Rear-View Mirror Market

Global Rear-View Mirror Market Research Report: By Feature Type (Auto-Dimming, Blind Spot Detection, Power Control, Automatic Folding, Heating Function, Others), By Mounting Location (Door Mounted, Body Mounted), By Product Type (Smart Rear-View Mirror, Conventional Rear-View Mirror), By Type (Exterior Mirror, Interior Mirror), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2024-2032.

Automobile & Transportation | December 2023 | Report ID: EMR00371 | Pages: 301

The global rear-view mirror market was valued at USD 9.68 billion in 2023 and is estimated to reach approximately USD 14.40 billion by 2032, at a CAGR of 4.5% from 2024 to 2032.

 

Driving experiences and car safety were completely transformed with the introduction of the rear-view mirror. Ray Harroun brought the first rearview mirror to the Indianapolis 500 event in the late 19th century, improving safety. It didn't become a typical feature in cars, though, until the 20th century. The 1920s saw the fast expansion of the automobile industry, which contributed to the widespread usage of mirrors. With fewer blind spots and the ability to assess surrounding traffic more quickly, its straightforward but essential design greatly increased driver visibility.

The purpose of mirrors was further enhanced over time by changes in material, such as the incorporation of anti-glare technology and the replacement of plain glass with shatter-resistant materials. The rear-view mirror changed over time to include technological technologies like auto-dimming, cameras, and sensors in response to changing safety regulations. Rear-view mirrors are still evolving nowadays; they can now be integrated with advanced driver assistance systems (ADAS) and even switch to digital displays in certain situations. Their continued existence is proof of their essential role in making driving safer and more effective.

 

 

 

REAR-VIEW MIRROR MARKET: REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2023)

9.68 Bn

Projected Market Value (2032)

14.40 Bn

Base Year

2023

Forecast Years

2024 - 2032

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Feature Type, By Mounting Location, By Product Type, By Type, & Region

Segments Covered

By Feature Type, By Mounting Location, By Product Type, By Type, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2024 to 2032

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Global Rear-View Mirror Market Dynamics

Traditional mirror functions have changed as a result of advancements in vehicle technology, such as the incorporation of cameras, sensors, and augmented reality. This development satisfies the need for greater convenience, safety, and visibility. Regulations requiring rear-view sight in cars have had a big impact on consumer preferences and pushed automakers to create more sophisticated and effective mirror systems. Furthermore, customer desires for more sophisticated designs, enhanced functionality, and intelligent features also impact the market dynamics.

Blind-spot detection systems, integrated displays, and auto-dimming mirrors are in high demand as a result of this. The evolution of rear-view mirrors into multifunctional, technologically complex components—often integrated into larger vehicle management systems—has been further accelerated by the rise of electric and driverless vehicles. Because of increased manufacturer competition, R&D expenditures have been made to produce creative mirror solutions that follow changing vehicle trends. It is projected that the market will shift in the future toward digital mirrors, utilizing AI-powered systems and high-resolution cameras to improve safety and meet the rising demand for connected and autonomous cars. These changes highlight how technology and consumer tastes are always guiding the rear-view mirror industry in a dynamic landscape.

 

Global Rear-View Mirror Market Drivers

  • Rise of Electric and Autonomous Vehicles

Because EVs have special design requirements and place a strong focus on energy economy and aerodynamics, they require mirror solutions that are more integrated and sleeker to match their streamlined exteriors. The switch to electric drivetrains also offers a chance to rethink the features of mirrors; for example, they may be combined with energy-saving screens or cameras to improve performance and range. Furthermore, mirrors have a new role as autonomous vehicles (AVs) become more commonplace. AVs depend heavily on sensor arrays and sophisticated technology for safety and navigation. To provide complete situational awareness, autonomous vehicles (AVs) frequently include a variety of sensors, such as LiDAR and cameras.

This progression might result in a move away from conventional mirrors and toward sophisticated sensor-based systems or augmented reality screens that work in unison with the vehicle's autonomous functions. Furthermore, mirrors may become multifunctional displays or be replaced by more advanced sensor arrays in fully autonomous vehicles, where occupants may not require direct visibility controls. The market for rear-view mirrors is significantly impacted by the convergence of electric and autonomous vehicle technologies, which is driving innovation toward more integrated, cutting-edge, and functional mirror solutions for the future of the automotive industry.

  • Consumer Demand for Enhanced Features

Consumers of today demand more from their cars than simply basic operation; they place a higher value on innovative technology, convenience, and safety. Rear-view mirrors with advanced features like integrated cameras, blind-spot detection systems, auto-dimming capabilities, and smart displays are in high demand due to this demand. These much-needed improvements address safety concerns by providing better visibility and supporting drivers in difficult driving situations. In addition, customers' growing dependence on technology in their daily lives has an impact on the market for rear-view mirrors with cutting-edge technology integrated into them. Mirrors becoming interactive centers inside the car, augmented reality displays, connection, and other smart device compatibility are becoming more and more desirable.  Furthermore, as consumer preferences for a harmonious and contemporary vehicle exterior and interior grow, sleek and aesthetically beautiful designs that smoothly integrate with the overall vehicle aesthetics are becoming increasingly important.

 

Restraints:

  • Regulatory Compliance Challenges

Mirror system adaptations that meet these specifications frequently require significant investments in R&D and manufacturing procedures. Automotive manufacturers and mirror suppliers may have time, resource, and production cost issues in complying with these rules. The manufacturing and distribution processes are further complicated by the need for flexible solutions that satisfy a variety of compliance requirements due to regional or national regulatory differences. Product development processes may be impacted by the requirement to update and alter mirror designs frequently in order to comply with evolving safety regulations, which could postpone the release of novel features or innovations.

The versatility of design alternatives may be restricted by compliance constraints, which could hinder manufacturers' ability to provide integrated, svelte mirror solutions that satisfy regulatory standards and consumer preferences. Furthermore, managing these regulatory environments necessitates continuous efforts to keep up with new guidelines, which can add to the administrative strain and complicate the release of compliance mirror systems. As a result, the rear-view mirror market frequently faces obstacles due to these compliance issues in terms of innovation, production efficiency, and the prompt release of cutting-edge mirror solutions.

  • Cybersecurity Risks

Rear-view mirrors are vulnerable to cyberattacks as they become more sophisticated systems with cameras, sensors, and perhaps networked interfaces. Vulnerabilities in these systems put cars at danger of cyberattacks, jeopardizing not just the mirrors' performance but also any other vehicle systems with which they might be linked. It is crucial to have strong cybersecurity safeguards in place for rear-view mirrors in order to stop unwanted access, data breaches, and remote manipulation. Stricter security protocol implementation, however, complicates the development process and may lengthen development schedules and production costs.

A major difficulty is striking a balance between the requirement for sophisticated features and strong cybersecurity protections, since increased security may interfere with the smooth operation and user experience of these mirrors in cars. Furthermore, because cybersecurity threats are dynamic, it is necessary to continuously upgrade and patch systems to protect against new threats. This results in a continuous need for maintenance and support. In order to establish consumer confidence in the safety and dependability of digital mirror systems, manufacturers must overcome several obstacles.

 

Opportunities:

  • Technological Advancements

Rear-view mirrors are evolving from reflective surfaces to multipurpose, digitally upgraded systems as new technologies come out quickly. There is a lot of potential for increasing safety, boosting user experience, and redefining driver assistance through the integration of cutting-edge technologies such as augmented reality displays, high-resolution cameras, and AI-driven features. Rear-view mirrors' potential to be equipped with cutting-edge sensor technology, such radar or LiDAR, increases their usefulness beyond simple visibility aids.

In-depth environmental data from these sensors can improve situational awareness and allow predictive analysis, which helps drivers make wise judgments while driving. The transition to digital mirrors also offers customisation options, enabling adaptive displays to adjust to user preferences and driving circumstances. The ongoing development of technology also makes it possible to integrate smart gadgets or other car systems with seamless connectivity. Rearview mirrors might become important hubs in cars with this kind of connectivity, giving users access to safety, entertainment, communication, and navigation systems.

  • Emerging Markets and Global Expansion

There is a great chance to launch and establish rear-view mirror solutions in these developing markets as they see economic expansion and a rise in the demand for automobiles. These areas frequently see a rise in the number of people owning cars, both personal and commercial, which raises the need for automotive parts, such as sophisticated rearview mirrors, significantly. Furthermore, there are chances to customize mirror solutions to meet particular regional needs due to the distinct preferences and regulations found in growing economies. Specialized mirror systems that satisfy the needs and preferences of different markets can be developed by adjusting to varying client requirements, affordability concerns, and environmental factors.  Furthermore, entering new markets opens up opportunities for aftermarket services and sales, which can offer modifications or replacements for current cars in areas where rearview mirror technology may be lagging behind. To improve market penetration and brand visibility in certain locations, strategic partnerships, collaborations, or the establishment of local manufacturing and distribution networks are recommended.

 

Segment Overview

By Feature Type

Based on feature type, the global rear-view mirror market is divided into auto-dimming, blind spot detection, power control, automatic folding, heating function, others. The heating function category dominates the market with the largest revenue share in 2023. In cold weather, fogging, ice, and frost accumulation are avoided by mirrors with heating features. By eliminating any weather-related obstacles, the heating element embedded in the mirror surface contributes to the preservation of visibility. Auto-dimming mirrors automatically change their brightness to improve visibility for the driver by reducing glare from headlights of oncoming vehicles.

They reduce distractions from strong lights by using sensors to measure light intensity and dim the mirror appropriately. Blind spot detection systems on mirrors use sensors to keep an eye out for cars that are in the driver's blind spots in adjacent lanes. When a car is found in the blind spot, they usually inform the driver visually via symbols or flashing lights. With a single button press from inside the car, drivers can electronically modify the position of power control mirrors. They provide ease by making it simple to change the mirror angle manually. When a car is parked or moving, automatic folding mirrors can automatically fold or retract, improving ease in confined parking places and lowering the possibility of damage in crowded situations.

 

By Mounting Location

Based on the mounting location, the global rear-view mirror market is categorized into door mounted, body mounted. The door mounted category leads the global rear-view mirror market with the largest revenue share in 2023.  The exterior of the car's doors has these mirrors attached to it. They are frequently found in many contemporary cars and are usually located on the front doors, closer to the driver and front passenger. Door-mounted mirrors provide a clear view of the back and side sections of the car, improving visibility and safety by giving a wider field of vision.

Body-mounted mirrors are not connected directly onto the doors like door-mounted mirrors are; instead, they are affixed to the bodywork of the car, commonly around the fender or A-pillar. Though they are still utilized in some car designs and types, these mirrors were more prevalent in earlier car models.

 

By Product Type

Based on product type, the global rear-view mirror market is segmented into smart rear-view mirror, conventional rear view mirror. The smart rear-view mirror segment dominates the rear-view mirror market. These mirrors have features beyond the conventional reflective surface, such as additional functions and cutting-edge technologies. Digital screens or displays that can alternate between a traditional reflecting mode and a digital one are frequently found in smart rear-view mirrors. The mirror can show data from built-in cameras, sensors, or networking functions while it is in digital mode.

This includes augmented reality overlays such as blind spot monitoring, navigation information, and live video feeds from rear-view cameras. The classic reflective surfaces that provide a clear view of the area directly behind the car are called conventional rear-view mirrors. Other than mirroring the images of their surroundings, they lack integrated digital displays and other technical characteristics. Traditional rear-view mirrors help the driver see objects and cars behind the car by using only the optics of reflected surfaces.

 

By Type

Based on type, the global rear-view mirror market is divided into exterior mirror, interior mirror. The exterior mirror category dominates the market with the largest revenue share in 2023. The outside of the car is where these mirrors are located, usually on the passenger and driver sides. Exterior mirrors, sometimes referred to as side or wing mirrors, are essential for giving the driver view of the surroundings, including other lanes and the back of the car. In order to help drivers make wise decisions whether changing lanes, merging, or navigating through traffic, they assist in monitoring the traffic behind and beside the car. Inside the car, interior mirrors are usually installed on the inside roof or the windshield. The main purpose of interior mirrors is to allow viewing through the back window and a rearward view from inside the car.  They facilitate parking, reversing, and keeping drivers aware of oncoming traffic by helping them keep an eye on the traffic directly behind their car. Interior mirrors frequently have simple reflective surfaces and may have auto-dimming features to lessen headlight glare.

 

Global Rear-View Mirror Market Overview by Region

The global rear-view mirror market is categorized into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific emerged as the leading region, capturing the largest market share in 2023. Countries like China, India, Japan, and South Korea have seen a spike in automobile ownership due to factors like rapid economic expansion, rising urbanization, and an expanding middle class. In the region, the use of cutting-edge rear-view mirror technologies has been fueled by the growing demand for cars and strict safety laws. Furthermore, the Asia-Pacific market has become increasingly significant in propelling developments within the rear-view mirror industry, because of the automotive industry's focus on innovation and the integration of smart technologies in automobiles.

 

 

Over the course of the projection period, Europe is expected to experience the greatest compound annual growth rate (CAGR) in the rear-view mirror market. The car industry's emphasis on technical innovation and stricter safety rules are propelling the adoption of improved rear-view mirror systems. Smart features like auto-dimming, blind-spot detection, and linked technology are being included into cars at a faster rate by European automakers, which is driving up demand for more advanced mirror systems.

 

Global Rear-View Mirror Market Competitive Landscape

In the global rear-view mirror market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.

Some of the prominent players in the global rear-view mirror market include,

  • Continental AG
  • Murakami Corporation
  • VALEO; TOKAIRIKA, CO, LTD
  • SL Corporation.
  • Ishizaki Holdings
  • GENTEX CORPORATION
  • Ficosa Internacional SA
  • Magna International Inc.
  • Mitsuba Corp., and various others.

 

Global Rear-View Mirror Market Recent Developments

  • In September 2022, The mirror business of ICHIKOH INDUSTRIES, LTD was acquired by Motherson, a manufacturer of automobile components. Japanese OEMs are the main clientele of Ichikoh Industries, a Valeo SE subsidiary. With this calculated purchase, Motherson enters the Japanese market and adds three production facilities in China and Japan.
  • In August 2022, The newest model from AUDI AG's India branch, the Q3, debuted with a number of notable technological innovations. These upgrades contribute to more comfort and convenience in addition to increasing driver safety. The new Q3 has a number of improvements that improve the driving experience in addition to these features.
  • In January 2022, In a calculated move, General Motors (GM) said that it would invest over USD 4 billion to expand its ability to produce electric vehicles at two of its factories located in Michigan. As a key part of this strategic drive, GM formed a cooperative relationship with LG Energy Solution and presented a plan for a state-of-the-art USD 2.5 billion battery plant in Lansing.

 

Scope of the Global Rear-View Mirror Market Report

Rear-View Mirror Market Report Segmentation

ATTRIBUTE

DETAILS

By Feature Type

  • Auto-Dimming
  • Blind Spot Detection
  • Power Control
  • Automatic Folding
  • Heating Function
  • Others

By Mounting Location

  • Door Mounted
  • Body Mounted

 

By Product Type

  • Smart Rear-View Mirror
  • Conventional Rear-View Mirror

By Type

  • Exterior Mirror
  • Interior Mirror

By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

  • Global Rear-View Mirror Market Size and Forecast: To identify and estimate the market size for the global rear-view mirror market segmented by feature type, by mounting location, by product type, by type, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of rear-view mirror between 2019 and 2032.
  • Market Landscape and Trends: To identify and infer the drivers, restraints, opportunities, and challenges for the global rear-view mirror market
  • Market Influencing Factors: To find out the factors which are affecting the sales of rear-view mirror among consumers
  • Impact of COVID-19: To identify and understand the various factors involved in the global rear-view mirror market affected by the pandemic
  • Company Profiling:  To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.

Intended Audience

  • Automotive Manufacturers
  • Technology Providers
  • Automotive Component Suppliers
  • Research Institutions and Academia
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

 

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

On the basis of Geography, The rear-view mirror market is classified into North America, Europe, Asia Pacific, and the Rest of the world.
According to rear-view mirror market research, the market is expected to grow at a CAGR of ~4.5% over the coming years.
Europe is expected to register the highest CAGR during 2024 - 2032
Asia-Pacific held the largest share in 2023.
The major players operating in the global rear-view mirror market include Continental AG; Murakami Corporation; VALEO; TOKAIRIKA, CO; LTD.; SL Corporation.; Ishizaki Holdings; GENTEX CORPORATION; Ficosa Internacional SA; Magna International Inc.; Mitsuba Corp., and various others.