in rear view mirrors, with emphasis on augmented reality displays and sensor fusion systems for enhanced situational awareness.
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Global Automotive Rear View Mirror Market: Regional Profile
- In North America, stringent safety regulations and consumer preferences for advanced automotive features drive market growth.
- Companies like Gentex Corporation and Magna International Inc. lead with innovative mirror technologies, including auto-dimming mirrors and integrated cameras, catering to safety and convenience demands.
- In Europe, renowned automotive manufacturers prioritize design and technology, propelling the adoption of advanced rear view mirrors.
- Ficosa International S.A. and Murakami Corporation are prominent players, offering sophisticated mirror solutions with features like blind-spot detection and lane departure warning systems.
- Asia Pacific emerges as a dynamic market fueled by rapid urbanization and increasing vehicle sales. Companies like Mitsuba Corporation and Ichikoh Industries Ltd. dominate the region, supplying high-quality rear view mirrors tailored to diverse vehicle segments.
- The rise of electric vehicles and autonomous driving technology further drives market expansion, fostering innovation in smart mirrors and camera-based systems.
Automotive Rear View Mirror Market: Competitive Landscape
The automotive rear view mirror market boasts a competitive landscape shaped by key players such as Gentex Corporation, Magna International Inc., and Ficosa International S.A. These companies lead with advanced mirror technologies, including auto-dimming mirrors, integrated cameras, and blind-spot detection systems, catering to evolving safety and convenience needs.
Rising demand for connected and autonomous vehicles fuels innovation, driving companies to develop smart mirrors with augmented reality displays and enhanced functionality.
Strategic collaborations, mergers, and acquisitions are common strategies employed to expand product portfolios and global market presence, ensuring fierce competition and continuous advancements in automotive rear view mirror technology.
Product Portfolio
- Valeo SA offers innovative automotive technology solutions, including advanced driver assistance systems, lighting systems, and powertrain components. With a focus on safety, comfort, and sustainability, Valeo's products enhance vehicle performance and driving experience while promoting environmental responsibility in the automotive industry.
- Continental AG specializes in providing cutting-edge automotive technologies such as tires, brake systems, and vehicle electronics. With a strong commitment to innovation and quality, Continental AG's products ensure safety, efficiency, and comfort for drivers worldwide, shaping the future of mobility.
Automotive Rear View Mirror Market: Key Segments
By Feature
- Auto Dimming
- Blind Spot Detection (BSD)
- Power Control
- Automatic Foldable
- Heated
- Indicator
- Others
By Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- SUV
- Commercial Vehicle
- LCV
- HCV
- Bus & Coach
- Off-road Vehicle
By Position
- Interior
- Roof
- Windshield
- Exterior
By Type
- Conventional
- Smart
By Product Type
- Flat Mirror
- Convex Mirror
- Aspheric or Wide Angle Mirror
- Two-piece Spotter Mirror
- Two-piece Tow Mirror
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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