Global Automotive Outside Rearview Mirrors (Orvm) Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive outside rearview mirrors (ORVM) market is witnessing significant growth and innovation driven by several key factors. Firstly, the increasing emphasis on vehicle safety and regulations mandating the integration of advanced safety features in automobiles are boosting the demand for advanced ORVM systems. Manufacturers are focusing on developing ORVMs equipped with features like blind-spot detection, auto-dimming, and integrated cameras to enhance driver visibility and reduce accidents.

Secondly, the rising adoption of electric vehicles (EVs) and autonomous vehicles is fueling the demand for smart ORVMs with integrated sensors and connectivity features. These advanced mirrors play a crucial role in providing real-time data for advanced driver assistance systems (ADAS) and autonomous driving functionalities, thereby driving their integration into next-generation vehicles.

Technological advancements such as the integration of cameras and displays in ORVMs to replace traditional mirrors are gaining traction. These digital mirror systems offer improved aerodynamics, reduced glare, and enhanced visibility, contributing to better overall vehicle performance and safety.

The market is witnessing a shift towards lightweight materials and aerodynamic designs in ORVMs to improve fuel efficiency and reduce CO2 emissions. Manufacturers are investing in research and development to create ORVMs using materials like carbon fiber and aluminum, while also focusing on sleek designs to enhance the aesthetics of vehicles. Overall, the global automotive ORVM market is poised for steady growth driven by technological advancements, safety regulations, and the evolving automotive landscape.

Global Automotive Outside Rearview Mirrors (Orvm) Segment Analysis

In this report, the Global Automotive Outside Rearview Mirrors (Orvm) Market has been segmented by Vehicle Type, Powertrain Type, Feature Type, Sales Channel Type and Geography.

Global Automotive Outside Rearview Mirrors (Orvm) Market, Segmentation by Vehicle Type

The Global Automotive Outside Rearview Mirrors (Orvm) Market has been segmented by Vehicle Type into Passenger Car and Commercial Vehicle.

The global automotive outside rearview mirrors (ORVM) market is witnessing significant growth, fueled by the rising demand for passenger cars and commercial vehicles worldwide. ORVMs play a crucial role in enhancing driver visibility and safety, thereby driving their widespread adoption across various vehicle types. The market has been segmented primarily into passenger cars and commercial vehicles to cater to distinct consumer needs and preferences.

Passenger cars constitute a substantial portion of the automotive ORVM market, owing to the increasing production and sales of passenger vehicles across regions. With advancements in automotive technology and the integration of advanced features such as auto-dimming, blind-spot detection, and integrated turn signals, the demand for ORVMs in passenger cars is expected to surge further. Moreover, the emphasis on vehicle aesthetics and design has propelled the adoption of sleek and stylish ORVMs, contributing to market growth.

Commercial vehicles also represent a significant segment in the automotive ORVM market, driven by the expanding logistics and transportation industry globally. Commercial vehicles, including trucks, buses, and vans, require robust and durable ORVMs to ensure safety and efficiency during transportation operations. The incorporation of features such as wide-angle mirrors and heating elements in ORVMs for commercial vehicles further enhances their functionality, addressing the specific needs of commercial vehicle operators.

Geographically, the automotive ORVM market is witnessing substantial growth across regions such as Asia-Pacific, Europe, North America, and the rest of the world. Asia-Pacific, in particular, dominates the market due to the presence of key automotive manufacturing hubs such as China, Japan, and India. The region's growing automotive production and sales, coupled with increasing investments in advanced automotive technologies, are driving the demand for ORVMs. Additionally, stringent safety regulations mandating the installation of ORVMs in vehicles are further bolstering market growth globally.

Global Automotive Outside Rearview Mirrors (Orvm) Market, Segmentation by Powertrain Type

The Global Automotive Outside Rearview Mirrors (Orvm) Market has been segmented by Powertrain Type into ICE and Electric.

The global automotive outside rearview mirrors (ORVM) market is witnessing a significant transformation, largely driven by advancements in powertrain technologies. One of the key segmentation factors influencing this market is the type of powertrain used in vehicles. As such, the market has been divided into two main categories: Internal Combustion Engine (ICE) and Electric powertrains.

The ICE segment continues to dominate the market, representing vehicles powered by traditional gasoline or diesel engines. These vehicles maintain a strong presence in many regions worldwide, particularly in emerging economies where infrastructure for electric vehicles is still developing. However, despite the enduring popularity of ICE vehicles, the segment is experiencing increasing pressure to innovate and adapt to stricter emissions regulations and consumer demand for fuel efficiency.

In contrast, the electric powertrain segment is experiencing rapid growth and is poised to disrupt the automotive industry. Electric vehicles (EVs) offer several advantages, including zero emissions, lower operating costs, and a smoother driving experience. As governments implement policies to reduce carbon emissions and incentivize electric vehicle adoption, the demand for EVs is expected to surge, consequently driving the market for electric ORVMs.

