Market Overview

The electric outside rear-view mirror (ORVM) market has been experiencing significant growth in recent years. ORVMs are an essential component of vehicles that provide drivers with a clear view of the surrounding traffic and objects. Electric ORVMs are equipped with motors that allow for adjustment of the mirror angle, providing convenience and improved safety for drivers.

Meaning

Electric outside rear-view mirrors, also known as electric ORVMs, are a type of mirror installed on the exterior of vehicles. These mirrors are designed to provide drivers with a wide-angle view of the rear and side areas of the vehicle. Unlike traditional manual ORVMs, electric ORVMs can be adjusted electronically, allowing drivers to modify the mirror angle from inside the vehicle.

Executive Summary

The electric outside rear-view mirror (ORVM) market has witnessed significant growth in recent years, driven by the increasing demand for enhanced safety features and convenience in vehicles. Electric ORVMs offer several advantages over manual mirrors, including easy adjustment, wider viewing angles, and integration with other advanced driver assistance systems (ADAS). The market is expected to continue its upward trajectory, fueled by technological advancements and the growing automotive industry.

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 Demand for Safety Features: The rising emphasis on safety standards in vehicles has increased the demand for electric ORVMs. These mirrors provide improved visibility, reducing blind spots and enhancing overall safety on the road.
2. Technological Advancements: The electric ORVM market has benefited from technological advancements, such as the integration of cameras and sensors into mirrors. These features enable functions like blind spot detection and lane departure warning, further enhancing driver safety.
3. Increasing Adoption of Electric Vehicles (EVs): With the growing popularity of electric vehicles, the demand for electric ORVMs is also rising. EV manufacturers are incorporating advanced mirror systems to complement the futuristic features of electric cars.
4. Shift towards Autonomous Vehicles: The development of autonomous vehicles presents new opportunities for electric ORVMs. These mirrors can be integrated with AI-based systems to provide real-time information and improve situational awareness for self-driving cars.

Market Drivers

1. Enhanced Safety and Convenience: Electric ORVMs offer improved visibility and ease of use, making them a preferred choice for consumers. The ability to adjust mirror angles electronically and integrate with other safety systems enhances overall driving experience and safety.
2. Government Regulations: Stringent regulations regarding vehicle safety standards are driving the adoption of electric ORVMs. Many countries have mandated the use of certain safety features, including electric ORVMs, in vehicles to reduce accidents and fatalities.
3. Growing Automotive Industry: The expanding automotive industry, particularly in emerging economies, is fueling the demand for electric ORVMs. Rising disposable incomes, urbanization, and increased vehicle ownership contribute to market growth.
4. Technological Advancements: Continuous innovations in mirror technology, such as the integration of cameras, sensors, and advanced materials, are driving the market. These advancements improve mirror performance, durability, and functionality.

Market Restraints

1. High Cost: Electric ORVMs are generally more expensive than manual mirrors. The additional components and electronic systems increase the overall cost of the mirror assembly. The higher cost may deter price-sensitive consumers and pose a challenge to market growth.
2. Infrastructure Limitations: Electric ORVMs require appropriate infrastructure, such as electrical wiring and control systems, in vehicles. Retrofitting existing vehicles with electric ORVMs can be challenging and costly, limiting their widespread adoption.
3. Maintenance and Repair Costs: Electric ORVMs are more complex than manual mirrors, requiring specialized maintenance and repair services. The cost of repairing or replacing electric ORVMs can be higher, impacting the ownership costs for consumers.
4. Limited Awareness and Education: Despite the benefits of electric ORVMs, there is still limited awareness and education among consumers. Many drivers may not fully understand the advantages of electric ORVMs or how to properly use and maintain them. Increased awareness campaigns and education efforts can help address this restraint.

Market Opportunities

1. Integration with Advanced Driver Assistance Systems (ADAS): Electric ORVMs can be integrated with ADAS, such as blind spot detection, lane departure warning, and rear-view cameras. The integration of these technologies provides enhanced safety features and opens up new opportunities for market growth.
2. Rising Demand for Electric Commercial Vehicles: The increasing adoption of electric commercial vehicles, such as delivery vans and trucks, presents a significant opportunity for electric ORVMs. These vehicles require advanced mirror systems to improve visibility and safety during commercial operations.
3. Development of Smart Mirrors: The development of smart mirror technology, including features like augmented reality (AR) displays and gesture control, presents exciting opportunities for the electric ORVM market. Smart mirrors can provide real-time information, navigation assistance, and entertainment options, enhancing the driving experience.
4. Expansion in Emerging Markets: Emerging markets, particularly in Asia Pacific and Latin America, are witnessing rapid urbanization and a growing middle class. The increasing vehicle ownership in these regions creates favorable conditions for market expansion and the adoption of electric ORVMs.

