The global Rear-view Mirror market size is expected to be worth around US$ 15.51 billion by 2030, according to a new report by Vision Research Reports.
The global Rear-view Mirror market size was valued at US$ 9.85 billion in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2030.
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|Market Size||US$ 15.51 Billion by 2030|
|Growth Rate||CAGR of 5.1% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Feature Type, Mounting Location, Product Type, Type, Vehicle Type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Continental AG; Ficosa Internacional SA; Gentex Corporation; Ishizaki Honten Company Limited; Magna International Inc.; MITSUBA Corporation; Murakami Corporation; SL Corporation; Tokairica Co, Ltd.; Valeo|
The COVID-19 pandemic has negatively impacted the demand for rear-view mirrors in 2020. The implementation of lockdowns and social distancing norms globally led to losses in the automotive industry. However, as governments begin to gradually relax lockdown norms and allow businesses to operate with mandates of social distancing, the market can expect a period of respite for the short term. Moreover, the increasing demand for luxury vehicles, coupled with the growing demand for enhanced comfort, is anticipated to drive market growth. Automotive OEMs are focused on integrating advanced safety features in rear-view mirrors to improve visibility and reduce accidents. The rapid rate of advancements in product features is anticipated to work in favor of market growth.
By Feature Type Analysis
The heating function segment accounted for the largest revenue share of over 50% in 2020 and is anticipated to maintain its dominance over the forecast period, particularly in North America and Europe, due to its extensive usage in cold weather.
These features enhance the vehicle’s electrification and safety. The camera, which is integrated with the rear-view mirror, notifies the driver with a warning while parking or lane changing.
The blind-spot detection segment is projected to register the highest CAGR of over 6% in terms of revenue over the forecast period. This growth can be attributed to the continuous strengthening of vehicle safety standards and growing awareness among people about vehicle safety.
By Mounting Location Analysis
The door-mounted segment accounted for the largest revenue share of around 70.5% in 2020. Door-mounted mirrors are also known as side or wing mirrors and are largely used in luxury cars. The positioning allows the driver to adjust the mirror as per visibility.
The body-mounted segment is projected to register a CAGR exceeding 3.5% from 2021 to 2030. Body-mounted mirrors are used in commercial vehicles where drivers need to keep a constant track of trailing vehicles.
By Product Type Analysis
The smart rear-view mirror segment accounted for the largest share of around 70.5% of the market in 2020. These products have an in-built camera and enable the driver to switch between a traditional rear-view mirror to an LCD monitor screen.
The conventional rear-view mirror segment is estimated to register a CAGR exceeding 2% from 2021 to 2030. The demand is increasing in commercial vehicles owing to their benefits, such as reduced blind spots and increased visibility.
By Type Analysis
The exterior mirror segment accounted for the largest share of around 70.8% of the market in 2020. Exterior mirrors work as a replacement for side-view mirrors and offer help in lane changing and parking. Moreover, they also help avoid traffic accidents, driving fatigue, and traffic violations.
The interior mirror segment is estimated to register a CAGR exceeding 3.05% from 2021 to 2030. Auto-dimming interior rear-view mirrors are finding increased demand in a range of vehicles as they improve driving safety by eliminating glare.
By Vehicle Type Analysis
The passenger car segment accounted for the largest share of over 60.5% of the market in 2020. Passenger vehicles include all personal use transport vehicles, such as SUVs, luxury vehicles, and sedans, and are commonly designed to accommodate up to five individuals.
Passenger cars occupied the majority share of over 71.5% of total vehicle production in 2020. In Europe, according to ACEA, vehicles per capita were recorded at 569 vehicles per 1,000 inhabitants in 2019. Besides, emerging economies such as China and India are expected to further escalate the market growth over the forecast period.
The commercial vehicle segment is projected to register a CAGR of over 4.6% over the forecast period. Commercial vehicles include Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs).
By Regional Analysis
Asia Pacific accounted for the largest revenue share of over 50% in 2020 and is anticipated to maintain its dominance over the forecast period. The region is expected to register a CAGR exceeding 4% over the forecast period owing to the increasing production of vehicles in India, China, and Japan.
Europe is expected to experience significant growth owing to the presence of prominent luxury car manufacturers such as AUDI, BMW, Porsche, and Volkswagen. The increased production volume in the region post the COVID-19 lockdown is expected to increase the demand for rear-view mirrors in the upcoming years.
- Continental AG
- Ficosa Internacional SA
- Gentex Corporation
- Ishizaki Honten Company Limited
- Magna International Inc.
- MITSUBA Corporation
- Murakami Corporation
- SL Corporation
- Tokairica Co, Ltd.
- By Feature Type
- Blind Spot Detection
- Power Control
- Automatic Folding
- Heating Function
- By Mounting Location
- Door Mounted
- Body Mounted
- By Product Type
- Smart Rear-view Mirror
- Conventional Rear-view Mirror
- By Type
- Exterior Mirror
- Interior Mirror
- By Vehicle Type
- Passenger Car
- Commercial Vehicles
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- North America
Browse complete table of contents at@ https://www.visionresearchreports.com/rear-view-mirror-market/toc/38901
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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