The global automotive rear-view mirror market size is predicted to grow at a CAGR of 7.83% and to be valued at USD 15228.27 million in 2030.
The automotive rear-view mirror encourages careful driving by allowing you to look behind your vehicle without turning your head. People can watch traffic and prepare for any hazards by monitoring their rear-view mirror. It is also helpful for parking because it provides a clean line of sight to the sides and rear of the car. The rear-view mirror is a valuable tool when backing into, parallel parking, or exiting a parking space.
It is normally found at the top of the windscreen within the cabin. This device is one of the simplest but most important safety measures in the car. Vehicles often feature a pair of mirrors affixed to the body from the outside. These are also known as ‘side mirrors' or Outer Rear View Mirrors (ORVM), and fulfill the same function.
|Market Size||USD 15228.27 million|
|Fastest Growing Market||Europe|
|Largest Market||Asia Pacific|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
One of the primary elements driving the market growth is concerns about the safety of drivers and passengers in the event of an accident. Certain automobiles' traditional rear-view mirrors have lost vision due to exterior design and larger headrests in the back seats. As a result, a number of automakers have included smart automotive rear-view mirrors in their vehicles to improve vision while maintaining the intended benefits and functionalities.
These smart devices have a full-screen display for clear visibility and may be placed within existing mirrors, allowing users to switch between mirror and camera modes freely. They also assist drivers in better comprehending traffic situations behind the car.
People, products, and services are transported using light commercial vehicles. North America is leading the production of light commercial vehicles. Interior and exterior systems, steering systems, chassis, and other tiny systems make up a light commercial vehicle. Due to the significant development in trade and transportation in the Asia-Oceania region, the manufacturing of light commercial vehicles has increased.
Light commercial vehicles accounted for around 20% of the global automotive rear-view mirror market share in 2019, thanks to growing transportation and logistics activities. Demand is being driven by rising demand for completely autonomous vehicles, automatic parking, a preference for comfort and safety features, increasing sales of ultra-luxury vehicles, and technological developments. Rising sales of high-end and mid-segment vehicles are expected to boost market demand.
A backup camera (also known as a reversing camera or rear-view camera) is a unique form of video camera designed to be mounted on the back of a car to help with backing up and eliminate the rear blind spot. It was created to prevent a backup collision. Due to the high number of accidents, the area directly behind vehicles has been dubbed a "killing zone." In most cases, backup cameras are linked to the vehicle's head unit display.
In the present era, the back camera is used to replace the rear-view mirror. The camera is mounted outside the car, and the acquired images are transferred to the vehicle's display screen so that the driver can see the outside things better. Furthermore, since the camera's range may be enlarged, blind spots can be avoided even more effectively, enhancing the safety element. This scenario poses a severe threat to the automotive rear-view mirror market, resulting in slow revenue growth.
Smart automotive rear-view mirrors have an integrated camera and allow the driver to switch between the regular rear-view mirror and the LCD. It improves visibility in poor weather or when tall cargo and commercial vehicles obstruct the view.
They also come in various forms and sizes, and they contribute to improving aerodynamics, resulting in improved fuel efficiency and drivability. Increased awareness of shared connectivity and mobility, rising demand for fully autonomous automobiles, automatic parking, a preference for comfort and safety features, soaring sales of ultra-luxury vehicles, and technical breakthroughs are all contributing to increased demand.
For example, Nissan has created a rear-view mirror with an integrated LCD panel that displays images from a camera installed on the vehicle's back. This intelligent rear-view mirror allows the driver to switch between the LCD monitor and the regular rear-view mirror depending on the driver's preference. The driver can assess traffic conditions behind the car and utilize the rearview mirror to check on passengers and pets in the back through the clear video images. This contributes to a safer and more pleasant driving experience.
The market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Due to the presence of large manufacturing firms and growing adoption, Asia-Pacific and Europe dominated the global automotive rear-view mirror market share.
