Rear-view Mirror Market Size, Share & Trends Analysis Report By Feature Type, By Mounting Location, By Product Type, By Type, By Vehicle Type (Passenger Cars, Commercial Vehicles)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Rear-view Mirror market gathered revenue around USD 8.80 Billion in 2020 and market is set to grow USD 12.30 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 5.9% during the prediction period 2021 to 2027.

Growth Factors:

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.

The rising demand for luxury vehicles, thanks to the increased spending capacity of consumers, especially in developing economies such as China and India, is also driving the market. According to the China Automobile Dealers Association, luxury car dealers sold 277,000 units in April 2020, an increase of 11.2% compared to the same time in 2019. Furthermore, the introduction of an increasing number of luxury Sport Utility Vehicles (SUVs) is also expected to help the market expand at a promising pace over the forecast period.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Rear-view Mirror market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Rear-view Mirror market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

Report Scope Details
Market Size USD 12.30 Billion by 2027
Growth Rate CAGR of 5.9% From 2021 to 2027
Base Year 2020
Forecast Period 2021 to 2027
Historic Data 2017 to 2020
Report coverage Growth Factors, Revenue Status, Competitive Landscape,  and Future Trends
Segments Covered Feature type, mounting location, product type, type, vehicle type and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
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.

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Rear-view Mirror market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

By Feature Type analysis:

The heating function segment accounted for the largest revenue share of over 49% 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. Based on feature type, the rear-view mirror market can be segmented into auto-dimming, blind spot detection, power control, automatic folding, heating function, and others. 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 5.1% 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. Moreover, factors like the increasing demand for premium vehicles and the introduction of stringent government programs regarding vehicle safety are expected to drive the segmental growth over the forecast period.

By Mounting Location analysis:

The door-mounted segment accounted for the largest revenue share of around 70.2% 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 popularity of door-mounted products is also attributed to the aerodynamic design and are low cost of replacement. The segment is expected to witness a healthy CAGR over the forecast period owing to the rising sales of commercial vehicles.

The body-mounted segment is projected to register a CAGR exceeding 3.1% from 2021 to 2027. 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 70.3% 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. These mirrors help provide enhanced visibility in bad weather conditions or if the view is blocked due to tall cargo and commercial vehicles. Furthermore, these are available in various shapes and sizes and help improve automotive aerodynamics, which results in enhanced fuel efficiency and drivability. The segment is expected to grow over the forecast period due to increasing technological awareness and the growing digitization of automotive parts.

By Type analysis:

The exterior mirror segment accounted for the largest share of around 70% 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 products are largely used in heavy trucks and are efficient in any weather conditions, assisting the driver while changing lanes or parking.

The interior mirror segment is estimated to register a CAGR exceeding 3.2% from 2021 to 2027. Auto-dimming interior rear-view mirrors are finding increased demand in a range of vehicles as they improve driving safety by eliminating glare. The increasing sales of high-end premium vehicles and other passenger vehicles such as SUVs globally are expected to drive the demand for interior rear-view mirrors over the forecast period. Moreover, the segment is also expected to grow over the forecasted period due to increasing sales and demand for passenger vehicles.

By Vehicle Type analysis:

The passenger car segment accounted for the largest share of over 60.1% 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. The segment is estimated to expand at the highest CAGR during the forecast period, owing to the increasing vehicle fleet and vehicle per capita globally. Passenger cars occupied the majority share of over 71.1% 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.

Regional analysis:

Asia Pacific accounted for the largest revenue share of over 50.1% in 2020 and is anticipated to maintain its dominance over the forecast period. The region is expected to register a CAGR exceeding 4.2% over the forecast period owing to the increasing production of vehicles in India, China, and Japan. The region was responsible for over half of the total global production of vehicles in 2020. Furthermore, the increase in demand for luxury vehicles in India and the availability of new purchases and replacements of automotive parts is also expected to drive the regional market growth by 2027.

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.

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Some of the prominent players in the Rear-view Mirror Market include:  Continental AG; Ficosa Internacional SA; Gentex Corporation; Ishizaki Honten Company Limited; Magna International Inc.; MITSUBA Corporation; Murakami Corporation; SL Corporation; Tokairica Co, Ltd.; Valeo

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

  • By Feature Type
    • Auto-dimming
    • Blind Spot Detection
    • Power Control
    • Automatic Folding
    • Heating Function
    • Others
  • 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

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Rear-view Mirror market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Rear-view Mirror market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Rear-view Mirror markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
  • In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

  • CEOs, VPs, market intelligence managers
  • Procuring and national sales managers technical personnel, distributors and resellers
  • Research analysts and key opinion leaders from various domains

Key Points Covered in Rear-view Mirror Market Study:

  • Growth of Rear-view Mirror in 2021
  • Market Estimates and Forecasts (2017-2027)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for Rear-view Mirror and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  Rear-view Mirror Consumption Analysis
  •  Rear-view Mirror Production Analysis
  •  Rear-view Mirror and Management