Overview and Scope
A rear-view mirror is a small, angled mirror and is one of the most important active safety features in a car. It allows the driver to see behind the car by using the backlight of the car. The rear-view mirror is used by drivers to ensure safety on the roads.
Sizing and Forecast
The rear-view mirror market size has grown strongly in recent years. It will grow from $8.85 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to early automotive safety concerns, increased traffic density, regulatory requirements for mirrors, advancements in mirror materials, evolution of automotive design.
The rear-view mirror market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to expansion of the automotive market in emerging economies, continued focus on vehicle safety, enhanced connectivity features, adoption of smart rear-view mirrors, integration with autonomous vehicle technologies. Major trends in the forecast period include digital rear-view mirrors, augmented reality (ar) mirrors, reduction in blind spots through technology, compact and streamlined mirror designs, integration with vehicle-to-everything (v2x) communication systems.
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Segmentation & Regional Insights
The rear-view mirror market covered in this report is segmented –
1) By Product Type: Smart Rear-View Mirror, Conventional Rear-View Mirror
2) By Mounting Location: Door Mounted, Body Mounted
3) By Mirror Type: Exterior Mirror, Interior Mirror
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
5) By Feature: Auto dimming, Blind spot detection, Power Control, Automatic Foldable, Heated, Other Features
Asia-Pacific was the largest region in the rear-view mirror market in 2023. The regions covered in the rear-view mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in the number of vehicles is expected to propel the growth of the rear-view mirror market. Vehicles refer to transportation machines with an engine, such as automobiles, trucks, and buses, for transporting a person or goods. Rear view mirrors are used to ensure safety for the vehicle and passengers. As a result, increasing demand for vehicles also increases the demand for rear-view mirrors. For instance, according to the European Automobile Manufacturers’ Association, a Belgium-based automobile industry body, in 2022, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to the previous year, 2021. Further, according to the National Automobile Dealers Association, a US-based non-profit organization, the production of light vehicles in North America was projected to reach 14.2 million units in 2022. This production is expected to increase to 15.4 million units in 2023, driven by gradual improvements in the supply chain. Therefore, the increase in the number of vehicles is driving the rear-view mirror market.
Key Industry Players
Major companies operating in the rear-view mirror market report are Continental AG, FLABEG Holding GmbH, Gentex Corporation, Magna International Inc., Ishizaki Honten Company Limited, Mitsuba Corporation, Ficosa Internacional SA, SL Corporation, Samvardhana Motherson Group, Valeo SA, Ichikoh Industries Ltd., Burco Inc., Sichuan Skay View, Honda Lock Mfg Co. Ltd., Tokairica Co Ltd., Samvardhana Motherson Reflectec, Murakami Corporation, Murakami Kaimeido Co. Ltd., Mekra Lang GmbH & Co KG, Lumax Industries Limited, Flabeg Automotive Holding GmbH, Magneti Marelli SpA, Kappa Optronics GmbH, FS Fehrer Automotive GmbH, Changchun Fawsn Group Co Ltd., Changzhou Huawei Automotive Trim Co Ltd., Changzhou Xingyu Automotive Lighting Systems Co Ltd., Fuyao Glass Group Co Ltd., Nippon Sheet Glass Co Ltd., Asahi Glass Co Ltd., Compagnie de Saint-Gobain SA, Xinyi Glass Holdings Limited
The rear-view mirror market report table of contents includes:
1. Executive Summary
2. Rear-View Mirror Market Characteristics
3. Rear-View Mirror Market Trends And Strategies
4. Rear-View Mirror Market – Macro Economic Scenario
5. Global Rear-View Mirror Market Size and Growth
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26. South America Rear-View Mirror Market
27. Brazil Rear-View Mirror Market
28. Middle East Rear-View Mirror Market
29. Africa Rear-View Mirror Market
30. Rear-View Mirror Market Competitive Landscape And Company Profiles
Top Major Players:
- Continental AG
- FLABEG Holding GmbH
- Gentex Corporation
- Magna International Inc
- Ishizaki Honten Company Limited
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