What Is The Current and Historic Market Size Analysis Of The Rear-View Mirror Market?
The rear-view mirror market has seen considerable growth due to a variety of factors.
• The market size for rear-view mirrors has seen significant expansion in the past few years. It is anticipated to increase from a value of $9.25 billion in 2024 and reach $9.76 billion in 2025, presenting a compound annual growth rate (CAGR) of 5.5%.
This growth during the historical period can be traced back to prioritizing early automotive safety, rising traffic density, regulatory mandates for mirrors, advancements in mirror component materials, and the progression of automotive design.
What Are The Predictions for The Rear-View Mirror Market Size In The Coming Years?
The rear-view mirror market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the market size for rear-view mirrors is predicted to undergo significant expansion. By 2029, the market will reach the $12.75 billion mark with a compound annual growth rate (CAGR) of 6.9%.
Major factors contributing to the anticipated growth during the forecast period include the expanding automotive market in developing economies, increasing emphasis on vehicle safety, improved connectivity features, adoption of intelligent rear-view mirrors, and integration with autonomic vehicle technologies. The trending features that are expected to dominate the forecast period are digital rear-view mirrors, augmented reality (AR) mirrors, technology utilization to reduce blind spots, more compact and aerodynamic mirror designs, along with integration with vehicle-to-everything (v2x) communication systems.
Which Key Drivers Are Propelling The Rear-View Mirror Market's Growth?
The upward trend in vehicle numbers is set to stimulate the development of the market for rear-view mirrors. 'Vehicles' describes engine-powered transportation devices such as cars, trucks and buses used for carrying people or goods. The use of rear-view mirrors is crucial for the safety of the vehicle and its passengers. Hence, growing vehicle demand simultaneously escalates the need for rear-view mirrors. To illustrate, data from the Belgium-based European Automobile Manufacturers' Association suggest that the global production of motor vehicles reached 85.4 million units in 2022, showing a 5.7% growth relative to 2021. Furthermore, according to research from the National Automobile Dealers Association, a non-profit organization based in the US, the manufacture of light vehicles in North America was forecasted to achieve 14.2 million units in 2022. This figure is likely to rise to 15.4 million units in 2023, spurred by incremental enhancements in the supply chain. Consequently, the surging numbers of vehicles are fuelling the expansion of the rear-view mirror market.
What Are The Key Segments Within The Global Rear-View Mirror Market?
The rear-view mirror market covered in this report is segmented –
1) By Product Type: Smart Rear-View Mirror, Conventional Rear-View Mirror
2) By Mounting Location: Door Mounted, Body Mounted
3) By Mirror Type: Exterior Mirror, Interior Mirror
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
5) By Feature: Auto dimming, Blind Spot Detection, Power Control, Automatic Foldable, Heated, Other Features
Subsegments:
1) By Smart Rear-View Mirror: Digital Rear-View Mirrors, Camera-Based Rear-View Mirrors, Connected Rear-View Mirrors
2) By Conventional Rear-View Mirror: Interior Rear-View Mirrors, Exterior Rear-View Mirrors
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How Are New Trends Impacting The Size Of The Rear-View Mirror Market?
The rise of technological advancements has become a predominant trend in the rear-view mirror market. Major players within the market are investing their efforts into the creation of novel technologies to meet consumer demands and consolidate their market presence. An illustrative example is from April 2022, when Seeing Machines Ltd, an Australian firm specializing in driver monitoring technologies, partnered with Magna, a Canadian car mirror supplier. They focused on creating a rear-view mirror that incorporates Seeing Machines' proprietary Driver Monitoring System (DMS) technology. They developed a model that amalgamates camera, electronics, and interior mirror technologies, leveraging Seeing Machines' refined FOVIO eDME (embedded Driver Monitoring Engine) algorithms and software.
Who Are the Key Players in the Rear-View Mirror Market?
Major companies operating in the rear-view mirror market include:
• Continental AG
• FLABEG Holding GmbH
• Gentex Corporation
• Magna International Inc.
• Ishizaki Honten Company Limited
• Mitsuba Corporation
• Ficosa Internacional SA
• SL Corporation
• Samvardhana Motherson Group
• Valeo SA
• Ichikoh Industries Ltd.
• Burco Inc.
• Sichuan Skay View
• Honda Lock Mfg Co. Ltd.
• Tokairica Co Ltd.
• Samvardhana Motherson Reflectec
• Murakami Corporation
• Murakami Kaimeido Co. Ltd.
• Mekra Lang GmbH & Co KG
• Lumax Industries Limited
• Flabeg Automotive Holding GmbH
• Magneti Marelli SpA
• Kappa Optronics GmbH
• FS Fehrer Automotive GmbH
• Changchun Fawsn Group Co Ltd.
• Changzhou Huawei Automotive Trim Co Ltd.
• Changzhou Xingyu Automotive Lighting Systems Co Ltd.
• Fuyao Glass Group Co Ltd.
• Nippon Sheet Glass Co Ltd.
• Asahi Glass Co Ltd.
• Compagnie de Saint-Gobain SA
• Xinyi Glass Holdings Limited
What are the Regional Insights into the Rear-View Mirror Market?
Asia-Pacific was the largest region in the rear-view mirror market in 2024. The regions covered in the rear-view mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