Market Dynamics

The electric outside rear-view mirror (ORVM) market is dynamic and influenced by various factors. The market dynamics include the interaction between market drivers, restraints, opportunities, and trends. Technological advancements, safety regulations, consumer preferences, and the overall automotive industry play a crucial role in shaping the market.

Regional Analysis

The electric ORVM market can be analyzed based on regional segmentation, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has its unique characteristics, market size, and growth potential. Factors such as vehicle sales, consumer preferences, safety regulations, and infrastructure development impact the regional market dynamics.

Competitive Landscape

Leading Companies in the Electric Outside Rear-View Mirror (ORVM) Market:

1. Magna International Inc.
2. Samvardhana Motherson Group (SMG)
3. Ficosa International S.A.
4. Mitsuba Corporation
5. Gentex Corporation
6. FLABEG Automotive Holding GmbH
7. SL Corporation
8. Murakami Corporation
9. Lumax Industries Limited
10. Ichikoh Industries, Ltd.

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 electric ORVM market can be segmented based on various factors such as mirror type, vehicle type, sales channel, and region. Segmentation allows for a detailed analysis of specific market segments, enabling companies to target their products and services more effectively.

Category-wise Insights

1. Mirror Type: The electric ORVM market can be categorized into flat mirrors, convex mirrors, and wide-angle mirrors. Flat mirrors provide a true reflection, convex mirrors offer a wider field of view, and wide-angle mirrors provide a combination of the two.
2. Vehicle Type: The market can be segmented based on vehicle types, including passenger cars, commercial vehicles, and electric vehicles. Different vehicle types have varying requirements for electric ORVMs in terms of size, functionality, and safety features.
3. Sales Channel: The market can be divided into original equipment manufacturers (OEMs) and aftermarket sales channels. OEMs supply electric ORVMs as part of new vehicle production, while the aftermarket involves the sale of replacement mirrors and accessories.
4. Region: The market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has its unique market dynamics, consumer preferences, and regulatory environment.

Key Benefits for Industry Participants and Stakeholders

1. Increased Market Share: Companies that successfully penetrate the electric ORVM market can gain a larger market share and establish a competitive advantage.
2. Revenue Growth: The growing demand for electric ORVMs presents an opportunity for industry participants to increase their revenue through sales and aftermarket services.
3. Technological Leadership: Companies that invest in research and development to improve electric ORVM technology can position themselves as technological leaders in the market, attracting more customers and business opportunities.
4. Enhanced Customer Satisfaction: Electric ORVMs offer improved safety and convenience, leading to higher customer satisfaction. Companies that provide reliable and high-quality electric ORVMs can build strong customer loyalty.
5. Collaborative Partnerships: Industry participants can form strategic partnerships with other companies in the automotive sector, such as OEMs and technology providers, to leverage synergies and expand their market reach.

SWOT Analysis

Strengths:

• Growing demand for electric mirrors in automotive vehicles for enhanced safety and convenience.
• Technological advancements improving mirror design, such as anti-glare and blind-spot detection features.
• Increasing adoption of electric vehicles driving the demand for electric mirrors.

Weaknesses:

• High manufacturing costs and complexity in integrating electric features.
• Limited availability of raw materials for mirror production.
• Vulnerability to fluctuations in consumer demand for premium automotive features.

Opportunities:

• Expansion of electric vehicle production and demand for advanced exterior mirrors.
• Growth in demand for safety features in vehicles such as lane-assist and rear-view cameras.
• Innovations in smart mirror technologies integrating augmented reality and other driver assistance features.

Threats:

• Competition from traditional, non-electric mirrors.
• Economic downturns reducing consumer spending on luxury vehicle features.
• Regulatory challenges related to automotive safety standards.

