Market Overview

The Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) market is experiencing significant growth worldwide. ORVMs have become an essential component of modern vehicles, providing drivers with improved visibility and safety. These mirrors can be electronically adjusted from inside the vehicle, allowing drivers to customize the mirror position according to their needs.

Meaning

Automotive Electrically Adjustable Outside Rear View Mirrors, commonly known as ORVMs, are mirror systems mounted on the exterior of vehicles. These mirrors provide drivers with a wider field of vision, enabling them to see vehicles and objects in their blind spots. Electrically adjustable ORVMs offer the added convenience of adjusting the mirror position with the push of a button.

Executive Summary

The Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) market is projected to witness substantial growth in the coming years. Increasing demand for passenger and commercial vehicles, along with stringent safety regulations, is driving the adoption of electrically adjustable ORVMs. Manufacturers are focusing on developing advanced mirror systems with features like auto-folding, blind spot detection, and integrated cameras to enhance safety and convenience.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

1. Growing vehicle production: The increasing production of passenger and commercial vehicles is propelling the demand for electrically adjustable ORVMs. As automotive sales continue to rise globally, the ORVM market is expected to witness significant growth.
2. Technological advancements: Manufacturers are investing in research and development to introduce advanced features in electrically adjustable ORVMs. Integration of cameras, sensors, and auto-folding mechanisms are some of the technological advancements driving the market growth.
3. Safety regulations: Stringent safety regulations imposed by governing bodies across the globe are fueling the adoption of electrically adjustable ORVMs. These mirrors provide enhanced visibility, reducing the risk of accidents and improving overall vehicle safety.
4. Growing preference for comfort and convenience: Consumers are increasingly demanding vehicles with advanced features that offer comfort and convenience. Electrically adjustable ORVMs provide ease of use and customization, contributing to their rising popularity.

Market Drivers

1. Increasing vehicle sales: The rising demand for passenger and commercial vehicles is a major driver for the Automotive Electrically Adjustable Outside Rear View Mirror market. As vehicle sales continue to grow, the demand for ORVMs is expected to surge.
2. Safety regulations: Stringent safety regulations implemented by governments and regulatory bodies worldwide are compelling automotive manufacturers to equip vehicles with advanced safety features, including electrically adjustable ORVMs. This factor is driving market growth.
3. Technological advancements: Continuous advancements in mirror technology, such as the integration of cameras and sensors, are attracting consumers. These advanced features enhance visibility and improve overall driving experience, contributing to the market’s expansion.
4. Growing consumer awareness: Increased awareness about the importance of vehicle safety and the benefits of electrically adjustable ORVMs among consumers is positively influencing market growth. Consumers are becoming more conscious of their safety and are willing to invest in vehicles equipped with advanced safety features.

Market Restraints

1. High cost: Electrically adjustable ORVMs can be relatively expensive compared to traditional manually adjustable mirrors. The higher cost may deter cost-sensitive consumers from opting for vehicles equipped with these mirrors, thus restraining market growth.
2. Maintenance and repair costs: The complexity of electrically adjustable ORVMs can lead to higher maintenance and repair costs. This factor may discourage some consumers from choosing vehicles with these mirrors, limiting market growth.
3. Limited adoption in developing regions: The adoption of electrically adjustable ORVMs is relatively lower in developing regions due to affordability constraints and lower awareness. Limited market penetration in these regions acts as a restraint to overall market growth.

Market Opportunities

1. Integration with advanced driver-assistance systems (ADAS): The integration of electrically adjustable ORVMs with ADAS technologies presents significant growth opportunities. These mirror systems can be connected to cameras, sensors, and other ADAS components, enhancing safety and providing advanced features like blind spot detection and lane departure warning.
2. Expansion in emerging markets: Developing regions present untapped opportunities for the Automotive Electrically Adjustable Outside Rear View Mirror market. Manufacturers can focus on increasing their presence in these markets by offering affordable and feature-rich mirror systems tailored to local needs.
3. Demand for electric vehicles (EVs): The growing adoption of electric vehicles worldwide opens up new avenues for electrically adjustable ORVMs. As the EV market expands, the demand for these mirrors will also increase, creating opportunities for manufacturers.
4. Customization and personalization: Consumers are increasingly seeking customization options in their vehicles. Offering electrically adjustable ORVMs with personalized settings and additional features can attract customers looking for a unique driving experience.

