NEW YORK, March 30, 2022 /PRNewswire/ — According to the report “Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market by Application and Geography – Forecast and Analysis 2022-2026“, the market will witness a YOY growth of 4.51% in 2022 and a CAGR of 4.71% during the forecast period. The report is segmented by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, North America, South America, and Middle East and Africa).
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Vendor Insights
The automotive electrically adjustable outside rear view (ORVM) mirror market is fragmented, and the vendors are deploying growth strategies such as quality, price, service, brand image, distribution, and marketing to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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BEEKAY AUTOMOTIVES
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Enginetech Systems Pvt. Ltd.
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Ficosa Internacional SA
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FLABEG Automotive Glass Group GmbH
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Gentex Corp.
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Hilux Auto Electric Pvt. Ltd.
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Honda Lock Mfg. Co. Ltd.
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ICHIKOH INDUSTRIES LTD.
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Ishizaki Honten Co. Ltd.
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Magna International Inc.
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MEKRA Lang GmbH and Co. KG
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Mitsuba Corp.
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Motherson Sumi Systems Ltd.
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Murakami Corp.
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Royal Auto Product
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Sakae Riken Kogyo Co. Ltd.
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SL Corp.
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Tata Sons Pvt. Ltd.
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Tokai Rika Co. Ltd.
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Geographical Market Analysis
APAC will provide maximum growth opportunities in the automotive electrically adjustable outside rear view (ORVM) mirror market during the forecast period. According to our research, the region will contribute to 52% of the global market growth during the forecast period. China, Japan, and South Korea are the key countries for the market in APAC. Vehicle manufacturers offer electrically adjustable ORVMs in their vehicles as standard or optional fitment, which will facilitate the automotive electrically adjustable outside rear view (ORVM) mirror market growth in APAC over the forecast period.
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Key Segment Analysis
The automotive electrically adjustable outside rear view (ORVM) mirror market share growth by the passenger vehicles segment will be significant during the forecast period. In recent years, automotive OEMs have introduced advanced autonomous technologies such as adaptive cruise control and autonomous emergency braking. Such developments are anticipated to drive the segment growth during the forecast period.
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Key Market Drivers & Challenges:
The increasing demand for electrically adjustable ORVMs with advanced functionalities is challenging the automotive electrically adjustable outside rear view (ORVM) mirror market growth. These mirrors are integrated with advanced functionalities such as heated mirrors, puddle lamps, and mirrors with auto-fold function. Features such as heated mirrors and auto-tilt mirrors improve the functionality of electrically adjustable ORVMs. Hence, the growing integration of advanced features in electrically adjustable ORVMs is driving the growth of the market in focus.
Government regulations regarding automotive mirrors are challenging the automotive electrically adjustable outside rear view (ORVM) mirror market growth. The majority of states in the US have laws requiring automobiles to have rear-view mirrors. However, technological developments in the automotive industry have outpaced developments in regulatory systems followed in various countries. This has restricted vehicle manufacturers from equipping vehicles with certain technologies.
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Automotive Electrically Adjustable Outside Rear View (ORVM) Mirror Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 4.71% |
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Market growth 2022-2026 |
USD 2.04 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.51 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key consumer countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BEEKAY AUTOMOTIVES, Enginetech Systems Pvt. Ltd., Ficosa Internacional SA, FLABEG Automotive Glass Group GmbH, Gentex Corp., Hilux Auto Electric Pvt. Ltd., Honda Lock Mfg. Co. Ltd., ICHIKOH INDUSTRIES LTD., Ishizaki Honten Co. Ltd., Magna International Inc., MEKRA Lang GmbH and Co. KG, Mitsuba Corp., Motherson Sumi Systems Ltd., Murakami Corp., Royal Auto Product, Sakae Riken Kogyo Co. Ltd., SL Corp., Tata Sons Pvt. Ltd., and Tokai Rika Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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