Automotive Outside Rearview Mirror Market: Current Analysis and Forecast (2023-2030)

An outside rearview mirror, also known as an ORVM, is a type of rearview mirror that is mounted outside of a vehicle's side windows to provide the driver with a wider field of view behind the car. This allows for improved visibility when changing lanes or merging onto a busy road. Most modern vehicles come equipped with both inside and outside rearview mirrors, but some older models may only have one or the other. The main function of an outside rearview mirror is to enhance safety by providing a better view of the blind spots around the vehicle. One major factor is the increasing focus on passenger and pedestrian safety, particularly in light of recent advancements in autonomous and semi-autonomous vehicle systems. As these systems rely heavily on accurate sensor data, high-quality rearview mirrors become even more crucial for maintaining safe operation. Additionally, government regulations aimed at improving fuel efficiency and reducing emissions often require vehicles to be lighter and more aerodynamic, which can make it harder to achieve adequate rearward visibility without outside rearview mirrors.

The Automotive Outside Rearview Mirror Market is expected to grow at a strong CAGR of 4.90 % during the forecast period owing to advances in materials science (e.g., use of lightweight composites) and the growing adoption of connected cars featuring smartphone integration and infotainment systems. These features not only improve driver experience but also create new opportunities for value-added services and revenue streams through software updates and subscription-based services.

Based on vehicle type, the market is segmented passenger vehicle and commercial vehicle. Amongst these, the passenger vehicle segment held a dominating share of the market in 2022. Passenger vehicles account for a dominant share in the automotive outside rearview mirror market because they require more advanced safety features than commercial vehicles to ensure the well-being of occupants. Outside rearview mirrors play a crucial role in enhancing driver visibility when changing lanes, merging onto busy roads, or reversing into tight parking spaces. Additionally, passenger cars tend to be used more frequently under various weather conditions and driving scenarios, which highlights the importance of reliable rearward vision even further.

Based on power train type, the market is segmented into ICE and Electric. Amongst these, the ICE segment held a dominating share of the market in 2022 because ICE vehicles are still widely popular globally, particularly in regions like North America, Europe, and Asia Pacific where infrastructure support for alternative energy sources is less developed. As these vehicles require more advanced safety features to compensate for their limited fuel efficiency and high emissions, demand for outside rearview mirrors that improve driver visibility remains strong. Secondly, ICE engines are generally heavier than electric motors, requiring more robust mounting structures and control systems for the outside rearview mirrors to function properly. This translates into higher production costs for EVs, making them less accessible to price-sensitive buyers who prioritize affordability over environmental concerns.

Based on feature type, the market is segmented into auto-dimming, blind spot indicator, automatic folding, and others. The auto-dimming segment has a significant share in the market because auto-dimming rearview mirrors enhance visibility when driving by reducing glare from behind, allowing drivers to see clearly through the rear window without squinting or struggling to make out objects. Additionally, auto-dimming rearview mirrors are suitable for various types of vehicles, including passenger cars, SUVs, trucks, and even commercial fleets. Their versatility makes them an attractive option for many car buyers.

For a better understanding of the market adoption of the automotive outside rearview mirror industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), Rest of World. Asia Pacific has a dominant share in the automotive outside rearview mirror market due to the region being home to some of the world's largest vehicle manufacturers such as Toyota, Honda, and Hyundai, who invest significantly in research and development of advanced technologies including exterior rearview mirrors. This allows them to produce vehicles that cater to local consumer preferences while staying competitive globally. Additionally, many countries in Asia Pacific have rapidly growing middle classes with increasing disposable income, leading to higher demand for passenger vehicles equipped with advanced safety features like outside rearview mirrors. Finally, stringent government regulations regarding road safety and environmental sustainability are driving OEMs (original equipment manufacturers) towards adopting more sophisticated technology solutions to meet these standards. For instance, China mandates all new vehicles sold after July 2019 must feature rearview cameras or outside rearview mirrors with built-in blind spot detection functionality to reduce accidents caused by insufficient visibility. The combination of these factors creates an ideal environment for the growth of the outside rearview mirror market in Asia Pacific.

Some major players operating in the market include GENTEX CORPORATION, SMR Deutschland Gmbh, Magna International, Inc., Ficosa International SA, Continental AG, Murakami Corporation, TOKAIRIKA, CO, LTD., Mitsuba Corp., SL Corporation, and FLABEG AUTOMOTIVE GLASS GROUP GMBH.