Global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market Report and Forecast 2024-2032

Global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market Outlook

The global automotive electrically adjustable outside smart rear view mirror (ORVM) market is expected to grow at a CAGR of 7.2% between 2024 and 2032.

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Key Trends in the Market 

A rear view mirror is a flat mirror used in automobiles and other vehicles, structured to let the driver see backward through the rear window (rear windshield) of the vehicle. It is designed to help the driver in manoeuvring the vehicle safely.  

• An increase in the usage of technological innovations for safety like folding electric ORVM is expected to drive the automotive electrically adjustable outside smart rear view mirror (ORVM) market growth across the globe.

• The automotive electrically adjustable outside smart rear view mirror helps in reducing the risk of visibility hindrance produced by snow, rain, or ice build-up on the exterior surface. This is likely to influence the market demand among consumers, particularly in regions with excessive snow or rainfall.

• The increasing passenger vehicle production coupled with the growing awareness regarding shared mobility is expected to fuel the market growth during the forecast period.

Market Analysis

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Based on the feature type, the market can be categorised into auto-dimming, blind spot indicator, automatic folding, and heating function, among others. On the basis of powertrain type, the market is bifurcated into IEC engine and electric. Based on the vehicle type, the market is divided into passenger cars and commercial vehicles. According to distribution channels, the market can be categorised into OEM and aftermarket. The regional markets for the automotive electrically adjustable outside smart rear view mirror (ORVM) market can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global automotive electrically adjustable outside smart rear view mirror (ORVM) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.

• Gentex Corporation

• Ficosa Internacional SA

• Magna International Inc 

• SL Corporation 

• Murakami Corporation 

• Ichikoh Industries, Ltd. 

• Honda Lock Co.,Ltd. 

• SMR Deutschland GmbH 

• Tokairika,Co, Ltd. 

• Motherson Group 

• Others

Market Share by Vehicle type

The passenger car segment is expected to gain momentum in the automotive electrically adjustable outside smart rear view mirror (ORVM) market across the globe due to the increasing production of passenger vehicles. Going further, the increasing concerns linked to the safety of drivers as well as passengers in case of accidents are further expected to bolster the segment growth in the market during the forecast period.

Market Share by Region

Geographically, the North American region is augmenting the automotive electrically adjustable outside smart rear view mirror (ORVM) market share on account of the surging demand for luxury cars coupled with the increasing automotive industry among emerging economies. The rise in high safety standards along with growing governmental regulations regarding road safety to decrease accidents is expected to propel the market growth in the region.

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Competitive Landscape 

Gentex Corporation is a foremost technology company proficient in a broad variety of core competencies that produce a distinctive combination of technologies. The company manufactures and develops custom high-tech electronic products for the aerospace, commercial, and automotive fire protection industries.

Ficosa Internacional SA is a top-grade supplier dedicated to the development, research, marketing, and manufacturing of advanced technology vision, connectivity, safety, and efficiency systems across the globe for the motor and mobility industry. Its aim is to contribute to the world through dedication to technological innovation, energy efficiency, and human values.

Magna International Inc is a mobility technology corporation. It provides modular solutions for vehicle systems and parts, as well as full vehicle assembly. It deals its manufactured goods to original equipment producers of light trucks and cars.

SL Corporation is a leading auto parts company that specialises in automobile headlamp production. The company focuses on the future of technology for automobile electronics and modularisation. It is a leading auto parts company with quality and advanced technology.

Other market players include Murakami Corporation, Ichikoh Industries, Ltd., Honda Lock Co.,Ltd., SMR Deutschland GmbH, Tokairika,Co, Ltd., and Motherson Group, among others.

Key Highlights of the Report