Asia-Pacific dominated the global rear-view mirror market. COVID-19 wreaked havoc on the automobile and related industries, causing market growth to plummet. Japanese carmakers Toyota, Nissan, and Honda, halted production at many sites in Europe to combat coronavirus, resulting in a significant economic and skilled workforce loss. Europe is the second-largest market dominating the Automotive Rear-View Mirror Market.
New York, United States, July 19, 2022 (GLOBE NEWSWIRE) -- Automotive rear-view mirror encourages careful driving by allowing you to look behind your vehicle without turning your head. People can watch traffic and prepare for any hazards by monitoring their rear-view mirror. It is also helpful for parking because it provides a clean line of sight to the sides and rear of the car. The rear-view mirror is a valuable tool when backing into, parallel parking, or exiting a parking space. Due to exterior design and taller headrests in the back seats, several classic rear-view mirrors have lost vision. As a result, a number of automakers have included smart rear-view mirrors in their vehicles to provide a clear vision while keeping the intended benefits and functionalities.
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The Global Automotive Rear-View Mirror Market is predicted to grow at a CAGR of 7.83% and to be valued at USD 15228.27 million in 2030.
Passenger vehicles dominated the market and is expected to grow at a CAGR of 8.28% generating a revenue of USD 11009.22 million by 2030.
The interior mirror segment dominated the market is expected to grow at a CAGR of 7.74% generating a revenue of USD 10,673.89 million by 2030.
The power-controlled segment held the largest share and is expected to grow at a CAGR of 7.45% generating a revenue of USD 5774.42 million in 2030.
Lucrative Opportunity in the Global Automotive Rear-View Mirror Market Smart automotive rear-view mirrors have an integrated camera and allow the driver to switch between the regular rear-view mirror and the LCD. It improves visibility in poor weather or when tall cargo and commercial vehicles obstruct the view. They also come in various forms and sizes, and they contribute to improving aerodynamics, resulting in improved fuel efficiency and drivability. Increased awareness of shared connectivity and mobility, rising demand for fully autonomous automobiles, automatic parking, a preference for comfort and safety features, soaring sales of ultra-luxury vehicles, and technical breakthroughs are all contributing to increased demand.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Type, Application, Features Analysis, Sales Channel, and Region
North America, Europe, Asia-Pacific, LAME and Rest of the World
SMR, Magna International, Gentex, FICOSA, Murakami, Mekra, Flabeg
Smart Technology to Create Lucrative Opportunities in the Global Automotive Rear-view Mirror Market
Safety Concerns to Drive Demand for Global Automotive Rear-view Mirror Market Rising Demand for LCVs to Augment Demand for Global Automotive Rear-View Mirror
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Impact of COVID-19 The multi-faceted impacts of the COVID-19 pandemic wreaked havoc on the automotive sector. On the one hand, most automotive plants suspended or decreased production due to mobility limitations, lockdowns, and public panic. On the other side, the epidemic has detrimental influences on the global economy, with businesses closing and employees being laid off. The general public's discretionary income is rapidly disappearing, and with no idea when normalcy will return, people are apprehensive about spending on non-essentials.
National lockdowns have had a significant impact on the automotive industry, particularly in western countries, particularly in Europe, which is a key manufacturing base. Factory closures have been imposed due to the lockdowns, and firms have been forced to lay off workers due to low sales. The European Automobile Manufacturers Association (ACEA) estimates that more than 1.1 million (1,138,536) of Europe's 2.6 million automotive workers are directly affected by the temporary stoppage. Furthermore, due to the stoppage, manufacturing of 2.06 million units was interrupted in such a short period.
List of Automotive Rear-view Mirror Market Suppliers
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Global Automotive Rear-View Mirror Market: Segmentation By Type
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Automotive Rear-View Mirror Market
4.3 Key Market Trends
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.4 Threat of New Entrants
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Type Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.1.2 Market Size & Forecast (Value & Volume)
5.1.3 Market Size & Forecast (Value & Volume)
6 Application Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.1.2 Market Size & Forecast (Value & Volume)
6.1.3 Market Size & Forecast (Value & Volume)
7 Features Analysis Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.1.2 Market Size & Forecast (Value & Volume)
7.1.3 Market Size & Forecast (Value & Volume)
7.1.4 Market Size & Forecast (Value & Volume)
7.1.5 Market Size & Forecast (Value & Volume)
7.1.6 Market Size & Forecast (Value & Volume)
8 Sales Channel Overview
8.1 Introduction
8.1.1 Market Size & Forecast (Value & Volume)
8.1.2 Market Size & Forecast (Value & Volume)
8.1.3 Market Size & Forecast (Value & Volume)
9 Regional Overview
9.1 Introduction
9.1.1 Market Size & Forecast (Value & Volume)
9.2 North America
9.3 Central and South America and the Caribbean
9.3.6 Rest of Central and South America and the Caribbean
9.4 Europe
9.4.7 The Rest Of Europe
9.5 Asia-Pacific (APAC)
9.6 Middle East
9.6.8 The Rest Of Middle East
9.7 Africa
9.7.5 The Rest Of Africa
10 Competitive Landscape — Manufacturers & Suppliers
11 Conclusion & Recommendation
12 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/automotive-rear-view-mirror-market/toc
In April 2022, Magna International, a Canadian mobility technology business that has partnered with LG Electronics, will manufacture SK On's battery packs. Magna's production complex will also be home to a combined battery factory with LG Energy Solutions and Stellantis.
In March 2021, Gentex Corporation (NASDAQ:GNTX) was named a 2021 Supplier of the Year by General Motors during the company's 30th annual Supplier of the Year awards ceremony in Phoenix, Arizona.
In January 2021, In the future, a top commercial vehicle manufacturer will replace the front mirror with a camera system, thanks to FICOSA, one of the world's leading producers of state-of-the-art image processing, security, and communication systems for the automotive and commercial vehicle industries.
In April 2021, The Motherson group, of which Samvardhana Motherson Automotive Systems Group BV (SMRPBV) is a part, announced the successful completion of the acquisition of a majority stake in Plast Met Plastik Metal San.malatveTic.A..(PM-Bursa) and Plast Met Kalp San.veTic.A..(PM-Istanbul), collectively known as the Plast Met group (Turkey), through its subsidiary Samvardhana Motherson Reflecte (SMR).
In October 2021, Ningbo SMR Huaxiang Automotive Mirrors Ltd. (SMR NBHX), a 50:50 joint venture in China under Samvardhana Motherson Reflectec, announced the acquisition of a majority stake in Nanchang JMCG Mekra Lang Vehicle Mirror Co., Ltd by Samvardhana Motherson Automotive Systems Group BV (SMRPBV) (SMR).
In December 2021, due to low demand for automotive glass, a German business announced the closure of its plant in Naugatuck, resulting in the loss of 34 employees. According to a corporate statement, Flabeg Technical Glass US Corp. will close its manufacturing facility at 451 Church St. at the end of March.
News Media An Introduction to the Global Automotive Aftermarket Industry in 2020 India’s Automotive Sector Outlook The Automotive Air Suspension Industry has an Increasing Focus on Safety and Comfortable Vehicles Automobile Industry to Hold Considerable Share in the Smart Coatings Market Automotive Sector is Likely to Make Significant Impact in the Adoption of Multi-Layer Ceramics Capacitors Market
Have a Look at the Related Research Report? Autonomous Vehicle Market: Information by Level of Automation (Level 1, Level 2, Level 3, Level 4), Component (Hardware, Software, Services), and Region — Forecast till 2026 Automotive Air Suspension Market: Information by Component Type (Air Spring, Shock Absorber), Technology Type, Vehicle Type (Light Commercial Vehicle), and Region — Forecast till 2027 Automotive Airbag Market: Information by Positions (Frontal Airbag, Side Airbag), Fabrics (Coated, Non-Coated), Types (Passenger), Distribution Channels, and Region — Forecast till 2030 Automotive Head-Up Display Market: Information by Type (Windshield, Augmented Reality HUD), Vehicle Type (Passenger Vehicles, Commercial Vehicles), End-User, and Region — Forecast Till 2029
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