The segmentation of the automotive ORVM market by powertrain type reflects the industry's transition toward cleaner, more sustainable transportation solutions. While ICE vehicles remain prevalent, the rise of electric powertrains signifies a shift towards greener mobility options, presenting both challenges and opportunities for automakers and suppliers in the global market.

Global Automotive Outside Rearview Mirrors (Orvm) Market, Segmentation by Feature Type

The Global Automotive Outside Rearview Mirrors (Orvm) Market has been segmented by Feature Type into Auto-Dimming, Blind Spot Indicator, Automatic Folding and Others.

The global automotive outside rearview mirrors (ORVM) market continues to evolve with technological advancements and changing consumer preferences. One of the key factors driving this market is the increasing emphasis on safety features in vehicles. As a result, there has been a growing demand for ORVMs with advanced features such as auto-dimming and blind spot indicators. These features enhance driver visibility and help mitigate the risks associated with lane changing and maneuvering in congested traffic.

Auto-dimming ORVMs automatically adjust the brightness of the mirror to reduce glare from headlights of trailing vehicles, improving nighttime visibility and reducing driver fatigue. Similarly, blind spot indicators use sensors to detect vehicles in the driver's blind spots and provide visual or audible warnings, thereby assisting in safer lane changes. These features are becoming increasingly popular among consumers, especially in regions with strict safety regulations and high traffic density.

Automatic folding ORVMs are another segment gaining traction in the market. These mirrors can be folded electronically, either automatically when the vehicle is parked or manually by the driver, reducing the risk of damage in tight parking spaces or narrow streets. The convenience offered by automatic folding mirrors is driving their adoption across various vehicle segments.

Apart from these features, there are other advanced functionalities being integrated into ORVMs, such as integrated turn signals, camera-based systems for surround view, and heating elements for defogging and de-icing. Manufacturers are continuously innovating to differentiate their products and cater to the diverse needs of consumers worldwide. As automotive technology continues to advance, ORVMs are expected to play an increasingly significant role in enhancing both safety and convenience on the road.

Global Automotive Outside Rearview Mirrors (Orvm) Market, Segmentation by Sales Channel Type

The Global Automotive Outside Rearview Mirrors (Orvm) Market has been segmented by Sales Channel Type into OEM and Aftermarket.

The global automotive outside rearview mirrors (ORVM) market is experiencing significant segmentation based on sales channel type, primarily divided into Original Equipment Manufacturer (OEM) and Aftermarket. As a fundamental component of vehicle safety and aesthetics, ORVMs play a crucial role in providing drivers with essential visibility and enhancing the overall exterior design of automobiles.

Within the OEM segment, ORVMs are integrated into vehicles during the manufacturing process by automotive manufacturers themselves or their authorized suppliers. This segment is characterized by stringent quality standards and specifications mandated by automakers to ensure seamless integration and compliance with safety regulations. OEM ORVMs are often preferred by consumers due to their compatibility with vehicle design and warranty coverage.

The Aftermarket segment encompasses ORVMs that are sold separately from the original vehicle equipment. These mirrors are typically available through various distribution channels such as specialty stores, online retailers, and automotive parts shops. Aftermarket ORVMs offer consumers flexibility in terms of customization, replacement, and upgrading options, catering to diverse preferences and requirements.

The dynamics of the global automotive ORVM market are influenced by factors such as technological advancements, regulatory standards, consumer preferences, and the overall automotive industry landscape. While OEM ORVMs dominate the market in terms of volume due to their inclusion in new vehicle sales, the aftermarket segment is witnessing steady growth driven by factors like vehicle customization trends and the need for replacement parts. Manufacturers and retailers operating in this market are continuously innovating and expanding their product offerings to capitalize on emerging opportunities and meet evolving consumer demands.

Global Automotive Outside Rearview Mirrors (Orvm) Market, Segmentation by Geography

In this report, the Global Automotive Outside Rearview Mirrors (Orvm) Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Outside Rearview Mirrors (Orvm) Market Share (%), by Geographical Region, 2023

The global automotive outside rearview mirrors (ORVM) market continues to witness significant growth, driven by a combination of technological advancements, increasing vehicle production, and stringent safety regulations worldwide. As one of the essential safety components of a vehicle, outside rearview mirrors play a crucial role in enhancing driver visibility and overall road safety. The market is witnessing a steady rise in demand for advanced ORVM systems equipped with features such as auto-dimming, blind-spot detection, integrated cameras, and heating functionalities, catering to the evolving consumer preferences for enhanced driving experience and convenience.

North America stands as a prominent market for automotive outside rearview mirrors, fueled by robust automotive production, stringent safety norms, and the presence of key market players investing in innovative mirror technologies. Europe follows suit, driven by the region's strong automotive industry and the adoption of advanced safety technologies. The Asia Pacific emerges as a frontrunner in the global ORVM market, attributed to the rapid expansion of the automotive sector, particularly in countries like China, India, Japan, and South Korea. Additionally, the increasing focus on vehicle safety standards and the rising demand for premium vehicles equipped with advanced mirror systems are propelling market growth across the region.

