Rear-view Mirror Market Size, Share & Trends Analysis Report, By Feature Type ( Auto-Dimming, Automatic Folding), By Mounting Location, By Product Type, By Type, By Vehicle Type (Passenger Car, Commercial Vehicle), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global rear-view mirror market size was exhibited at USD 9.04 billion in 2023 and is projected to hit around USD 13.77 billion by 2033, growing at a CAGR of 4.3% during the forecast period of 2024 to 2033.

Key Takeaways:

• Asia Pacific dominated the market with the largest revenue share of 52.0% in 2023.
• The heating function segment accounted for the largest revenue share of over 49.3%, due to its extensive usage in cold weather.
• The passenger car segment dominated the market with the highest revenue share of 76.0% in 2023.
• The door-mounted segment dominated the market, with the highest revenue share of 78.0% in 2023.
• The smart rear-view mirror segment held the largest market share of 74.6% in 2023.
• The exterior mirror segment accounted for the largest share of around 75.2% of the market in 2023.

Rear-view Mirror Market by Overview 

In the ever-evolving automotive landscape, rear-view mirrors stand as integral components, playing a pivotal role in enhancing safety and driving experience. This market overview delves into the key facets shaping the rear-view mirror industry, shedding light on market trends, growth drivers, and technological advancements.

Rear-view Mirror Market Growth

The exponential growth of the rear-view mirror market can be attributed to several key factors propelling its expansion. Stringent safety regulations have become a driving force, compelling manufacturers to invest in innovative technologies that not only meet but exceed global safety standards. The integration of advanced features, such as blind-spot detection, auto-dimming capabilities, and integrated cameras, has become a focal point for market growth. Additionally, the emergence of smart mirrors, equipped with connectivity features and integrated AI, has marked a significant shift, ushering the industry into the era of connected vehicles.

Rear-view Mirror Market Report Scope

Rear-view Mirror Market Dynamics

• Safety Regulations as Market Catalyst

The rear-view mirror market is dynamically influenced by the stringent safety regulations governing the automotive industry. Regulatory bodies worldwide have imposed rigorous standards to enhance vehicle safety, making rear-view mirrors pivotal components for compliance. Manufacturers are compelled to integrate advanced safety features such as blind-spot detection and auto-dimming capabilities to align with these standards. This regulatory-driven demand acts as a catalyst for continuous innovation in rear-view mirror technologies, fostering a dynamic market environment.

• Rise of Smart Mirrors Shaping Market Landscape

A transformative dynamic shaping the rear-view mirror market is the ascendancy of smart mirrors. These mirrors, equipped with connectivity features and often incorporating AI and IoT technologies, redefine the driving experience. The integration of real-time information, navigation assistance, and entertainment options within the rear-view mirror not only enhances safety but also aligns with the growing trend of connected vehicles.

Rear-view Mirror Market Restraint

• Cost Implications of Advanced Technologies

One notable restraint in the rear-view mirror market is the cost implications associated with the integration of advanced technologies. As manufacturers strive to meet evolving safety standards and consumer demands for innovative features, the production costs of rear-view mirrors have increased significantly. The incorporation of smart technologies, such as cameras and connectivity features, amplifies manufacturing expenses. This elevated cost structure can pose a challenge, especially for price-sensitive markets, limiting widespread adoption and potentially hindering market growth.

• Compatibility Issues with Existing Vehicles

Another significant restraint in the rear-view mirror market is the challenge posed by compatibility issues with existing vehicle models. As automotive technologies advance, retrofitting older vehicles with the latest mirror innovations can be a complex and costly endeavor. The diversity in vehicle designs and specifications across different manufacturers further exacerbates this challenge. Retrofitting existing vehicles to accommodate advanced rear-view mirror technologies may not always be feasible, creating a restraint in the market's ability to reach a broader consumer base.

Rear-view Mirror Market Opportunity

• Growing Demand in Emerging Markets

A prominent opportunity within the rear-view mirror market lies in the growing demand from emerging markets. As these regions experience a surge in economic development and an increase in disposable income, there is a parallel rise in vehicle ownership. The demand for safety features, including advanced rear-view mirrors, is on the upswing, presenting manufacturers with a substantial opportunity to tap into burgeoning markets. Strategic market penetration and tailored product offerings for these regions can pave the way for sustained growth and market expansion.

• Technological Advancements and Innovation

The continuous evolution of technology presents a lucrative opportunity for the rear-view mirror market. Ongoing advancements in sensors, cameras, and connectivity solutions allow for the development of even more sophisticated and efficient rear-view mirror systems. Innovations such as augmented reality displays, gesture controls, and further integration with vehicle infotainment systems open avenues for differentiation and added value. Companies that invest in cutting-edge technologies and stay at the forefront of innovation are poised to capitalize on this opportunity, catering to consumers seeking the latest in automotive safety and convenience features.

Rear-view Mirror Market Challenges

• Global Supply Chain Disruptions

One of the primary challenges facing the rear-view mirror market is the impact of global supply chain disruptions. The automotive industry heavily relies on a complex network of suppliers, and any disruptions, whether due to geopolitical factors, natural disasters, or unforeseen events like the COVID-19 pandemic, can result in material shortages and production delays. These disruptions can, in turn, hinder the timely manufacturing and delivery of rear-view mirrors, posing a significant challenge for industry players striving to meet market demands and deadlines.

• Increasing Complexity of Vehicle Designs

The increasing complexity of modern vehicle designs presents a substantial challenge for the rear-view mirror market. As automotive manufacturers strive to enhance aerodynamics, aesthetics, and fuel efficiency, traditional mirror placements and designs are being reimagined. Integrated cameras, sensors, and new materials further contribute to the evolving landscape. Adapting rear-view mirrors to fit seamlessly within these intricate designs requires ongoing innovation and engineering, posing a challenge for manufacturers to keep pace with the dynamic changes in vehicle architecture while ensuring optimal safety and functionality.

Segments Insights:

Feature Type Insights

The heating function segment accounted for the largest revenue share of over 49.3%, due to its extensive usage in cold weather. The rear-view mirror market can be segmented based on feature type 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, 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 fastest CAGR of 4.9% over the forecast period. This growth can be attributed to continuously strengthening vehicle safety standards and growing awareness 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 segmental growth over the forecast period.

Vehicle Type Insights

The passenger cars segment dominated the market with the highest revenue share of 76.0% in 2023 and is expected to witness the fastest CAGR of 4.2% over the forecast period. 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 global vehicle fleet and vehicle per capita. Passenger cars occupied the majority share of over 71% of total vehicle production in 2020. According to European Automobile Manufacturers' Association (ACEA), vehicles per capita were recorded at 569 vehicles per 1,000 inhabitants in Europe in 2019. Besides, emerging economies such as China and India are expected to increase market growth over the forecast period further.

The commercial vehicle segment is expected to witness significant growth of CAGR over the forecast period. Commercial vehicles include Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs). The adoption of commercial vehicles is expected to increase over the next eight years owing to sustained economic activities, increased spending on the infrastructure sector, increased e-commerce and mining activities, and lower interest rates on commercial vehicles.

Mounting Location Insights

The door mounted segment dominated the market with the highest revenue share of 78.0% in 2023 and is expected to witness the fastest CAGR of 4.2% over the forecast period, owing to the rising sales of commercial vehicles. Door-mounted mirrors are also side or wing mirrors and are largely used in luxury cars. The positioning allows the driver to adjust the mirror to visibility. The popularity of door-mounted products is also attributed to the aerodynamic design and low replacement cost. 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 expected to witness significant growth of CAGR over the forecast period. Body-mounted mirrors are used in commercial vehicles where drivers must constantly track trailing vehicles. The demand in the body-mounted segment also increases in commercial vehicles as heavy commercial vehicles such as trucks or goods carriers do not have interior rear-view mirrors.

Product Type Insights

The smart rear-view mirror segment held the largest market share of 74.6% in 2023. These products have an in-built camera, enabling the driver to switch between a traditional rear-view mirror and an LCD monitor screen. These mirrors help enhance 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, enhancing 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.

The conventional rear-view mirror segment accounted for the fastest CAGR of 18.8%. The demand is increasing in commercial vehicles owing to their benefits, such as reduced blind spots and increased visibility. Conventional mirrors offer an enhanced left- and right-side view of heavy commercial vehicles.

Type Insights

The exterior mirror segment accounted for the largest share of around 75.2% of the market in 2023 and is estimated to register the fastest CAGR of 4.3% over the forecast period. 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 condition, assisting the driver while changing lanes or parking.

The interior mirror segment is estimated to register a significant CAGR over the forecast period. Auto-Dimming interior rear-view mirrors are in increasing demand in various 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.

Regional Insights

Asia Pacific dominated the market with the largest revenue share of 52.0% in 2023. The region is expected to register the fastest CAGR of 4.5% 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 automotive parts replacements is also expected to drive regional market growth by 2033.

Europe is expected to grow at a significant CAGR during the forecast period, owing to the presence of prominent luxury car manufacturers such as AUDI, BMW, Porsche, and Volkswagen. The increased production volume in the region post-COVID-19 lockdown is expected to increase the demand for rear-view mirrors in the upcoming yea

Recent Developments

• In September 2023, Motherson, an automotive components manufacturer, acquired ICHIKOH INDUSTRIES, LTD mirror business. As a subsidiary of Valeo SE, Ichikoh Industries primarily serves Japanese OEMs. This strategic acquisition marks Motherson's entry into the Japanese market and brings three manufacturing plants in Japan and China. By acquiring Ichikoh Industries' mirror business, Motherson gains access to expertise and intellectual property. The deal includes the transfer of 260 patents, further strengthening Motherson's technological capabilities and innovation potential. 
• In August 2023, Audi India, a division of AUDI AG launched its latest addition, the new Q3, which showcases several noteworthy technological advancements. These additions not only enhance driver safety but also contribute to improved comfort and convenience. Alongside these features, the new Q3 boasts several enhancements that enhance the driving experience. Audi's commitment to incorporating cutting-edge technologies into the Q3 demonstrates its dedication to providing advanced features and a premium driving experience to its customers.
• In March 2023, Ford Motor Company announced its plans to introduce three all-electric passenger vehicles in Europe by the conclusion of 2024. Ford's commitment to expanding its electric vehicle lineup in Europe reflects its strategic focus on sustainable mobility and meeting the growing demand for electric vehicles in the market. By introducing three new all-electric models, the company aims to offer customers a wider range of choices when it comes to electric mobility solutions.
• In January 2023, General Motors (GM) made a strategic declaration of allocating more than USD 4 billion towards enhancing its electric vehicle manufacturing capacity within two Michigan-based factories. GM established a collaborative alliance with LG Energy Solution as a pivotal component of this strategic initiative, outlining a blueprint for a cutting-edge USD 2.5 billion battery facility in Lansing. This financial commitment by GM serves as a tangible testament to its dedication to the electric vehicle market, underscoring its aspirations to fortify its production prowess within this burgeoning industry.

Some of the prominent players in the rear-view mirror market include:

• Continental AG
• Murakami Corporation
• VALEO
• TOKAIRIKA,CO, LTD.
• SL Corporation.
• Ishizaki Holdings
• GENTEX CORPORATION
• Ficosa Internacional SA
• Magna International Inc.
• Mitsuba Corp.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global rear-view mirror market.

Feature Type

• Auto-Dimming
• Blind Spot Detection
• Power Control
• Automatic Folding
• Heating Function
• Others

Mounting Location

• Door Mounted
• Body Mounted

Product Type

• Smart Rear-View Mirror
• Conventional Rear-View Mirror

Type

• Exterior Mirror
• Interior Mirror

Vehicle Type

• Passenger Car
• Commercial Vehicles

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)