Global Electric Outside Rear-view Mirror Market Outlook, 2029

The electric outside rear-view mirror (EORM) industry stands as a vital component within the broader automotive sector, integral to vehicle safety, functionality, and design. Historically, the evolution of rear-view mirrors traces back to the early days of automotive manufacturing when simple manual adjustments sufficed for driver visibility. However, the advent of electrically operated mirrors in the late 20th century marked a transformative shift. Initially considered a luxury feature, electric mirrors quickly became standard due to their convenience and safety benefits. This transformation was paralleled by advancements in automotive electronics and the increasing integration of electronic control systems into vehicles. Cultural aspects within the EORM industry reflect a commitment to innovation and safety, central to automotive manufacturing ethos. Companies within this sector place significant emphasis on research and development to enhance mirror functionality, durability, and design. Moreover, there is a strong focus on aligning mirror technology with the aesthetic and functional requirements of various vehicle models. This cultural dedication to innovation fosters a competitive landscape where industry leaders such as Gentex Corporation, Magna International, and Ficosa International vie for market dominance through technological prowess and strategic partnerships with automotive OEMs. Government regulations play a pivotal role in shaping the EORM industry, particularly concerning vehicle safety standards. Regulatory bodies like the National Highway Traffic Safety Administration (NHTSA) in the United States and their international counterparts impose stringent requirements on mirror performance and durability. These regulations ensure that mirrors provide adequate visibility, contribute to overall vehicle safety ratings, and meet environmental standards. Compliance with these regulations not only guides product development but also influences market strategies, driving investments in technology and manufacturing processes that align with regulatory expectations. According to the research report, “ Global Electric Outside Rear-View Mirror Market Outlook, 2029” published by Bonafide Research, the market is anticipated to grow with 7% CAGR by 2024-29. Strategies within the EORM industry revolve around innovation, cost-efficiency, and regulatory compliance. Companies invest heavily in research and development to introduce advanced features such as auto-dimming, heated mirrors, integrated turn signals, and even cameras for enhanced visibility and safety. Concurrently, there is a focus on optimizing manufacturing processes to reduce costs while maintaining high quality. Strategic collaborations with automotive manufacturers are crucial, facilitating early integration of mirror systems into vehicle design and ensuring seamless compatibility with other vehicle systems and technologies. Special aspects influencing the EORM industry include the on-going transition towards electric and autonomous vehicles. Electric vehicles necessitate mirrors that are energy-efficient to extend vehicle range, while autonomous vehicles require mirrors that can integrate with advanced sensor technologies and AI-driven systems for enhanced situational awareness. Moreover, environmental considerations drive innovation towards lightweight materials and energy-efficient designs to reduce vehicle emissions and enhance overall sustainability.

Market Drivers • Advancements in Automotive Technology: Rapid advancements in automotive technology, including the shift towards electric and autonomous vehicles, are significant drivers for the EORM market. Electric vehicles require mirrors that are energy-efficient and integrate seamlessly with vehicle systems to maximize range and efficiency. Autonomous vehicles necessitate mirrors equipped with advanced sensors and cameras for enhanced visibility and safety in complex driving environments. • Regulatory Standards and Safety Requirements: Stringent regulatory standards imposed by government bodies worldwide continue to drive innovation in the EORM industry. Regulations mandating specific performance criteria for rear-view mirrors ensure they meet high safety standards, contributing to overall vehicle safety ratings and consumer trust. Compliance with these standards not only shapes product development but also influences market strategies and industry practices. Market Trends • Integration of Advanced Features: There is a growing trend towards integrating advanced features into EORMs, such as auto-dimming functionality, heated mirrors, integrated turn signals, and even cameras for blind-spot monitoring and surround-view systems. These features enhance driver visibility, safety, and convenience, catering to consumer demand for more sophisticated automotive technologies. • Shift towards Lightweight Materials and Energy Efficiency: With increasing emphasis on sustainability and vehicle efficiency, there is a trend towards developing EORMs using lightweight materials and