The automotive electrically adjustable outside rear view mirror (ORVM) market is expected to grow at a CAGR of 14.5% during the forecast period of 2024 to 2032. Automotive electrically adjustable outside rear view mirror (ORVM) market encompasses the development, manufacture, and sale of electronically controlled mirrors that are primarily used in vehicles to enhance the driver's view of the road and surroundings. These mirrors can be adjusted from inside the vehicle using electronic controls, which provides convenience and increased safety while driving. The integration of technologies such as heating to clear fog and frost, and auto-dimming to reduce glare from headlights at night, further enhances their functionality. As the automotive industry continues to evolve with more focus on safety and comfort, the demand for advanced ORVMs is expected to grow, supporting the expansion of this market.
Drivers
Increasing Emphasis on Vehicle Safety and Comfort
The growing global focus on vehicle safety is a significant driver for the electrically adjustable ORVM market. As safety regulations become stricter, automotive manufacturers are incorporating more advanced safety features that include the use of electrically adjustable ORVMs. These mirrors help in eliminating blind spots and improve the field of vision for drivers, which is crucial for preventing accidents. Additionally, the comfort provided by these mirrors, allowing drivers to adjust their views without stretching or straining, enhances the overall driving experience. This focus on combining safety with comfort is propelling the adoption of electrically adjustable ORVMs across both premium and mid-range vehicles.
Technological Advancements in Mirror Features
Technological advancements in electrically adjustable ORVMs, such as the integration of cameras, blind-spot information systems, and signal indicators, drive market growth. These features not only enhance safety by providing broader visual coverage and alerts for potential hazards but also integrate seamlessly with other vehicle systems to provide a cohesive driving experience. The trend towards connected and autonomous vehicles is accelerating the adoption of such advanced mirrors, as they are vital components in the vehicle’s overall sensor and safety systems, playing a key role in the functionality of advanced driver-assistance systems (ADAS).
Rise in Automobile Production and Sales Worldwide
The increase in global automobile production and sales is a direct catalyst for the expansion of the electrically adjustable ORVM market. As consumer demand for more equipped and sophisticated vehicles grows, the inclusion of electrically adjustable ORVMs becomes a standard feature, especially in new and updated car models. The burgeoning middle class in emerging economies, coupled with increasing purchasing power, has led to heightened demand for vehicles equipped with modern conveniences, including advanced ORVMs. This trend is expected to continue as more consumers from these markets aspire to own vehicles enhanced with the latest technologies.
Restraint
High Cost of Advanced ORVM Technologies
While the advantages of electrically adjustable ORVMs are clear, the high cost associated with these advanced technologies poses a significant restraint. The integration of cameras, sensors, and other electronic components in ORVMs substantially increases the cost of these mirrors compared to standard manual mirrors. This price difference can be a crucial factor for automotive manufacturers, especially those targeting cost-sensitive markets or operating under tight margins. Moreover, the replacement costs for these high-tech mirrors in case of damage or failure are also considerably higher, which may deter both manufacturers and consumers from choosing these advanced options. This cost factor is a major hurdle affecting the wider adoption of electrically adjustable ORVMs, particularly in developing regions where consumers are more price-conscious.
Market Segmentation by Technology
The automotive electrically adjustable ORVM market is segmented by technology into electrically adjustable mirrors, heated mirrors, auto-dimming mirrors, and integrated camera mirrors. Integrated camera mirrors are projected to exhibit the highest Compound Annual Growth Rate (CAGR) due to their increasing adoption in new vehicle models as part of the shift towards more advanced safety features and the integration of vehicle systems. These mirrors combine traditional reflective functions with cameras to provide an expanded field of view, reducing blind spots significantly and integrating with vehicle display systems to provide real-time visual feedback. This technology is particularly appealing in the context of semi-autonomous and autonomous vehicles, which require robust sensor systems to safely navigate roads. On the other hand, heated mirrors are expected to generate the highest revenue within the market. The primary driver for the revenue dominance of heated mirrors is their widespread adoption in regions with cold climates, where they are essential for safe driving conditions. Heated mirrors prevent the build-up of ice and fog, maintaining clear visibility, which is crucial during adverse weather conditions. Their relative simplicity compared to more technologically advanced mirrors makes them a popular choice across both premium and standard vehicle segments, ensuring their continued revenue leadership.
