North America Automotive Rear-View Mirror Market

Market Overview

The North America automotive rear-view mirror market size is predicted to grow at a CAGR of 7.9% and to be valued at USD 2806 million in 2030.

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

Market Drivers

• Rising accidents & damaging of rear-view mirrors

The United States of America holds the dubious distinction of having the greatest rate of motor vehicle collisions of any country in the world. In 2018, the nation reported 2.21 million incidents, which resulted in 37,461 fatalities and approximately 3 million people receiving injuries. In general, side mirrors are susceptible to being damaged when they are in an accident. This is because of where they are located, in addition to the fact that they protrude from the body of the car.

Accidents can cause one of the mirrors to break off entirely or cause it to dangle loosely from its attachment on the car door. Because of this, your side mirrors will no longer function properly for normal driving.

• The primary element that is driving the expansion of the industry is the rise in purchasing power, which has led to an increase in the number of people acquiring automobiles. In addition, the safety measures that are utilised in automobiles have undergone significant change as a direct result of the increased vehicle movement.

Market Restraints

• Mirrors being replaced by camera monitoring systems

Mirrorless vehicles have been supported for a long time by automotive designers and engineers who are looking for a sleeker appearance and increased safety. They can also help improve a vehicle's fuel efficiency because the camera setups, which consist of multiple exterior cameras feeding a flat-screen array inside the cabin, have a lower aerodynamic resistance than traditional stalk-mounted fixed mirrors. This allows the camera setups to help improve a vehicle's fuel efficiency.

Regional Analysis

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

Prior to the beginning of the pandemic, the largest market share was held by North America. However, because of the COVID-19 epidemic, there has been a significant drop in the manufacturing of new vehicles. This has a negative impact on the sales of vehicles, which in turn has a negative impact on the growth of the rear-view mirrors market. Now, the countries are in recovery state so the market is growing gradually.

The production of light commercial vehicles is currently dominated by the North American continent. A light commercial vehicle is made up of several different components, including its interior and exterior systems, its steering systems, its chassis, and other smaller systems.

Segmental Analysis

The North America 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, this year's in-person CES will feature the return of Gentex Corporation, which will showcase its expanding line of vision systems, dimmable devices, connectivity, and sensing solutions for a wide range of industries. Gentex will also be exhibiting at the event to highlight its growing line of driver and in-cabin monitoring solutions.
• April 2022, The Automotive News PACE Awards 2022 jury selected four Magna product and process innovations as finalists, making Magna the firm that received the most nominations overall for that award year.