The rear-view mirror global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Rear View Mirror Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The rear-view mirror market size has grown strongly in recent years. It will grow from $8.85 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to early automotive safety concerns, increased traffic density, regulatory requirements for mirrors, advancements in mirror materials, evolution of automotive design.
The rear-view mirror market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to expansion of the automotive market in emerging economies, continued focus on vehicle safety, enhanced connectivity features, adoption of smart rear-view mirrors, integration with autonomous vehicle technologies. Major trends in the forecast period include digital rear-view mirrors, augmented reality (ar) mirrors, reduction in blind spots through technology, compact and streamlined mirror designs, integration with vehicle-to-everything (v2x) communication systems.
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Scope Of Rear View Mirror Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
The increase in the number of vehicles is expected to propel the growth of the rear-view mirror market. Vehicles refer to transportation machines with an engine, such as automobiles, trucks, and buses, for transporting a person or goods. Rear view mirrors are used to ensure safety for the vehicle and passengers. As a result, increasing demand for vehicles also increases the demand for rear-view mirrors. For instance, according to the European Automobile Manufacturers’ Association, a Belgium-based automobile industry body, in 2022, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to the previous year, 2021. Further, according to the National Automobile Dealers Association, a US-based non-profit organization, the production of light vehicles in North America was projected to reach 14.2 million units in 2022. This production is expected to increase to 15.4 million units in 2023, driven by gradual improvements in the supply chain. Therefore, the increase in the number of vehicles is driving the rear-view mirror market.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
The rear-view mirror market covered in this report is segmented –
1) By Product Type: Smart Rear-View Mirror, Conventional Rear-View Mirror
2) By Mounting Location: Door Mounted, Body Mounted
3) By Mirror Type: Exterior Mirror, Interior Mirror
4) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
5) By Feature: Auto dimming, Blind spot detection, Power Control, Automatic Foldable, Heated, Other Features
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Regional Insights –
Asia-Pacific was the largest region in the rear-view mirror market in 2023. The regions covered in the rear-view mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the rear-view mirror market report are Continental AG, FLABEG Holding GmbH, Gentex Corporation, Magna International Inc., Ishizaki Honten Company Limited, Mitsuba Corporation, Ficosa Internacional SA, SL Corporation, Samvardhana Motherson Group, Valeo SA, Ichikoh Industries Ltd., Burco Inc., Sichuan Skay View, Honda Lock Mfg Co. Ltd., Tokairica Co Ltd., Samvardhana Motherson Reflectec, Murakami Corporation, Murakami Kaimeido Co. Ltd., Mekra Lang GmbH & Co KG, Lumax Industries Limited, Flabeg Automotive Holding GmbH, Magneti Marelli SpA, Kappa Optronics GmbH, FS Fehrer Automotive GmbH, Changchun Fawsn Group Co Ltd., Changzhou Huawei Automotive Trim Co Ltd., Changzhou Xingyu Automotive Lighting Systems Co Ltd., Fuyao Glass Group Co Ltd., Nippon Sheet Glass Co Ltd., Asahi Glass Co Ltd., Compagnie de Saint-Gobain SA, Xinyi Glass Holdings Limited
Table of Contents
1. Executive Summary
2. Rear View Mirror Market Report Structure
3. Rear View Mirror Market Trends And Strategies
4. Rear View Mirror Market – Macro Economic Scenario
5. Global Rear-View Mirror Market Size and Growth
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31. Global Rear-View Mirror Market Competitive Benchmarking
32. Global Rear-View Mirror Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Rear-View Mirror Market
34. Rear-View Mirror Market Future Outlook and Potential Analysis
35. Appendix
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