Market Key Trends

1. Integration of Advanced Technologies: Electric ORVMs are being integrated with advanced technologies such as cameras, sensors, and AI-based systems. These technologies enable functions like blind spot detection, lane departure warning, and automated adjustment.
2. Lightweight and Aerodynamic Designs: Manufacturers are focusing on developing lightweight and aerodynamic electric ORVMs to improve vehicle efficiency and reduce drag. Advanced materials and design techniques are employed to achieve these goals.
3. Smart Mirror Technology: The development of smart mirror technology, including features like augmented reality displays and gesture control, is gaining traction in the market. Smart mirrors provide additional functionalities and a more immersive driving experience.
4. Expansion in Electric Vehicle Market: With the increasing adoption of electric vehicles, the demand for electric ORVMs is expected to rise. Manufacturers are developing specialized electric ORVMs tailored for electric vehicle platforms.

Covid-19 Impact

The Covid-19 pandemic had a significant impact on the automotive industry, including the electric ORVM market. The global lockdowns, supply chain disruptions, and reduced consumer spending affected vehicle production and sales. However, the market showed resilience and quickly recovered as the industry adapted to the new normal. The emphasis on safety and hygiene further increased the demand for electric ORVMs, as they provide touchless adjustment and improved visibility.

Key Industry Developments

1. Introduction of Camera-based ORVMs: Some manufacturers have introduced camera-based ORVMs that replace traditional mirrors with cameras and display screens inside the vehicle. These systems provide a wider field of view and reduce blind spots.
2. Partnership between OEMs and Mirror Manufacturers: Original equipment manufacturers are partnering with mirror manufacturers to develop integrated mirror systems that incorporate advanced technologies. These collaborations aim to enhance safety features and streamline vehicle production.
3. Focus on Aerodynamics and Design: Mirror manufacturers are focusing on designing electric ORVMs that are more aerodynamic and visually appealing. Sleek designs and reduced drag contribute to improved vehicle performance and aesthetics.
4. Expansion in Emerging Markets: Many electric ORVM manufacturers are expanding their presence in emerging markets, such as China, India, and Southeast Asian countries. These markets offer significant growth potential due to increasing vehicle sales and infrastructure development.

Analyst Suggestions

1. Emphasize Research and Development: Continuous investment in research and development is crucial for electric ORVM manufacturers to stay ahead of the competition. Innovation in mirror technology, integration of advanced features, and material advancements should be prioritized.
2. Strengthen Partnerships: Collaborating with OEMs, technology providers, and other industry stakeholders can unlock new business opportunities and facilitate market expansion. Strategic partnerships can lead to shared knowledge, resources, and market reach.
3. Educate Consumers: Increasing consumer awareness about the benefits of electric ORVMs and providing training on proper usage and maintenance can drive market growth. Marketing campaigns, demonstrations, and customer support initiativescan help educate consumers and promote the adoption of electric ORVMs.
4. Adapt to Changing Regulations: Stay updated with the latest safety regulations and standards imposed by regulatory authorities. Manufacturers should ensure compliance with these regulations to avoid penalties and maintain market credibility.
5. Focus on Sustainability: Incorporate sustainable practices in manufacturing processes, such as using eco-friendly materials and reducing energy consumption. Consumers are increasingly conscious of environmental issues, and sustainable products can attract a larger customer base.

Future Outlook

The future of the electric outside rear-view mirror (ORVM) market looks promising, driven by the increasing demand for safety features, technological advancements, and the growing automotive industry. The market is expected to witness continuous growth, especially with the rise of electric vehicles and the integration of advanced technologies in mirror systems. Manufacturers that invest in research and development, adapt to changing market dynamics, and build strong partnerships are well-positioned to capitalize on the emerging opportunities.

Conclusion

The electric outside rear-view mirror (ORVM) market is experiencing significant growth due to the demand for enhanced safety features and convenience in vehicles. Electric ORVMs offer advantages such as easy adjustment, wider viewing angles, and integration with advanced driver assistance systems. Despite challenges such as high costs and infrastructure limitations, the market presents opportunities through the integration of ADAS, the rise of electric commercial vehicles, and the development of smart mirror technology. Companies can benefit from increased market share, revenue growth, and customer satisfaction by focusing on technological leadership, collaboration, and customer education. With the continuous advancements in mirror technology and the expansion of emerging markets, the electric ORVM market is poised for a promising future.