Market Dynamics

The Automotive Electrically Adjustable Outside Rear View Mirror market is driven by several dynamic factors. The increasing demand for vehicles, stringent safety regulations, and technological advancements are propelling market growth. However, high costs, maintenance issues, and limited adoption in developing regions act as restraints. Opportunities exist in integrating with ADAS, expanding in emerging markets, catering to the electric vehicle segment, and offering customization options to consumers.

Regional Analysis

The Automotive Electrically Adjustable Outside Rear View Mirror market is segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe currently dominate the market, owing to the high adoption of advanced automotive technologies and stringent safety regulations. The Asia Pacific region, particularly China and India, is witnessing significant growth due to the expanding automotive industry and rising consumer awareness. Latin America and the Middle East and Africa offer potential growth opportunities, driven by increasing vehicle sales and improving economic conditions.

Competitive Landscape

Leading Companies in the Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market:

1. Magna International Inc.
2. Gentex Corporation
3. Ficosa Internacional SA
4. Samvardhana Motherson Group
5. Murakami Corporation
6. Schefenacker AG
7. Lumax Industries Limited
8. FLABEG Automotive Holding GmbH
9. Tokai Rika Co., Ltd.
10. SL Corporation

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The market can be segmented as follows:

1. By Vehicle Type:
   • Passenger Cars
   • Light Commercial Vehicles
   • Heavy Commercial Vehicles
   • Electric Vehicles
2. By Feature:
   • Standard Electrically Adjustable ORVMs
   • Auto-folding ORVMs
   • ORVMs with Integrated Cameras
   • Heated ORVMs
3. By Distribution Channel:
   • OEMs (Original Equipment Manufacturers)
   • Aftermarket
4. By Region:
   • North America
   • Europe
   • Asia-Pacific
   • Latin America
   • Middle East & Africa

Category-wise Insights

1. Flat mirrors: Flat mirrors are the most commonly used mirror type in vehicles. They offer a true reflection of objects but have limited field of view. Manufacturers are focusing on improving the quality of flat mirrors and integrating them with advanced features.
2. Convex mirrors: Convex mirrors provide a wider field of view but can distort the perception of distance. These mirrors are commonly used to reduce blind spots and enhance safety. Manufacturers are working on reducing distortion and improving clarity in convex mirrors.
3. Wide-angle mirrors: Wide-angle mirrors combine the benefits of both flat and convex mirrors. They offer an extended field of view while minimizing distortion. Wide-angle mirrors are gaining popularity due to their enhanced visibility.
4. Passenger vehicles: The passenger vehicle segment dominates the market, driven by increasing disposable income and rising consumer preference for comfort and safety features. Manufacturers are focusing on incorporating advanced mirror systems in passenger vehicles.
5. Commercial vehicles: Electrically adjustable ORVMs are widely used in commercial vehicles to improve safety and maneuverability. The commercial vehicle segment is witnessing steady growth, creating opportunities for mirror system manufacturers.
6. Electric vehicles: Electric vehicles are gaining traction globally due to environmental concerns and government initiatives. Electrically adjustable ORVMs play a crucial role in enhancing the safety and efficiency of electric vehicles, presenting growth prospects for the market.

Key Benefits for Industry Participants and Stakeholders

1. Revenue generation: The Automotive Electrically Adjustable Outside Rear View Mirror market offers lucrative opportunities for industry participants to generate significant revenue through product sales and aftermarket services.
2. Technological advancements: Engaging in the ORVM market allows manufacturers to develop and integrate advanced technologies into mirror systems, providing a competitive edge and attracting customers.
3. Market expansion: Expanding product offerings and geographical presence in emerging markets can help industry participants tap into new customer segments and increase market share.
4. Collaborative opportunities: Collaborating with automotive manufacturers and technology providers allows industry participants to leverage synergies and jointly develop innovative mirror solutions.

