The global rear-view mirror market size was USD 10.7 billion in 2020 and is expected to reach at USD 13.9 billion by 2027 register a CAGR of 5.9% over the forecast period. A rear-view mirror is a looking glass in automobiles and other vehicles which are designed to let the driver see the rear of the vehicle through the automobile's rear window or rear windshield. In cars, the mirror is generally affixed to the uppermost portion of the windshield usually on a double-swivel mount, thereby allowing it to be attuned to suit the viewing angle and height of the driver and to swing innocuously for easy viewing so as to avoid collision. The rear-view mirror is accompanied by one or multiple side-view mirrors that aid in rear-vision on cars, bicycles, and motorcycles.
However, in trucks and buses, the load often blocks rearward vision. To avoid collisions, in the U.S. almost all buses and trucks have side view mirrors on both sides, mounted on the doors and watched from the side windows. These side view mirrors serve the purpose of rearward vision in these vehicles. Nonetheless, these mirrors leave a large blind area (unviewablea area) behind the vehicle, which decreases as the distance increases. There is another type of mirror known as spot mirrors which are a convex mirror which offers a distorted image of the side of the vehicle. These mirrors are usually mounted on the right side of a vehicle. In the U.S., mirrors are not included in width restrictions as they are considered as “safety equipment.”
Rising focus on improving the safety features in mid-size and compact cars is one of the crucial drivers for the growth of the automotive mirror system market. In countries such as the U.S, the NHTSA or National Highway Traffic Safety Administration has made it compulsory to use safety features such as rear-view cameras in vehicles, by 2018. Moreover, consumer awareness is leading to enhancements in the structure of the mirrors in mid-size and compact cars. For example, dimming mirrors were only available in the premium segment. However, they are now being equipped on the affordable segment vehicles as well. Moreover, in regions such as APAC, maximum number of top-selling cars use the day and night mirror, thereby propelling the automotive mirror system market over the forecast period.
Another trend prevailing in the global automotive mirror system market is the increasing replacement of traditional mirrors by the auto-dimming mirrors. The increasing need for innovative safety technologies has resulted in the rising popularity of auto-dimming mirrors.
Although this technology is primarily installed in high-end automobiles and aircrafts, the increasing focus of customers on safety and convenience has resulted in the regulation of technology, thereby helping its application in the mid- and entry-level vehicles as well. Furthermore, the auto dimming mirrors offer additional benefits such as the inhibition of the blinding effect produced by the glare of headlights, thereby preventing accidents and collisions.
Owing to these advantages, the lower models of cars are likely to be fitted with auto dimming mirrors during the forecast period, thereby augmenting the growth of the global automotive mirror system market.
The market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Magna International (Canada), Samvardhana Motherson Reflectec (Germany), Gentex Corporation (U.S.), Ficosa International S.A. (Spain), and Murakami Corporation (Japan).
Asia-Pacific is estimated to dominate the automotive rear-view market during the forecast period. The region has emerged as a major automotive hub with the majority of the market share of vehicle production as well as sales. Almost every major automotive mirror manufacturer is present in the Asia-Pacific region. The demand for automotive mirrors is directly linked to the vehicle production in this region. To cater the growing demand and capitalize on cost efficiencies, the companies involved in the production of rear-view mirrors and their components have started focusing on the Asia-Pacific market. Being the largest market for automobiles, the Asia-Pacific region is estimated to witness the largest demand for automotive rear-view mirrors.
However, in trucks and buses, the load often blocks rearward vision. To avoid collisions, in the U.S. almost all buses and trucks have side view mirrors on both sides, mounted on the doors and watched from the side windows. These side view mirrors serve the purpose of rearward vision in these vehicles. Nonetheless, these mirrors leave a large blind area (unviewablea area) behind the vehicle, which decreases as the distance increases. There is another type of mirror known as spot mirrors which are a convex mirror which offers a distorted image of the side of the vehicle. These mirrors are usually mounted on the right side of a vehicle. In the U.S., mirrors are not included in width restrictions as they are considered as “safety equipment.”
Rising focus on improving the safety features in mid-size and compact cars is one of the crucial drivers for the growth of the automotive mirror system market. In countries such as the U.S, the NHTSA or National Highway Traffic Safety Administration has made it compulsory to use safety features such as rear-view cameras in vehicles, by 2018. Moreover, consumer awareness is leading to enhancements in the structure of the mirrors in mid-size and compact cars. For example, dimming mirrors were only available in the premium segment. However, they are now being equipped on the affordable segment vehicles as well. Moreover, in regions such as APAC, maximum number of top-selling cars use the day and night mirror, thereby propelling the automotive mirror system market over the forecast period.
Another trend prevailing in the global automotive mirror system market is the increasing replacement of traditional mirrors by the auto-dimming mirrors. The increasing need for innovative safety technologies has resulted in the rising popularity of auto-dimming mirrors.
Although this technology is primarily installed in high-end automobiles and aircrafts, the increasing focus of customers on safety and convenience has resulted in the regulation of technology, thereby helping its application in the mid- and entry-level vehicles as well. Furthermore, the auto dimming mirrors offer additional benefits such as the inhibition of the blinding effect produced by the glare of headlights, thereby preventing accidents and collisions.
Owing to these advantages, the lower models of cars are likely to be fitted with auto dimming mirrors during the forecast period, thereby augmenting the growth of the global automotive mirror system market.
The market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Magna International (Canada), Samvardhana Motherson Reflectec (Germany), Gentex Corporation (U.S.), Ficosa International S.A. (Spain), and Murakami Corporation (Japan).
Asia-Pacific is estimated to dominate the automotive rear-view market during the forecast period. The region has emerged as a major automotive hub with the majority of the market share of vehicle production as well as sales. Almost every major automotive mirror manufacturer is present in the Asia-Pacific region. The demand for automotive mirrors is directly linked to the vehicle production in this region. To cater the growing demand and capitalize on cost efficiencies, the companies involved in the production of rear-view mirrors and their components have started focusing on the Asia-Pacific market. Being the largest market for automobiles, the Asia-Pacific region is estimated to witness the largest demand for automotive rear-view mirrors.
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