The Middle East and Africa, along with Latin America, are witnessing steady growth in the automotive outside rearview mirrors market, supported by improving economic conditions, rising disposable income, and increasing automotive production. Moreover, the growing awareness regarding vehicle safety and the implementation of regulations mandating the use of safety features in automobiles are expected to further drive market growth across these regions. Overall, the global automotive outside rearview mirrors market is poised for continuous expansion, driven by technological innovations, safety regulations, and the growing emphasis on enhancing driver visibility and safety on the roads.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Outside Rearview Mirrors (Orvm) Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Safety regulations compliance
• Technological advancements in vehicles
• Increasing demand for premium vehicles
• Growing focus on vehicle aesthetics

• Rising awareness of road safety: With increasing awareness of road safety, the global automotive outside rearview mirrors (ORVM) market is experiencing significant growth. Governments across the world are implementing stringent regulations regarding vehicle safety, mandating the incorporation of advanced safety features such as ORVMs. These mirrors play a crucial role in enhancing visibility for drivers, reducing blind spots, and consequently minimizing the risk of accidents. Additionally, the rising demand for advanced driver assistance systems (ADAS) is further propelling the market growth, as ORVMs are often integrated with these systems to provide functions such as lane departure warning and blind spot detection.

  Technological advancements in ORVMs are driving market expansion. Manufacturers are increasingly incorporating features like auto-dimming, integrated turn signals, and heating elements to improve functionality and safety. Furthermore, the growing adoption of electric vehicles (EVs) is anticipated to fuel the demand for ORVMs, as these vehicles often come equipped with advanced safety features to enhance the overall driving experience. As a result, the global automotive outside rearview mirrors market is expected to witness continued growth in the coming years, driven by both regulatory mandates and consumer demand for safer driving experiences.

Restraints

• High production costs
• Fluctuating raw material prices
• Integration complexities with vehicles
• Threat of substitute technologies

• Limited availability of skilled labor: The global automotive outside rearview mirrors (ORVM) market faces challenges due to the limited availability of skilled labor. These mirrors are intricate components requiring precision engineering and careful assembly, which demands a workforce with specialized skills. However, the pool of skilled labor in this field is limited, leading to bottlenecks in production and potential quality issues. This shortage can impact the timely delivery of ORVMs to manufacturers, causing disruptions in the automotive supply chain and affecting production schedules.

  Despite these challenges, the global automotive ORVM market continues to grow due to increasing demand for advanced safety features and aesthetic enhancements in vehicles. Manufacturers are investing in automation and technology to mitigate the impact of labor shortages. Additionally, efforts to train and upskill existing workers are underway to address the skills gap. Collaborations between industry stakeholders and educational institutions are also being fostered to ensure a steady supply of skilled labor in the future. These initiatives, coupled with technological advancements, are expected to drive the growth of the automotive ORVM market in the coming years.

Opportunities

• Expansion in emerging markets
• Adoption of smart mirrors
• Collaboration with technology firms
• Development of electric vehicle mirrors

• Customization for autonomous vehicles: The global automotive outside rearview mirrors (ORVM) market is witnessing a significant transformation, primarily fueled by the rapid advancement in autonomous driving technologies. With the burgeoning demand for safety, convenience, and enhanced driving experience, manufacturers are increasingly integrating advanced features into ORVM systems. These features include cameras, sensors, and intelligent algorithms, enabling functions such as blind-spot detection, lane departure warning, and automated parking assistance. Moreover, the integration of ORVMs with vehicle-to-everything (V2X) communication systems is further enhancing their capabilities, facilitating real-time exchange of information with other vehicles and infrastructure, thereby augmenting overall road safety and traffic efficiency.

  Customization has emerged as a key trend in the automotive ORVM market, driven by the diverse preferences and requirements of consumers worldwide. Manufacturers are offering a plethora of customization options, ranging from aesthetic enhancements such as sleek designs and integrated LED indicators to functional upgrades like auto-folding mechanisms and heating elements. Additionally, the advent of additive manufacturing technologies has facilitated the production of personalized ORVMs tailored to individual specifications. This trend not only caters to the growing demand for unique vehicle aesthetics but also underscores the industry's shift towards personalized mobility solutions in the era of autonomous vehicles.

Key players in Global Automotive Outside Rearview Mirrors (Orvm) Market include:

• Gentex Corporation
• Samvardhana Motherson Reflectec
• Magna International, Inc.
• Ficosa International SA
• Continental AG
• Murakami Corporation
• Tokai Rika Co., Ltd.
• Mitsuba Corporation
• SL Corporation
• Flabeg Automotive Holding GmbH

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis