Rear-view Mirror Market Is Driven by Rise in the Demand for Autonomous and Premium Vehicles Worldwide

Posted on 2022-08-03 by researchinsights in Automotive, Industrial, Technology // 0 Comments

San Francisco, Calif., USA, Aug 03, 2022 — /EPR Network/ —

Rear-view Mirror Industry Overview

The global rear-view mirror market size was valued at USD 8.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. Countries worldwide have witnessed a setback due to the COVID-19 pandemic, negatively impacting automobile production. The aftermath of the initial lockdowns implemented in March 2020 resulted in supply chain disruptions, with several production facilities coming to a halt. However, starting 2022 automotive production is expected to witness recovery. The growing demand for enhanced safety, comfort, and convenience in automobiles, especially in developing and mature economies, is anticipated to drive the market growth over the forecast period.

Concerns related to passenger and driver protection against accidents are expected to favor product adoption. Changes in vehicle design over the years, such as the introduction of oversized back headrests for vehicle and passenger safety, are expected to contribute to an increased demand for advanced mirrors as their visibility is not affected due to design changes in the vehicle. This has encouraged several manufacturers in the industry to introduce smart mirrors in vehicles to offer better visual clarity while preserving the intended benefit and function.

Gather more insights about the market drivers, restraints and growth of the Global Rear-view Mirror market

Smart rear-view mirrors include a full-screen monitor for clear visibility, with the potential to switch freely between the two modes, such as camera and mirror. For instance, Nissan has developed a Multi-sensing system with rear camera control and an image-processing program that eliminates or dramatically reduces glare in the rear field that is caused due to trailing cars’ headlights and taillights. The camera also helps the driver understand the traffic conditions.

Other factors such as the increasing awareness about shared connectivity and mobility, rising demand for autonomous vehicles, automatic parking, inclination toward comfort and safety, and others are expected to drive the demand over the forecast period. Additionally, increasing sale of ultra-luxurious, high-end, and mid-end cars is also expected to favor the global demand for rear-view mirrors.

The COVID-19 pandemic has taken a toll on passenger and commercial vehicle sales, subsequently impacting the demand. Europe continues to lead the market growth, a trend expected to continue over the next few years; however, the adoption rate has declined due to a dip in automotive sales in the region recently. The regional market is expected to see mixed recovery cycles owing to economic stimulus packages and local restrictions.

Browse through Grand View Research’s Automotive & Transportation Industry Related Reports

Autonomous Vehicles Market – The global autonomous vehicles market demand was estimated at 51.6 thousand units in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 53.6% from 2022 to 2030.

Commercial Vehicles Market – The global commercial vehicles market size was estimated at USD 1,274.50 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030.

Rear-view Mirror Industry Segmentation

Grand View Research has segmented the global rear-view mirror market based on feature type, mounting type, product type, type, vehicle type, and region:

Rear-view Mirror Feature Type Outlook (Revenue, USD Million, 2016 – 2028)

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

Rear-view Mirror Mounting Location Outlook (Revenue, USD Million, 2016 – 2028)

Door Mounted
Body Mounted

Rear-view Mirror Product Type Outlook (Revenue, USD Million, 2016 – 2028)

Smart Rear-view Mirror
Conventional Rear-view Mirror

Rear-view Mirror Type Outlook (Revenue, USD Million, 2016 – 2028)

Exterior Mirror
Interior Mirror

Rear-view Mirror Vehicle Type Outlook (Revenue, USD Million, 2016 – 2028)

Passenger Car
Commercial Vehicles

Rear-view Mirror Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America

U.S.
Canada

Europe

Germany
U.K.

Asia Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East and Africa

Market Share Insights

November 2020: Magna International, Inc. announced the launch of its next-generation camera-based driver assistance system, the Magna Gen5 “one-box”. It is a Mobileye EyeQ5-based system that features the forward-facing camera system as well as the related software in a single unit.

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