energy-efficient designs. This trend not only aligns with environmental regulations but also supports efforts to improve vehicle aerodynamics and reduce overall vehicle weight, thereby enhancing fuel efficiency and reducing emissions. ? Market Challenges • Cost Pressures: The integration of advanced technologies into EORMs poses significant cost challenges for manufacturers. Balancing the demand for innovative features with cost-efficiency requires substantial investment in research and development, as well as efficient manufacturing processes. Cost pressures can impact profit margins and competitiveness within the market. • Complexity of Integration: As vehicles become more technologically advanced, the integration of EORMs with other vehicle systems and technologies becomes increasingly complex. Ensuring seamless compatibility and performance across different vehicle models and platforms requires rigorous testing and collaboration between mirror manufacturers and automotive OEMs. This complexity can pose challenges in meeting design specifications, performance standards, and customer expectations. Based on the report, the Product Type segment is distinguished into Memory Storage Electric Rear-view Mirror, Foldable Electric Rearview Mirror and Heatable Electric Rearview Mirror. The Heatable Electric Rearview Mirror is leading in the electric rearview mirror industry due to its ability to enhance safety and functionality in diverse weather conditions.

The Heatable Electric Rearview Mirror has emerged as a frontrunner in the electric rearview mirror industry primarily because of its significant contribution to driver safety and visibility, especially in adverse weather conditions. Unlike conventional mirrors, which can fog up or frost over, heated mirrors utilize a built-in heating element to quickly clear condensation, frost, or ice. This feature ensures that drivers maintain clear visibility of their surroundings at all times, reducing the risk of accidents and enhancing overall driving safety. In regions where temperatures fluctuate drastically or where humidity levels are high, such as in cold climates or during rainy seasons, heated mirrors prove indispensable. They prevent the build up of moisture that can obscure the driver's view, ensuring that mirrors remain clear and functional even in challenging weather conditions. This capability not only enhances safety but also provides convenience and peace of mind to drivers, allowing them to focus more on the road ahead without worrying about obscured visibility from fogged or frosted mirrors. The integration of heating elements into electric rearview mirrors exemplifies technological innovation aimed at improving driver experience and vehicle performance. These mirrors typically feature automatic activation systems that detect ambient conditions and activate the heating element as needed, ensuring optimal functionality without requiring driver intervention. This seamless operation enhances user convenience while maintaining energy efficiency, as the heating element operates only when necessary. From a market perspective, the demand for heated electric rearview mirrors continues to grow as consumers prioritize safety and comfort in their vehicle choices. Automakers and mirror manufacturers alike recognize the competitive advantage of offering this feature, as it aligns with consumer expectations for modern, technologically advanced vehicles. Additionally, regulatory standards that emphasize vehicle safety and visibility further bolster the adoption of heated mirrors, encouraging manufacturers to integrate these features into their product lines to meet compliance requirements. Based on the report, the vehicle type segment is segmented into Passenger Vehicle, Light Commercial Vehicle and Heavy Commercial Vehicle. The Passenger vehicles are leading in the electric rearview mirror industry due to their high volume of production and consumer demand for advanced safety and convenience features. Passenger vehicles have established themselves as leaders in the electric rearview mirror industry primarily because of their sheer volume of production and the significant emphasis consumers place on safety, convenience, and aesthetic appeal. As the most widely manufactured and sold category of vehicles globally, passenger vehicles drive the demand for technological innovations such as electric rearview mirrors. These mirrors not only enhance driver visibility and safety but also contribute to the overall comfort and appeal of passenger vehicles. In recent years, there has been a growing consumer preference for vehicles equipped with advanced safety features, including electric rearview mirrors with functionalities such as auto-dimming, heating elements, integrated turn signals, and even camera systems for enhanced visibility. These features not only improve driving visibility in various weather conditions but also contribute to safer lane changes and parking manoeuvres, thereby reducing the risk of accidents. Passenger vehicle manufacturers have responded to this demand by integrating these advanced mirror technologies