Increasing demand for electrically adjustable Outside Rear View Mirrors (ORVM) with advanced functionalities boosts the marketThe automotive electrically adjustable outside rear view (ORVM) mirror market is estimated to grow by USD 2.1 billion from 2022 to 2027, growing at a CAGR of 4.81%. The market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive electrically adjustable outside rear view (ORVM) mirror market are BEEKAY AUTOMOTIVES, Enginetech Systems Pvt. Ltd., FLABEG Automotive Glass Group GmbH, Gentex Corp., Hilux Auto Electric Pvt. Ltd., Ishizaki Holdings Corp., Magna International Inc., MEKRA Lang GmbH and Co. KG, MinebeaMitsumi Inc., Mitsuba Corp., Murakami Corp., Panasonic Holdings Corp., Royal Auto Product, Sakae Riken Kogyo Co. Ltd., Samvardhana Motherson International Ltd., SL Corp., Valeo SA, Tata Sons Pvt. Ltd., and Tokai Rika Co. Ltd.
APAC has the largest share of the market
APAC accounts for 48% of the growth of the global market during the forecast period. One of the fastest-growing regions in the global automotive electrically adjustable outside rear view (ORVM) mirror market is APAC. Some of the major countries that are significantly contributing to the market include China, India, South Korea, and Japan. In addition, several vehicle manufacturers in the APAC region are providing electrically adjustable ORVMs as standard or optional equipment in their vehicles. Hence, the increasing adoption of electrically adjustable ORVM in these vehicles is contributing to its dominant market share. One of the main reasons is that most of the passenger cars (across all segments) come equipped with electrically adjustable ORVMs. Hence, such factors are driving the market growth in the region during the forecast period.
Impactful driver – Increasing demand for electrically adjustable ORVMs with advanced functionalities
The increasing demand for electrically adjustable ORVMs with advanced functionalities, such as blind spot detection, lane departure warning, and automatic dimming, is a major driver of the market growth. These advanced functionalities provide enhanced safety and convenience to the driver, which is driving the demand for electrically adjustable ORVMs.
Key trend – Emergence of surround-view mirror systems
Surround-view mirror systems are a new trend in the automotive ORVM market. These systems use multiple cameras to provide a 360-degree view of the vehicle’s surroundings. Surround-view mirror systems are particularly useful for parking and maneuvering in tight spaces. The emergence of surround-view mirror systems is expected to drive the growth of the automotive electrically adjustable ORVM mirror market in the coming years.
Major challenges – The technical issues associated with automotive electrically adjustable ORVMs
One of the major challenges faced by the automotive electrically adjustable ORVM market is the technical issues associated with these mirrors. Electrically adjustable ORVMs are more complex than traditional ORVMs, and they are more prone to technical issues, such as electrical failures and mechanical problems.
Market Segmentation
The automotive electrically adjustable ORVM mirror market is segmented by vehicle type, distribution channel, and region. By vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment is expected to account for the largest share of the market during the forecast period. By distribution channel, the market is segmented into OEM and aftermarket. The OEM segment is expected to account for the largest share of the market during the forecast period. By region, the market is segmented into North America, Europe, APAC, South America, and MEA. APAC is expected to account for the largest share of the market during the forecast period.
In conclusion, the automotive electrically adjustable ORVM mirror market is expected to grow significantly during the forecast period, driven by the increasing demand for electrically adjustable ORVMs with advanced functionalities. The emergence of surround-view mirror systems is also expected to drive the growth of the market in the coming years.