The increasing production of vehicles, coupled with the implementation of safety regulations, is driving the growth of the rearview mirror market. According to the International Organization of Motor Vehicle Manufacturers, global production of vehicles increased from 77.7 million units in 2020 to 80.1 million units in 2021. Moreover, the implementation of safety regulations such as ECE R46, a European mirror requirement for both driver and passenger side and Federal Motor Vehicle Safety Standards in the automotive industry is accelerating the demand for rearview mirrors.
Moreover, ADAS is a system of advanced features designed to enhance the safety and convenience of driving. ADAS features such as adaptive cruise control, blind spot monitoring, and lane departure warning are becoming increasingly common in vehicles. For instance, in 2020, Kia Motors launched high-resolution blind-spot view monitor technology in its new Kia Sorento SUV. These features require rearview mirrors with integrated displays and sensors. This is expected to drive the growth of this market.
In addition, the growing demand for luxury vehicles, enhanced focus on safety, and increasing demand for aftermarket products are also expected to drive the market during the forecast period. Automotive OEMs are increasingly incorporating rearview mirrors into their vehicles due to the need for improved visibility, safety, and convenience. Moreover, the increasing adoption of advanced features such as auto-dimming and electrochromic mirrors is expected to further drive the growth of the rearview mirror market over the forecast period. However, high replacement cost is expected to threaten the market growth during the forecast period.
Companies are investing in new product launch with advanced technologies to improve overall performance and enhance safety of the vehicle. For instance, Magna International along with Gentex Corporation introduced a rearview mirror that can switch to a panoramic live-video display from a traditional reflection. Similarly, in August 2020, Panasonic Corporation along with Nissan Motor Corporation developed intelligent rear-view mirror for Nissan KICKS. It provides significant image definition enhancement for better night visibility and control of a flicker phenomenon generated by the LED lamps of vehicles behind.
By type: The automobile rearview mirror market is categorized by type; interior rear view mirror and exterior rear view mirror.
By product: The automobile rearview mirror market is segmented by product namely conventional rear view mirror and smart rear view mirror.
By mounting location: The automobile rearview mirror market is divided by mounting location; door mounted and body mounted.
By vehicle type: The automobile rearview mirror market is divided by vehicle type passenger cars, light commercial vehicles, and heavy commercial vehicles.
Asia-Pacific has a significant market share in automobile rearview mirror market, due to extensive demand of automobiles and rapid growth in urbanization. In 2021, region accounted for around 48% share in total vehicle sales. The region has become an automotive hub as most of the automobile manufacturer have their manufacturing facility in the region. However, in commercial vehicle sales North America is holding the leading position. To fulfil the market demand, the companies are expanding their production capacities and geographical presence in these competitive regions.
Competitive analysis and profiles of the major players in automobile rearview mirror market, such as Continental AG, Ficosa Internacional SA, Gentex Co., Ishizaki Honten Co. Ltd., Magna International Inc., Mitsuba Co., Murakami Co., Samvardhana Motherson Reflectec, SL Co., and Valeo SA are included in the report. This section includes the key financial metrics, operating segmentation, business description, geographical coverage, and recent developments by the company in the area of automobile rearview mirror market. There are some other important players in the market such as Autoliv India Ltd., INMESA, Panasonic Automotive Systems Co., Royal Auto Product, Tokairica Co. Ltd., and others.
With the increased focus on safety, the market is becoming increasingly competitive. Companies are vying for market share, creating a highly competitive landscape. This has led to competitive prices, as well as an increase in the number of features and services being offered. The companies are competing on various grounds like price, geographical presence, and automation and others. and implementing different strategies like acquisition, new product development to expand their businesses. For instance, in February 2020, Jaguar Land Rover India launched the new Discovery Sport SUV with transformed interior including interior rearview mirror, new exterior design, and connected car technologies. Its ClearSight interior rear-view mirror technology, where a high-definition (HD) camera has been installed behind the vehicle, and the produced images turns the interior rear-view mirror into an HD monitor.
Automobile Rearview Mirror Market Report Highlights
By Mounting location
By Vehicle type
Key Market Players
Ficosa Internacional SA, SL Corporation, Samvardhana Motherson Reflectec, Gentex Corporation, Continental AG, Ishizaki Honten Co. Ltd., Murakami Corporation, Magna International Inc., Mitsuba Corporation, Valeo SA