Asia-Pacific dominated the global automotive rear-view mirror market and is predicted to grow at a CAGR of 8.63% generating a revenue of USD 7970.117 million by 2030. COVID-19 had wreaked havoc on the automobile and related industries, causing market growth to plummet. To combat coronavirus, Japanese carmakers Toyota, Nissan, and Honda halted production at many sites in Europe, resulting in a significant economic and skilled workforce loss.
Japan's government and car industry are forming a new task force to tackle the impact of the coronavirus on the country's automotive operations as a backup plan for this eventuality. This committee would make certain that steps are taken to prepare for the future impact of the novel coronavirus on the automotive supply chain.
The second-largest market dominating the automotive rear-view mirror market is Europe, generating a revenue of USD 3417.02 million by 2030 According to the European Automobile Manufacturers' Association (ACEA), the European sector registered 953,616 new automobiles last month, a decline of 7.8% and a reversal of fortunes after September marked the first growth of the year.
In Spain, demand fell by 21%, 9.5% in France, and 3.6% in Germany. This state is expected to negatively affect the global market as the region continues to experience pandemic waves. The market is expected to suffer a negative impact during the projected period.
Based on type, the automotive rear-view mirror market share is divided into interior mirrors and outside mirrors. Due to the high cost and extensive requirements, the interior mirror segment dominated the market and is expected to grow at a CAGR of 7.74% generating a revenue of USD 10,673.89 million by 2030. This is usually a mirror composed of flat glass that delivers a true picture of anything behind the driver, often known as the rear-view mirror.
One of the notable factors contributing to the market's major share is the strict rules and regulations surrounding the installation of rear-view mirrors in automobiles in practically every location.
Based on application, the automotive rear-view mirror market share is divided into passenger cars and commercial vehicles. Due to their large manufacturing and aftermarket sales, passenger vehicles dominated the market and is expected to grow at a CAGR of 8.28% generating a revenue of USD 11009.22 million by 2030.
In 2019, a total of 4,59,115 passenger automobiles were registered in 140 countries. The government has adopted various legislation addressing safety measures in response to the rapid increase in the number of passenger vehicles paired with an increase in the number of accidents, providing a lucrative opportunity for market growth.
The market of automotive rear-view mirror is divided into power controlled, blind spot detection, auto foldable, heating function, and others (turn signal and auto-dimming) based on features. These qualities are used in a variety of situations depending on the situation. the power-controlled segment held the largest share and is predicted to grow at a CAGR of 7.45% generating a revenue of USD 5774.42 million in 2030.
A car's electric remote power-controlled automotive rear-view mirror is designed to be positioned outside of the vehicle adjacent to the windshield and on the left or right side of the vehicle for easy sight by the driver. In China, the electrical control function has been widely used in automotive rear-view mirrors.
The market of automotive rear-view mirror is divided into OEM and aftermarket based on the sales channel. OEM dominated the majority of the market with a market share of USD 5,203.7 million in 2021. OEM controls the majority of the automotive rear-view mirror and is likely to grow at a similar or faster rate. They are a prominent stakeholder because of their continuous increase in automotive vehicle production, increasing demand, and is a key buyer for the items.
The growth of the automotive industry declined due to the COVID-19 pandemic's multi-faceted effects. On the one hand, most automotive plants had ceased or reduced production due to mobility restrictions, lockdowns, and public fear. On the other hand, the pandemic has had a negative impact on the global economy, with businesses closing and staff being laid off. The general public's discretionary income is rapidly dwindling, and amid uncertainty about when normalcy will return, the public is wary of spending on non-essentials.
Nationwide lockdowns have significantly impacted the automotive industry, notably in western nations, particularly in Europe, which is a vital manufacturing base. These lockdowns have resulted in the temporary closure of factories, and low sales have forced corporations to lay off employees. The European Automobile Manufacturers Association (ACEA) believes that the temporary shutdown directly impacts more than 1.1 million (1,138,536) of Europe's 2.6 million automotive workers. In addition, the shutdown has halted production of 2.06 million units in such a short period of time.