Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive electrically adjustable outside rear-view mirror (ORVM) market can be segmented based on vehicle type, mirror type, control type, and region. In terms of vehicle type, the market encompasses passenger cars, commercial vehicles, and electric/hybrid vehicles. Passenger cars represent the largest segment due to their widespread adoption and higher demand for advanced safety and convenience features. Commercial vehicles, including trucks and buses, also contribute significantly to the market, driven by regulatory mandates and the need for enhanced visibility and safety. With the increasing adoption of electric and hybrid vehicles, there is a growing demand for electrically adjustable ORVMs specifically tailored to the requirements of these vehicles, such as lightweight designs and integration with energy-efficient systems.

Another key segmentation parameter is mirror type, which includes flat mirrors, convex mirrors, and aspheric mirrors. Flat mirrors are the most commonly used type, offering a clear and accurate reflection of objects behind the vehicle. Convex mirrors are typically used for wider-angle visibility, making them suitable for larger vehicles like trucks and buses. Aspheric mirrors feature a curved surface that helps minimize blind spots and improve overall visibility. The choice of mirror type depends on factors such as vehicle size, driving conditions, and driver preferences. Additionally, the market can be segmented based on control type, including manual control and electric control. While manual control mirrors remain prevalent in some entry-level vehicles and budget segments, electric control mirrors are increasingly becoming the norm, offering greater convenience and functionality for drivers.

Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Segment Analysis

In this report, the Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market has been segmented by Application and Geography.

Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market, Segmentation by Application

The Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market has been segmented by Application into Passenger vehicles and Commercial vehicles.

The global automotive electrically adjustable outside rear-view mirror (ORVM) market can be segmented by application into passenger vehicles and commercial vehicles. Passenger vehicles, including sedans, hatchbacks, SUVs, and luxury cars, represent a significant portion of the market. These vehicles often come equipped with electrically adjustable ORVMs as standard or optional features, driven by consumer demand for enhanced safety and convenience. Electrically adjustable ORVMs in passenger vehicles offer drivers the ability to customize mirror positions effortlessly, improving visibility and reducing blind spots for safer driving experiences. Additionally, manufacturers are integrating advanced features such as auto-folding, auto-dimming, and integrated turn signals into electrically adjustable ORVMs in passenger vehicles to enhance functionality and aesthetics, further driving market growth.

Commercial vehicles, including trucks, buses, vans, and utility vehicles, also constitute a notable segment in the global automotive electrically adjustable ORVM market. These vehicles require mirrors with specific functionalities to cater to the unique needs of commercial operations. Electrically adjustable ORVMs in commercial vehicles play a crucial role in enhancing driver visibility, maneuverability, and overall safety, especially in heavy traffic and tight spaces. Moreover, regulatory mandates mandating the inclusion of safety features in commercial vehicles, coupled with the increasing adoption of advanced vehicle technologies, are driving the demand for electrically adjustable ORVMs in this segment. Manufacturers are focusing on developing robust and durable electrically adjustable ORVMs tailored to the rugged demands of commercial use, contributing to market expansion in the commercial vehicle segment.

Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market, Segmentation by Geography

In this report, the Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market Share (%), by Geographical Region, 2023

North America represents a significant market for electrically adjustable ORVMs, driven by the region's strong automotive industry and high consumer demand for safety and convenience features. Stringent safety regulations and the presence of leading automotive manufacturers contribute to the adoption of advanced mirror technologies in this region.

In Europe, the automotive electrically adjustable ORVM market is characterized by a mature automotive sector and a strong focus on vehicle safety and innovation. European consumers prioritize vehicles equipped with advanced safety features, including electrically adjustable ORVMs with additional functionalities like auto-dimming and blind-spot detection.

The Asia Pacific region is witnessing rapid growth in the automotive electrically adjustable ORVM market, fueled by the increasing sales of passenger cars and commercial vehicles in countries like China, India, and Japan. Rising disposable incomes, urbanization, and expanding automotive production capacities are driving the demand for vehicles equipped with advanced safety and convenience features, including electrically adjustable ORVMs.

In the Middle East and Africa (MEA) region, the automotive electrically adjustable ORVM market is influenced by factors such as improving economic conditions, urbanization, and infrastructure development. As consumers in this region increasingly prioritize vehicle safety and comfort, there is a growing demand for vehicles equipped with electrically adjustable ORVMs.

