Automotive Electrically Adjustable Outside Rear View Mirror Market Size & Share 2024 to 2032

Automotive Electrically Adjustable Outside Rear View Mirror Market Size

The global automotive electrically adjustable outside rear view mirror market was valued at USD 3 billion in 2023 and is projected to grow at a CAGR of 14.9% between 2024 and 2032. The increasing attention given to automotive safety and convenience devices is one of the more important factors fueling the growth of the market. The functionalities of auto-dimming, heating, and integrated cameras, which are principally geared toward improving coverage and comfort for the driver, have rapidly become basic consumer expectations.

Automakers are also expected to incorporate superior mirror technologies into their vehicles due to the new regulations on road safety put in place by the government. This pattern is most discernable in the markets of North America and Europe, which tend to be aggressively safe. The addition of these functionalities in the midrange and high-end automobiles speeds up the growth of the market even further.

For instance, GMI indicates that the market size of the Automotive Active Safety Systems was valued at USD 145.3 billion in 2023 and is expected to grow at over 13% between 2024 and 2032. This rapid growth in investment in active safety systems of vehicles parallels with the growing automotive OEMs push to add more advanced technology for external rearview mirrors which helps propels the market growth.
 

The growth of the automotive industry in emerging markets is another driver for the electrically adjustable outside rear view mirror market. As vehicle production and sales rise in regions like Asia-Pacific and Latin America, there’s an increasing demand for enhanced vehicle features, including advanced mirror systems. Economic growth and rising disposable incomes in these regions enable consumers to opt for vehicles with modern safety and convenience technologies. This expansion in demand supports the growth of the market globally.
 

Automotive Electrically Adjustable Outside Rear View Mirror Market Trends

Provision of enhanced visibility and safety is increasingly propelling the market towards digital display modes. Digital rear view mirrors offer a broader view with little to no obstruction which decreases blind spots and enhances the drivers’ awareness in challenging conditions. Moreover, they can be switched to regular mirrors making them adaptable, and display modes making them versatile for drivers. In addition, integrating with other advanced driver assistance systems (ADAS) enhances driver’s night vision subsequently boosting their confidence. Furthermore, in some cases, digital mirrors aid in the increasing trend of streamlining the design of vehicles by removing bulky side mirrors.
 

For instance, in June 2023, Peugeot Sport partnered with Gentex Corporation to equip its 9X8 Hybrid Hypercar with an advanced digital rearview mirror for the 24 Hours of Le Mans and the FIA World Endurance Championship. This Gentex Full Display Mirror (FDM) system enhances the driver’s visibility by streaming video from a rear-facing camera to an LCD display integrated into the mirror, helping drivers maintain situational awareness during high-speed endurance races.
 

Driver Gustavo Menezes noted its benefits in reducing blind spots, improving safety in traffic. This technology, also available in passenger vehicles, can switch between standard mirror and digital display modes.
 

A key issue in the automotive electrically adjustable outside rear view mirror is the technology change over the years. Firms must adapt to advanced research as consumers expect more innovations such as automatic dimming, blind-spot monitoring, and integrated cameras. This requires a great deal of research and development, which can be very expensive, especially for smaller businesses.
 

Also, the problem with keeping the various models of the car and the distinguishing electric systems in mind during the production stage increases the complexity of the production. The staff has to be continually educated and skilled, which increases the operational costs significantly
 

Automotive Electrically Adjustable Outside Rear View Mirror Market Analysis

Based on vehicle type, the market is segmented into passenger and commercial vehicles. In 2023, the passenger vehicle segment accounted for over 75% of the automotive electrically adjustable outside rear view mirror market share and is expected to exceed USD 6 billion by 2032.
 

• The passenger segment is the largest shareholder in the automotive electrically adjustable outside rear view mirror market for ergonomic reasons. The growth of automobiles with electric mirror adjustment is closely related to the desire of drivers to have an optimal view from the car. There has also been a dramatic increase in the number of new car models that have these mirrors as a standard option. In addition, the growing popularity of premium automobiles, which enhance mirrors with advanced features, tends to strengthen this segment.
   
• An increase in disposable income allows the general population to spend more on premium grade vehicles that have these features. In addition, safety regulations that advocate the increased use of mirrors for better visibility are also factors that aid the increased need for electric mirrors in passenger vehicles.

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Based on the propulsion, the automotive electrically adjustable outside rear view mirror market is divided into ICE and electric vehicles. The ICE segment held more than 80% of the market share in 2023 but electric vehicles are observing higher growth rate.
 

• The sales of Internal Combustion Engine (ICE) vehicles dominate the global automotive market owing to their well-established infrastructure, availability of fuel at a lower cost compared with electric vehicles (EVs), and lower purchase costs. Many consumers are still leaning towards ICE vehicles because of fuel stations’ extensive stocking of the particular car fuel.
   
• All the same, the automotive electrically adjustable outside rear view mirror market shares for the electric vehicle segment are growing fast as advances in battery technologies have enhanced driving ranges and decreased the time taken for charging. The growth in EV adoption is being fueled further by elevating awareness on environmental concerns along with government incentives. Additionally, automobile manufacturers are increasing their investment in electric vehicle production and expanding their portfolios of EVs in response to shifting consumer expectations.
   
