Europe Automotive Rear-View Mirror Market

Market Overview

The Europe automotive rear-view mirror market size is predicted to grow at a CAGR of 7.1% and to be valued at USD 3842 million in 2030.

The second-largest market dominating the automotive rear-view mirror market is Europe. A gadget that enables the driver to observe what is happening behind them is called a rear-view mirror. Inside the cabin, it can typically be found perched atop the windscreen in some configuration. This device is not only one of the most fundamental, but also one of the most important safety devices in the automobile. It offers the driver help when passing slower vehicles, parking in reverse gear, and other similar manoeuvres. In most cases, automobiles are equipped with a pair of mirrors that are affixed to the exterior of the body. They are commonly known as "side mirrors" or Outer Rear-View Mirrors (ORVM), both of which refer to the same thing and serve the same function.

A swivel joint is a particular kind of joint that is used to hold the rear-view mirror to the windshield. This joint is held in place by an anchor. It provides the capability of adjusting the mirror in accordance with the seating position of the driver. In contrast to the plain glass that was traditionally used in the manufacturing of mirrors, convex lens is now commonly employed instead. The utilisation of convex lenses has significantly boosted the capacity of mirrors to seize images from a greater distance.

On the other hand, the items that appear in the rear-view mirror are much closer than they appear to be. This is due to the fact that the convex lens produces images of the objects that are smaller. Because of this, the manufacturers print a cautionary statement on the rear-view mirror that states, "things in the rear-view mirror are closer than they appear." As a result, this cautionary message is displayed in the rear-view mirrors of cars so that drivers can prevent collisions.

Market Dynamics

Drivers

Mandatory safety regulations imposed by EU government

Blind spots are regions around a vehicle that are not visible to the driver while using conventional mirrors or gazing out the windows of the vehicle. Blind spots are a significant contributor to a significant number of collisions involving tractors-trailers, as they prevent drivers from seeing pedestrians, cyclists, and motorcyclists, particularly while the lorry is turning right (or left in countries that drive on the left: Ireland, Cyprus, Malta and the UK).

The European Union has mandated that all lorries must be outfitted with blind-spot mirrors, which provide drivers with a broader field of vision than traditional mirrors and are intended to cut down on the number of accidents that occur.

Since 2007, blind-spot mirrors have been required by EU law to be installed in all new lorries, and since 2009, these mirrors have also been required to be installed in all older lorries. (The applicable EU Directives cannot be immediately applied; rather, it is necessary for national governments to enact laws that make it mandatory for mirrors to be installed.)

Already, blind-spot mirrors have contributed to a decline in the incidence of collisions involving large trucks and other road users, such as motorcyclists, cyclists, and pedestrians.

Restraints

Reduced demand of Cars in Europe

The simultaneous impact that the coronavirus crisis had on all aspects of the economy was a distinctive characteristic of the crisis as it related to the automotive industry. First, the anti-pandemic efforts that have been taken have greatly cut the demand for brand-new automobiles. The number of passenger vehicles sold all across the world dropped by 15.3%, from 74.9 million to 63.4 million. Much more alarming was the even larger drop that was seen in Europe, which came in at 20.6%. The same period, the market in the European Union fell even more, by 23.7%, and the record sales decline happened in the UK, at 29.4%; both of these declines can be attributed to the effects of leaving the EU. The reduction was 16.7% throughout the nations that are members of the European Free Trade Association (EFTA).

Regional Analysis

The Europe automotive rear-view mirror market is divided on the basis of countries in Europe. It includes U.S., Canada, Mexico & rest of North America.

The automotive sector is of paramount significance to the economy of the European Union (EU), and it also plays a significant part in the functioning of global markets. In instance, Germany is the top of the list when compared to the other countries in Europe.

Segmental Analysis

The Europe automotive rear-view mirror market is divided into two types: interior mirrors and outside mirrors. The interior mirror segment dominated the market due to its high cost and extensive requirements. This is typically a flat-glass mirror that provides a clear view of anything behind the driver, also known as the rear-view mirror.

The market share of the automotive rear-view mirror is split between passenger cars and commercial vehicles, which is determined by the application of the product. Passenger automobiles held a dominant position in the market as a result of their significant production and aftermarket sales.

Based on the characteristics that are included, the market for automobile rear-view mirrors may be broken down into the following categories: power controlled, blind spot detection, auto foldable, heating function, and others (turn signal and auto-dimming). These characteristics are applicable in a wide variety of contexts, depending on the circumstances.

The electric remote power-controlled automotive rear-view mirror of a car is intended to be installed on the exterior of the vehicle, immediately adjacent to the windshield, and either on the left or right side of the vehicle, so that the driver can have an unobstructed view of the area behind the vehicle.

On the basis of the type of sales channel, the market for vehicle rear-view mirrors may be broken down into OEM and aftermarket segments. OEM possesses a predominant share of the vehicle rear-view mirror market and is expected to expand at a rate comparable to or even faster than that of its competitors. They are a significant stakeholder as a result of their persistent rise in automotive vehicle manufacturing, rising levels of demand, and their role as a primary purchaser of the products.

Recent Developments

• January 2022, FICOSA, one of the world's leading suppliers of cutting-edge image processing, security, and communication systems for the automotive and commercial vehicle industries, is planning to install a camera system in place of the front mirror at one of the world's most successful manufacturers of commercial vehicles in the near future.