Automotive Outside Rearview Mirror Market: Current Analysis and Forecast (2023-2030)
Emphasis on Vehicle Type (Passenger Vehicle, Commercial Vehicle), Power Train (ICE, and Electric), Feature Type (Auto-Dimming, Blind Spot Indicator, Automatic Folding, and Others) and Region/Country
The automotive outside rearview mirror market is expected to grow at a strong CAGR of around 4.90 % during the forecast period. The global automotive industry is witnessing a steady rise in vehicle production, particularly in emerging economies. With the growing number of vehicles on the road, the demand for outside rearview mirrors is also increasing proportionally. Additionally, the rise of electric vehicles and autonomous vehicles is further boosting the demand for sophisticated mirror systems. Additionally, Stringent safety regulations imposed by governments worldwide are one of the primary drivers for the automotive outside rearview mirror market. These regulations mandate the installation of mirror systems to enhance driver visibility and reduce blind spots, thereby improving road safety. The continuous advancements in mirror technology are driving market growth as well. Traditional manual mirrors are now being replaced by electronic mirrors, which offer features like auto-dimming, blind-spot detection, and integrated turn signals. These technological enhancements act as strong influencers, encouraging consumers to upgrade their vehicles’ mirror systems.
Some of the major players operating in the market are GENTEX CORPORATION, SMR Deutschland Gmbh, Magna International, Inc., Ficosa International SA, Continental AG, Murakami Corporation, TOKAIRIKA, CO, LTD., Mitsuba Corp., SL Corporation, and FLABEG AUTOMOTIVE GLASS GROUP GMBH.. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative proucts/technologies.
Insights Presented in the Report
“Amongst vehicle type, the commercial vehicle segment held significant growth in the market in 2022.”
Based on vehicle type, the market is segmented passenger vehicle and commercial vehicle. Amongst these, commercial vehicles held significant growth in the market in 2022. The commercial vehicle segment has experienced significant growth in the Automotive Outside Rearview Mirror Market due to the rising demand for commercial vehicles, such as trucks and buses, for logistics, transportation, and other commercial purposes, has resulted in increased sales and production of these vehicles. As a result, the demand for exterior automotive components, including outside rearview mirrors, has also surged.
“Amongst power train type, the electric held a significant growth in the market.”
Based on power train type, the market is segmented into ICE and Electric. Among these, the electric segment held a significant growth of the automotive outside rearview mirror market in 2022 because the electric segment has experienced significant growth in the Automotive Outside Rearview Mirror Market due to, sthey offer enhanced functionality compared to conventional mirrors. They often include features like auto-folding, auto-dimming, and integrated turn signals, which greatly improve driver convenience and safety. Additionally, electric mirrors provide better adjustability, allowing drivers to easily customize the mirror angles according to their preferences and driving conditions. This flexibility enhances visibility and reduces blind spots, leading to improved overall driving experience.
Automotive Outside Rearview Mirror Market Report Coverage
“Europe held a significant share in the automotive outside rearview mirror market in 2022.”
Europe is home to some of the largest and most influential automotive manufacturers in the world. Companies like Volkswagen, BMW, Mercedes-Benz, and Volvo, among others, have a strong presence in Europe. This leads to a high demand for automotive components, including outside rearview mirrors. Additionally, European countries have stringent safety regulations for vehicles, including specifications for outside rearview mirrors. These regulations prioritize the safety of drivers, passengers, and pedestrians. Consequently, European automotive manufacturers invest in high-quality outside rearview mirrors that comply with these regulations, boosting the market demand. The European automotive market is highly competitive. Manufacturers continually strive to incorporate cutting-edge technologies and improve their products. This competition drives innovation and forces companies to offer high-quality outside rearview mirrors with advanced functionalities, further expanding the market.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global automotive outside rearview mirror market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Automotive Outside Rearview Mirror Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive outside rearview mirror market were the three major steps undertaken to create and analyze the adoption of PTFE fabrics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive outside rearview mirror market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automotive outside rearview mirror market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automotive outside rearview mirror market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type, powertrain type and feature type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive outside rearview mirror market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type, powertrain type and feature type of the automotive outside rearview mirror market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive outside rearview mirror market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive outside rearview mirror market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive outside rearview mirror market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automotive outside rearview mirror market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive outside rearview mirror market. data was split into several segments & sub-segments after studying various parameters and trends in the areas of vehicle type and technology in the global automotive outside rearview mirror market.
The main objective of the Global Automotive Outside Rearview Mirror Market Study
The current & future market trends of the global automotive outside rearview mirror market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automotive outside rearview mirror market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the as vehicle type, powertrain type and feature type.
- Define and analyze the regulatory framework for the automotive outside rearview mirror
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the automotive outside rearview mirror market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the automotive outside rearview mirror market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global automotive outside rearview mirror Market?
Q2: What are the driving factors for the growth of the global automotive outside rearview mirror market?
Q3: Which segment has the largest share of the global automotive outside rearview mirror market by vehicle type?
Q4: Which region will dominate the global automotive outside rearview mirror Market?
Q5: Who are the key players operating in the global automotive outside rearview mirror market?
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