into their models, thereby enhancing the market dominance of passenger vehicles in the electric rearview mirror segment. From a technological standpoint, electric rearview mirrors in passenger vehicles exemplify advancements aimed at improving driver experience and vehicle safety. Modern passenger vehicles often feature sophisticated electronic control systems that seamlessly integrate mirror functionalities with other vehicle systems, such as advanced driver assistance systems (ADAS) and infotainment systems. This integration enhances overall vehicle performance and user experience, reflecting the evolving expectations of consumers towards smarter, more connected vehicles. Regulatory standards and safety ratings play a crucial role in driving the adoption of electric rearview mirrors in passenger vehicles. Government regulations worldwide mandate specific safety requirements for vehicles, including visibility standards that electric mirrors help meet. Compliance with these regulations not only ensures vehicle manufacturers meet legal standards but also enhances consumer confidence in the safety and reliability of passenger vehicles equipped with advanced mirror technologies. In the competitive landscape of the automotive industry, passenger vehicles stand out as leaders in integrating advanced technologies like electric rearview mirrors due to their broad consumer base and the competitive pressures to differentiate through innovation. Automakers continuously invest in research and development to enhance mirror functionalities, reduce production costs, and improve manufacturing efficiency to meet the growing demand for safer and more technologically advanced vehicles. APAC (Asia-Pacific) is leading in the electric rearview mirror industry due to the region's dominant position in automotive production and technological innovation. APAC has emerged as the leader in the electric rearview mirror industry primarily due to its pivotal role in global automotive manufacturing and its robust focus on technological innovation. As the largest automotive production hub globally, APAC countries such as China, Japan, South Korea, and India manufacture a significant majority of the world's vehicles. This manufacturing dominance not only drives the demand for electric rearview mirrors but also positions APAC as a key influencer in setting industry trends and standards. In recent years, APAC has seen exponential growth in the adoption of electric rearview mirrors across passenger vehicles, light commercial vehicles, and even heavy commercial vehicles. This growth is fuelled by the region's commitment to enhancing vehicle safety, efficiency, and driver comfort through technological advancements. Electric rearview mirrors equipped with features like auto-dimming, heating elements, integrated turn signals, and cameras for blind-spot monitoring are increasingly becoming standard in APAC-manufactured vehicles, reflecting consumer preferences for advanced safety and convenience features. Technological innovation is another critical factor driving APAC's leadership in the electric rearview mirror industry. Countries like Japan and South Korea are renowned for their advanced automotive electronics and sensor technologies, which are integral to the development of sophisticated mirror systems. These technologies not only improve visibility and safety but also support the integration of electric mirrors with other vehicle systems, such as ADAS (Advanced Driver Assistance Systems) and vehicle-to-everything (V2X) communication systems, enhancing overall vehicle intelligence and connectivity. APAC's regulatory environment plays a significant role in shaping the adoption of electric rearview mirrors. Stringent safety regulations imposed by governments in countries like Japan and South Korea mandate high visibility standards for vehicles, prompting automakers to integrate advanced mirror technologies to meet compliance requirements. These regulations not only drive innovation but also ensure that vehicles manufactured in APAC adhere to global safety standards, enhancing their competitiveness in international markets. The competitive landscape within APAC's automotive industry further drives innovation in electric rearview mirrors. Leading automotive manufacturers and mirror suppliers in the region continuously invest in research and development to stay ahead of global competitors. Strategic partnerships between automakers, mirror manufacturers, and technology firms foster collaboration in developing next-generation mirror solutions that cater to diverse consumer needs and regulatory requirements. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Electric Outside Rear-View Mirror market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Memory Storage Electric Rearview Mirror • Foldable Electric Rearview Mirror • Heatable Electric Rearview Mirror By Application • Passenger Vehicle • Light Commercial Vehicle • Heavy Commercial Vehicle The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Electric Outside Rear-View Mirrorindustry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.