SWOT Analysis

Strengths:

• Advanced features and technology integration
• Improved safety and visibility
• Customization options for consumers
• Strong market presence and brand recognition

Weaknesses:

• Higher cost compared to traditional mirrors
• Maintenance and repair complexities
• Limited adoption in developing regions

Opportunities:

• Integration with ADAS technologies
• Expansion in emerging markets
• Growing demand for electric vehicles
• Customization and personalization trends

Threats:

• Intense market competition
• Price-sensitive consumers
• Fluctuating raw material prices
• Regulatory changes impacting product requirements

Market Key Trends

1. Integration of advanced features: Electrically adjustable ORVMs are evolving to include advanced features like auto-folding, blind spot detection, turn signal indicators, and integrated cameras. These features enhance safety, convenience, and functionality.
2. Integration with ADAS: The integration of electrically adjustable ORVMs with ADAS technologies is a growing trend. Mirror systems connected to cameras, sensors, and other ADAS components provide a comprehensive safety solution for vehicles.
3. Rising demand for smart mirrors: Smart mirrors, equipped with displays and sensors, are gaining popularity in the market. These mirrors offer additional functionalities like navigation, multimedia, and rear-view camera display, enhancing the overall driving experience.
4. Lightweight materials: Manufacturers are exploring lightweight materials like carbon fiber and aluminum alloys to reduce the weight of ORVMs. Lighter mirrors contribute to fuel efficiency and vehicle performance.

Covid-19 Impact

The Covid-19 pandemic had a significant impact on the Automotive Electrically Adjustable Outside Rear View Mirror market. The temporary closure of automotive manufacturing facilities and disruptions in the supply chain led to a decline in the production and sales of vehicles, affecting the demand for ORVMs. However, the market has shown resilience, with a gradual recovery observed as restrictions eased and the automotive industry resumed operations. The increased focus on safety and hygiene measures has further emphasized the importance of electrically adjustable ORVMs in vehicles.

Key Industry Developments

1. Launch of advanced mirror systems: Key players in the market have introduced electrically adjustable ORVMs with advanced features such as auto-folding, integrated cameras, and blind spot detection. These developments enhance the overall safety and functionality of the mirror systems.
2. Partnerships and collaborations: Industry participants have formed strategic partnerships and collaborations to leverage each other’s strengths and enhance product offerings. Collaborations with technology providers and automotive manufacturers have resulted in the development of innovative mirror solutions.
3. Expansion in emerging markets: Several companies have focused on expanding their presence in emerging markets, capitalizing on the increasing demand for vehicles and safety regulations. These expansions aim to cater to the specific needs and preferences of customers in these regions.

Analyst Suggestions

1. Focus on innovation: Continuous investment in research and development is crucial for manufacturers to stay competitive in the market. Innovation in mirror technology, integration with advanced features, and customization options will drive market growth.
2. Strengthen partnerships: Collaborating with automotive manufacturers, technology providers, and research institutes can help industry participants develop cutting-edge mirror solutions. Partnerships can also facilitate market expansion and access to new technologies.
3. Address cost concerns: Addressing the cost concerns associated with electrically adjustable ORVMs can widen the consumer base. Manufacturers should explore cost-effective production methods, material choices, and economies of scale to make these mirrors more affordable.
4. Sustainability initiatives: Manufacturers should focus on sustainable practices and materials in mirror production to align with environmental regulations and consumer preferences. This includes exploring eco-friendly materials and optimizing energy consumption in manufacturing processes.

Future Outlook

The future outlook for the Automotive Electrically Adjustable Outside Rear View Mirror market appears promising. The market is expected to witness steady growth, driven by increasing vehicle production, stringent safety regulations, and technological advancements. Integration with ADAS technologies, expansion in emerging markets, and catering to the electric vehicle segment present significant opportunities for industry participants. Continued innovation, strategic partnerships, and addressing cost concerns will be crucial for sustained growth in the market.

Conclusion

The Automotive Electrically Adjustable Outside Rear View Mirror market is experiencing substantial growth driven by increasing vehicle sales, safety regulations, and technological advancements. Electrically adjustable ORVMs offer improved visibility, convenience, and safety features. While the market faces challenges such as high costs and limited adoption in developing regions, opportunities exist in integrating with ADAS technologies, expanding in emerging markets, and catering to the growing demand for electric vehicles. Manufacturers need to focus on innovation, partnerships, and addressing cost concerns to stay competitive and capitalize on the market’s potential. With the future outlook appearing positive, the Automotive Electrically Adjustable Outside Rear View Mirror market is poised for steady growth in the coming years.