Market Segmentation by Sales Channel
In the automotive electrically adjustable ORVM market, segmentation by sales channel includes Original Equipment Manufacturers (OEMs) and the aftermarket. The OEM segment is expected to experience the highest CAGR due to the increasing incorporation of advanced ORVMs in new vehicles. As automotive manufacturers continue to innovate and integrate more sophisticated technologies into their vehicles, the demand for advanced mirrors such as electrically adjustable, auto-dimming, and integrated camera mirrors directly from OEMs is expected to grow. This trend is supported by rising consumer expectations for high-tech safety features as standard offerings in new vehicles. Conversely, the aftermarket segment accounts for the highest revenue. The durability of vehicle components like mirrors varies, and they are often subject to damage from accidents, making them common aftermarket replacements. Additionally, as vehicle owners seek to upgrade older models with new technologies, the demand for advanced ORVMs in the aftermarket increases. This demand is further driven by the availability of cost-effective solutions in the aftermarket, appealing to consumers who wish to enhance their vehicles without the premium price tag of OEM parts. The aftermarket's capacity to offer a variety of options at competitive prices helps maintain its revenue lead in the segment.
Geographic Segment
The automotive electrically adjustable ORVM market displays distinctive geographic trends influenced by varying levels of vehicle production, technological adoption, and economic factors across regions. Asia-Pacific is expected to record the highest Compound Annual Growth Rate (CAGR) from 2024 to 2032, driven by robust vehicle production in countries like China, India, and Japan. The region's rapid economic growth, increasing consumer spending on automobiles, and the swift adoption of advanced technologies, including safety enhancements in vehicles, fuel this growth. Moreover, the push towards electric vehicles in these markets, which often incorporate more advanced ORVMs as standard features, also contributes significantly to the growth rate. In terms of revenue, North America is projected to maintain the highest revenue percentage, thanks to its established automotive industry, stringent safety regulations that mandate advanced driver assistance systems (ADAS), and high consumer preference for technologically equipped vehicles. The presence of major automotive manufacturers and suppliers who continually innovate in the ORVM space further supports the region's revenue dominance, ensuring ongoing investment and development in the sector.
Competitive Trends
In the competitive landscape of the automotive electrically adjustable ORVM market, key players such as Continental, Denso, Ficosa, Gentex, Hitachi, Honda, Magna, Mekra, Robert Bosch, and Valeo play pivotal roles. In 2022, these companies showcased substantial revenues due to their innovative product offerings and strong global footprints. From 2024 to 2032, these leading manufacturers are expected to intensify their focus on technological advancements in ORVMs, including the integration of cameras and other smart features that enhance vehicle safety and functionality. The strategic emphasis will likely be on expanding product capabilities to include features like auto-dimming, heating, and advanced image processing to cater to the growing demands of autonomous and semi-autonomous vehicles. Collaboration with automobile manufacturers will be crucial, as OEMs increasingly seek integrated solutions that contribute to overall vehicle design and functionality enhancements. Moreover, mergers and acquisitions are anticipated to be a strategic approach to enhance market presence and technical expertise, especially in rapidly growing markets such as Asia-Pacific and Latin America. Investment in R&D is also expected to be a key strategy for these companies, aiming to lead in innovation and adapt to the evolving regulatory landscapes regarding vehicle safety standards. Additionally, these firms are likely to explore new manufacturing and distribution strategies to optimize cost efficiency and improve market penetration in emerging regions, where there is significant growth potential due to increasing vehicle sales and upgrading of regulatory standards for vehicle safety. Through these comprehensive strategies, top players in the ORVM market aim to secure a competitive edge and drive both technological advancement and market expansion during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Technology
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Vehicle
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Propulsion
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Sales Channel
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
