Automotive Mirror Market Size, Share, Growth, and Industry Analysis, By Type (Rear-View Mirrors and Side View Mirrors), By Application (Passenger Car and Commercial Vehicles), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

automotive mirror market Report Overview

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The global automotive mirror market size was valued at USD 7090.6 million in 2022 and is expected to reach USD 8247.7 million by 2028, at CAGR of 2.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the Automotive mirror market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

An automotive mirror, commonly referred to as a car mirror, is an essential component of a vehicle designed to provide drivers with visibility to the rear and sides of the vehicle. These mirrors play a crucial role in ensuring safety on the road by helping drivers make informed decisions while changing lanes, merging onto highways, parking, or simply monitoring the traffic behind and beside them.

The market for automotive mirrors is influenced by several factors, including vehicle production, safety regulations, technological advancements, consumer preferences, and global economic conditions. The market has witnessed trends like the adoption of advanced driver assistance systems (ADAS) that rely on cameras and sensors, impacting mirror designs and functionalities. Additionally, there has been an emphasis on aerodynamics and design, which can influence mirror shapes and configurations.

COVID-19 Impact: Market Faced a fall in Demand Due to Reduced Consumer Spending During the Pandemic

There was no single sector unaffected by COVID-19. The Automotive mirror market was affected as well. Consumer preferences shifted during the pandemic. Economic uncertainties during the pandemic led to reduced consumer spending and a decline in vehicle sales. As a result, automakers faced lower demand for new vehicles, which affected the mirror market since mirrors are primarily installed in new vehicles.

Latest Trends

"Usage of Smart Mirrors to Bring Improved Visibility and Safety"

The Automotive mirror market is as dynamic as any market. In the market, there are everyday developments in the market to add more benefits to it.  Smart mirrors were being developed to enhance safety and functionality. These mirrors often featured touch-screen displays and could display information like navigation directions, weather updates, and vehicle diagnostics in addition to providing a view of the rear.

automotive mirror market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Rear-View Mirrors and Side View Mirrors.

 In terms of services, Rear-View Mirrors are the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into Passenger Car and Commercial Vehicles.

Driving Factors

"Consumer Demand for Advanced Features to Increase Market Demand"

Consumer preferences play a significant role in shaping the mirror market. Buyers are increasingly interested in vehicles equipped with advanced mirror features such as auto-dimming, blind-spot monitoring, integrated cameras, and smart mirror systems, which enhance safety and convenience. Consumer demand for advanced features such as auto-dimming, integrated cameras, blind-spot monitoring, and smart mirror systems drives innovation in the automotive mirror industry. Mirror manufacturers invest in research and development to meet these demands by creating mirrors with enhanced functionalities. Vehicles equipped with advanced mirror features tend to receive higher customer satisfaction ratings. Positive feedback and word-of-mouth recommendations further drive demand for these features among potential buyers.

"Rising Vehicle Production to Influence the Demand in the Market"

The overall growth in the automotive industry, including the production of passenger cars, commercial vehicles, and electric vehicles, directly influences the demand for automotive mirrors. Higher vehicle production leads to increased mirror manufacturing. Growing urbanization and traffic congestion in many regions increase the need for improved visibility and safety features, driving the demand for mirrors with advanced functionalities. As vehicle production increases, there is a higher demand for original equipment manufacturer (OEM) mirrors. Automakers require mirrors for every vehicle they produce, including passenger cars, trucks, and commercial vehicles. This sustained demand drives the production and sale of automotive mirrors. This contributes to the automotive mirror market growth.  

Restraining Factor

"Regulatory Challenges Could Lead to a Declining Trend in the Market "

Meeting evolving safety and environmental regulations can be challenging for mirror manufacturers. Stricter safety standards may require additional features or technology, increasing costs, while environmental regulations may necessitate the use of lightweight materials. As a consequence, there can be a declining trend in the market. 

automotive mirror market Regional Insights

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"North America to Dominate the Market owing to Huge Number of Manufacturing "

North America has the largest Industrial Automotive mirror market share as the countries in this region have one of the world's largest automotive industries. This includes the production of a wide range of vehicles, from passenger cars to trucks and SUVs. The size and diversity of the automotive industry in the region create a substantial demand for automotive mirrors. The U.S. has one of the highest rates of vehicle ownership per capita in the world. With millions of vehicles on the road, there is a constant need for automotive mirrors, both for original equipment in new vehicles and replacement mirrors for existing ones. North America has stringent safety regulations, particularly those set by the National Highway Traffic Safety Administration (NHTSA) in the U.S. These regulations require vehicles to have mirrors that meet specific safety standards, which drives the demand for compliant mirrors. North American consumers often embrace advanced automotive technologies, including advanced driver assistance systems (ADAS). These systems often incorporate advanced mirrors with features like blind-spot monitoring and integrated cameras.

Key Industry Players

"Key Players Focus on Research and Development and Innovation For Global Expansion "

Leading automotive mirror manufacturers invest heavily in research and development to innovate and improve mirror technologies. They work on developing new mirror designs, materials, and features that enhance safety, visibility, and functionality. Stringent quality control measures are in place to ensure that mirrors meet safety and performance standards. Mirrors must undergo testing for factors like visibility, durability, and resistance to environmental conditions. Key players continually seek innovative solutions to stay competitive and meet evolving consumer demands. This includes the integration of advanced technologies like cameras, sensors, and electronic displays into mirrors. Many automotive mirror manufacturers have a global presence, with production facilities and sales operations in multiple countries. Expanding into emerging markets is a common strategy to tap into growing automotive industries.

List of Market Players Profile

• SMR(Germany)
• Magna(Canada)
• Gentex(Inidia)
• Ficosa(Spain)
• Murakami Kaimeido(Japan)
• MEKRA Lang(Germany)

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.