• With the continual expansion of charging infrastructure, the ease of owning an EV will undoubtedly increase, leading to even faster growth of the EV market.

In 2023, China accounted for a automotive electrically adjustable outside rear view mirror market share of over 60% in Asia Pacific region and is expected to exceed USD 2 billion by 2032.
 

• China is of the top producers of the automotive electrically adjustable outside rear view mirror for multifactorial reasons. First, the size of the country’s automotive industry is unparalleled resulting in high consumption of composite vehicle parts such as mirrors. Moreover, accelerated urban migration paired with increase in per capita income revolutionized the vehicle ownership in the country making it essential to have advanced features of mirrors such as electric adjustment.
   
• There are also policies initiated and implemented by important stakeholders in the automotive industry such as the government that motivates the use of modern technologies and civil electric vehicle (EV) supports which usually comes with bettered mirror systems. In addition, a large number of new local manufacturers are actively participating in R&D making it possible for them to sell good quality products at low prices. All of these, together with demand, policy backing, and local manufacturing capabilities make the region dominate the market.
   
• The North American automotive electrically adjustable outside rear view mirror market will continue to grow due to the constant push toward safer vehicles. In the pursuit of enhanced security measures in automobiles, engineers design rear view mirrors with built in blind spot detection and camera systems.
   
• The region has a large population of automotive manufacturers and suppliers which creates a healthy marketplace for innovation. Apart from that, these changes in the market are supplemented by people paying more attention to how cars look and how they are used. Government regulations aimed at improving vehicle safety also raise the demand for these advanced vehicle safety mirrors.
   
• In Europe on the other hand, the automotive electrically adjustable outside rear view mirror market is on the rise due to improvement in safety regulations and focus on vehicle sustainability. The drive from the region towards reducing carbon emissions and a push for electric vehicles has resulted in a greater demand for effective mirror technologies that improve visibility as well as performance within EVs.
   
• There is an increase among European customers for premium vehicle features such as automatic dimming and adaptive mirrors which in turn is propelling market growth. Also, many manufacturers are undertaking investment in R&D to meet the changing demand. The landscape is characterized by the cooperation of automotive firms with technology firms for value chain integration in order to enrich the product offerings in the market.
   

Automotive Electrically Adjustable Outside Rear View Mirror Market Share

• Gentex Corporation, Ficosa International, and Magna International held over 48% of the market share in 2023 for the automotive electrically adjustable outside rear view mirror (ORVM) industry.
   
• These mirrors have an assured position within the competitive landscape of the ORVM market, which includes established firms as well as new entrants. The major competitors Ficosa, Gentex and Magna focus their efforts in capturing a majority of the market share by improving in their R&D through intelligent adaptive mirrors and smart mirrors. These companies are addressing consumer’s needs of being comfortable and seeing clearly while focusing on the safety, aesthetics, and functionality.
   
• In addition, with the increased number of electric vehicles in the industry, competitors are looking to develop electrical integration, lightweight designs, camera integration and other novel mirror solutions for EVs.
   
• Collaborations and partnerships with technology companies are also becoming a common practice as manufacturers strive to achieve efficiency and use new technologies such as AI and the Internet of Things. Such an environment is favorable for the fast-paced developments in the sector of improving and expanding the boundaries of mirror technology and developing the mass markets.
   

Automotive Electrically Adjustable Outside Rear View Mirror Market Companies

Major players operating in the automotive electrically adjustable outside rear view mirror (ORVM) industry are:

• Continental
• Denso
• Ficosa
• Gentex
• Hitachi
• Honda
• Magna
• Mekra
• Robert Bosch
• Valeo
   

Automotive Electrically Adjustable Outside Rear View Mirror Industry News

• In March 2024, Uno Minda launched a new model of four-wheeler electrically adjustable outside rear view mirrors in the Indian market which intends to allow for greater road visibility for the driver. The rear mirrors are made of shatterproof, high quality convex glass and are tested to the recommended standard for vehicle model compatibility and vehicle system performance. This product features a focus on durability and resistance towards damages and cracks under normal conditions. This drive shows the need of the consumers towards a safer driving experience.
   
• In June 2023, Peugeot Sport partnered with Gentex Corporation to equip its 9X8 Hybrid Hypercar with an advanced digital rearview mirror for the 24 Hours of Le Mans and the FIA World Endurance Championship. This Gentex Full Display Mirror (FDM) system enhances the driver’s visibility by streaming video from a rear-facing camera to an LCD display integrated into the mirror, helping drivers maintain situational awareness during high-speed endurance races. Driver Gustavo Menezes noted its benefits in reducing blind spots, improving safety in traffic. This technology, also available in passenger vehicles, can switch between standard mirror and digital display modes.
   

The automotive electrically adjustable outside rear view mirror (ORVM) market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) and Volume (Units) from 2021 to 2032, for the following segments:

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Market, By Technology

• Electrically adjustable mirrors
• Heated mirrors
• Auto-Dimming mirrors
• Integrated camera mirrors

Market, By Vehicle

• Passenger vehicles
  • Hatchback
  • Sedan
  • SUV 
• Commercial vehicles
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)

Market, By Propulsion

• ICE
• Electric vehicles
  • Battery Electric Vehicles (BEV)
  • Plug-in Hybrid Electric Vehicles (PHEV)
  • Hybrid Electric Vehicles (HEV)

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa