Automotive Power Folding Mirror Systems Market Size, Share, Growth, And Industry Analysis, By Type (Interior & Exterior), By Application (Passenger Car & Commercial Vehicle) Regional Insights and Forecast to 2031

Updated On: 06 May 2024

Automotive Power Folding Mirror Systems Market Report Overview

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The global Automotive Power Folding Mirror Systems market size expanded rapidly in 2021 and the market projected to grow substantially by 2031, exhibiting a robust CAGR.

Power folding mirror systems in automobiles provide a convenient and space-saving feature for drivers. These systems allow the side mirrors to be folded in or out with the push of a button, typically located on the driver's side door panel. Automotive power folding mirror systems enhance convenience and safety by providing a space-saving solution and reducing the risk of mirror damage in tight spaces. Regular maintenance and prompt attention to any issues can help ensure the reliable operation of these systems.

The Automotive Power Folding Mirror Systems market has been experiencing growth, driven by several factors. The increasing demand from consumers for vehicles equipped with advanced features that enhance convenience and safety has driven the adoption of power folding mirror systems. The ability to easily fold and unfold mirrors provides added convenience during parking and improves overall safety.

COVID-19 Impact: Market Faced a Fall in Demand Due to Supply Disruptions During the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the Automotive Power Folding Mirror Systems 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.

The pandemic disrupted global supply chains, affecting the production and delivery of automotive components. Manufacturing plants faced closures, reduced capacities, and logistical challenges, impacting the availability of power folding mirror systems.

Latest Trends

"Introduction of Smart Mirror Technology to Bring Efficiency in the Market"

The Automotive Power Folding Mirror Systems market is as dynamic as any other market. The automotive industry has been exploring smart mirror technology. Smart mirrors can be equipped with features such as cameras, displays, and even augmented reality (AR) capabilities. While not yet ubiquitous, this trend could impact power folding mirrors by incorporating more advanced technologies.

Automotive Power Folding Mirror Systems Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into interior & exterior.

 In terms of services, interior is the largest segment. Designing a user-friendly interface for controlling interior power folding mirror features is essential. The controls should be intuitive and not distract the driver from focusing on the road.

• By Application Analysis

Based on application, the market can be divided into passenger car & commercial vehicle.

 In terms of services, the commercial vehicle is the largest segment. Commercial vehicles, such as delivery trucks or vans, often need to navigate through narrow streets or tight loading docks. Power folding mirrors allow the driver to fold the mirrors when space is limited, reducing the risk of mirror damage and facilitating easier maneuvering.

Driving Factors

"The Emphasis on Safety and Visibility has Increased Demand in the Market"

Power folding mirror systems can be equipped with advanced safety features, such as blind-spot detection. This enhances overall visibility and safety by providing drivers with real-time information about vehicles in their blind spots. Power folding mirror systems often come with advanced features like blind spot detection. These systems use sensors to monitor the areas around the vehicle, and when combined with power folding mirrors, they provide real-time information to the driver about objects or vehicles in their blind spots. This significantly reduces the risk of collisions during lane changes. The integration of power folding mirror systems in vehicles aligns with the automotive industry's focus on safety and visibility. These systems offer practical solutions to common safety challenges, providing drivers with enhanced awareness and control over their surroundings, ultimately contributing to a safer driving experience.

"Urbanization has Influenced the Demand in the Market"

With increasing urbanization and traffic congestion, the ability to easily fold mirrors becomes crucial. Power folding mirrors address the challenges posed by congested urban environments and make driving more manageable. Urbanization plays a significant role in driving the Automotive Power Folding Mirror Systems market. As more people move to urban areas and cities become increasingly congested, the demand for features that facilitate easier navigation and parking in tight spaces has grown. Here are several ways in which urbanization influences the market for power folding mirror systems. In this way this factor resulted in Automotive Power Folding Mirror Systems market growth.

Restraining Factors

"Cost Considerations leads to a Declining Trend in the Market "

The inclusion of power folding mirror systems can add to the overall cost of manufacturing and, consequently, the retail price of a vehicle. This cost factor may influence consumers' purchasing decisions, especially in price-sensitive market segments.  As a consequence, it can result in the decline of demand in the market.

Automotive Power Folding Mirror Systems Market Regional Insights

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"North America Region Dominates the Market owing to Consumer Preferences for Advanced Features"

North America has the largest Automotive Power Folding Mirror Systems market share as it has a strong affinity for vehicles equipped with advanced features. Power folding mirror systems align with the demand for convenience and modern technology, contributing to their popularity in the market. Premium and luxury vehicle segments, which are well-represented in North America, often feature advanced technology and convenience features, including power folding mirror systems. The higher adoption rates in these segments contribute to the overall dominance of these systems in the region. North America has stringent safety regulations, and features like power folding mirrors, especially when equipped with safety functionalities like blind-spot detection, contribute to compliance with these regulations. Safety-conscious consumers and regulatory requirements drive the integration of advanced safety features. Urbanization in North America has led to increased demand for features that facilitate urban driving, such as power folding mirror systems. In cities with limited parking spaces and congested traffic, the ability to fold mirrors for easier parking and maneuvering is particularly appealing.

Key Industry Players

"Key Players Focus on Research & Development and Innovation For Market Expansion"

Key players in the Automotive Power Folding Mirror Systems market typically engage in various activities to establish a strong market presence, enhance product offerings, and meet the evolving demands of consumers. Key players invest significantly in research and development to innovate and improve the technology behind power folding mirror systems. This includes enhancing functionality, incorporating advanced safety features, and exploring new materials and manufacturing processes. Companies focus on product innovation to differentiate their power folding mirror systems from competitors. This may involve introducing unique features, such as customizable settings, integrated sensors, or compatibility with advanced driver assistance systems (ADAS). Key players often expand their market presence by targeting both established and emerging automotive markets globally. This involves understanding regional preferences, adapting products to meet local regulations, and establishing a strong distribution network.

List of Market Players Profile

• SMR(China)
• Magna(Auztria)
• Gentex(U.S.)
• Ficosa(Spain)
• Murakami Kaimeido(Japan)

INDUSTRIAL DEVELOPMENT

January 2023: "Auto-folding ORVMs" refers to "Auto-folding Outside Rear View Mirrors" in the context of automobiles. These are mirrors on the exterior of a vehicle that can automatically fold or retract when not in use and unfold when needed. These mirrors are commonly known as power folding mirrors, and they provide several benefits in terms of convenience, safety, and aesthetics. 

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.