Latin America exhibits a growing market for automotive electrically adjustable ORVMs, driven by rising vehicle sales and the expansion of the automotive industry in countries like Brazil and Mexico. The adoption of advanced mirror technologies is supported by regulatory initiatives aimed at enhancing vehicle safety standards and reducing road accidents in the region.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Increasing Focus on Vehicle Safety
• Consumer Demand for Convenience Features
• Regulatory Mandates
• Technological Advancements

• Increasing Vehicle Sales: The increasing sales of vehicles worldwide serve as a significant driver for the global automotive electrically adjustable outside rear-view mirror (ORVM) market. As the automotive industry experiences continuous growth, particularly in emerging economies, there is a rising demand for vehicles equipped with advanced safety and convenience features. Electrically adjustable ORVMs are increasingly becoming standard or optional equipment in modern vehicles, catering to consumer preferences for enhanced visibility, convenience, and safety while driving. With more consumers purchasing vehicles, especially passenger cars and commercial vehicles, the demand for electrically adjustable ORVMs is expected to surge, driving the growth of the market.

  Evolving consumer preferences and changing lifestyle trends are influencing the automotive market landscape. Consumers are increasingly prioritizing vehicles that offer enhanced comfort, convenience, and safety features, including electrically adjustable ORVMs. These mirrors provide drivers with greater control over their field of vision, allowing them to adjust the mirrors according to their preferences and driving conditions. As a result, automakers are incorporating electrically adjustable ORVMs into their vehicle designs to meet consumer demands and remain competitive in the market. The growing consumer inclination towards vehicles equipped with advanced features is anticipated to propel the demand for electrically adjustable ORVMs, thereby fueling the growth of the global market.

Restraints

• Cost Constraints
• Complexity and Reliability Concerns
• Maintenance and Repair Costs
• Compatibility Issues

• Power Supply Dependence: One significant restraint affecting the global automotive electrically adjustable outside rear-view mirror (ORVM) market is the dependence on power supply. Electrically adjustable ORVMs rely on electrical power to function, whether it's through the vehicle's battery or auxiliary power sources. This dependency poses several challenges, particularly in situations where power supply may be compromised or interrupted. For instance, in the event of a vehicle malfunction or electrical failure, electrically adjustable ORVMs may become inoperable, limiting the driver's ability to adjust the mirrors for proper visibility. Such scenarios could potentially compromise driving safety, especially in critical situations where immediate adjustments are necessary to avoid accidents or hazards on the road.

  Power supply dependence introduces considerations related to vehicle battery life and energy consumption. Electrically adjustable ORVMs draw electrical power from the vehicle's battery, which is also responsible for powering other essential vehicle systems. Excessive use of electrically adjustable ORVMs, particularly in vehicles equipped with multiple electrically powered features, can contribute to battery drain and affect overall vehicle performance. Additionally, in electric and hybrid vehicles where battery capacity is crucial for range and efficiency, the operation of electrically adjustable ORVMs may impact driving range and require careful management of energy usage. As automotive manufacturers strive to enhance vehicle efficiency and address concerns related to battery life and energy consumption, mitigating the power supply dependence of electrically adjustable ORVMs becomes a key consideration in product development and design.

Opportunities

• Integration of Advanced Safety Features
• Expansion of Electric and Hybrid Vehicle Market
• Customization and Personalization
• Integration with Advanced Connectivity Features

• Adoption of Smart Mirror Technologies: The global automotive electrically adjustable outside rear-view mirror (ORVM) market presents significant opportunities for the adoption of smart mirror technologies. As vehicle manufacturers continue to focus on enhancing safety, convenience, and connectivity features, smart mirrors offer a compelling solution. Smart mirrors integrate advanced technologies such as cameras, sensors, and displays to provide drivers with enhanced visibility, improved situational awareness, and additional functionalities. These mirrors can offer features such as blind-spot detection, lane departure warning, and rear-cross traffic alert systems, thereby enhancing driver safety and reducing the risk of accidents.

  Smart mirrors contribute to the overall digitalization and connectivity of vehicles, aligning with the trend towards smart and autonomous vehicles. By incorporating connectivity features, smart mirrors can seamlessly integrate with other onboard systems and external networks, enabling functionalities such as vehicle-to-vehicle communication, navigation assistance, and augmented reality displays. Additionally, smart mirrors can support advanced driver assistance systems (ADAS) and autonomous driving technologies, providing critical information and assistance to drivers in various driving scenarios. As the automotive industry moves towards autonomous and connected vehicles, the adoption of smart mirror technologies is expected to accelerate, driving growth opportunities in the global automotive electrically adjustable ORVM market.

Key players in Global Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market include:

• Magna International Inc
• Ficosa International SA (Panasonic Corporation)
• Samvardhana Motherson Group (SMG)
• Gentex Corporation
• Murakami Corporation
• Valeo SA
• Mitsuba Corporation
• SL Corporation
• Honda Lock Manufacturing Co., Ltd
• Stoneridge, Inc

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