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The automotive electric side view mirror market size is forecast to increase by USD 9.10 billion at a CAGR of 10.76% between 2023 and 2028. The market is experiencing significant growth due to the increasing preference for safe and convenient features in vehicles. This trend is driven by consumers' demand for advanced technologies that enhance driving experience and improve vehicle safety. Another trend influencing the market is the emergence of surround-view mirror systems, which provide a 360-degree view of the vehicle's surroundings, improving visibility and reducing blind spots. Furthermore, stringent government regulations regarding automotive mirrors, aimed at enhancing safety and reducing emissions, are also fueling market growth. These regulations mandate the use of electric mirrors in new vehicles, creating a favorable market environment for market participants.
The global market is witnessing significant growth due to the increasing demand for advanced features in passenger cars and commercial vehicles. Automotive OEMs are integrating electric side mirrors with auto-dimming, blind spot indicators, automatic folding, and heatable mirrors to enhance safety and comfort. The front glass surface and back surface of these mirrors are made of wedge-shaped casings with thicker edges to provide better visibility and resistance to damage. Automotive technology companies are focusing on developing electronic components such as memory storage mirrors, foldable mirrors, and cameras for side mirrors. In the rainy season and during night driving, these advanced features offer rain-sensing wipers, night vision assistance, and 360-degree viewing angles, ensuring safer driving conditions.
The market is also witnessing the emergence of camera-based side mirrors that provide clearer images and wider viewing angles, reducing the risk of accidents.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The passenger cars segment is estimated to witness significant growth during the forecast period. The market encompasses passenger cars and commercial vehicles, with a focus on auto-dimming, blind spot indicator, automatic folding features. According to the International Organization of Motor Vehicle Manufacturers, approximately 57.05 million passenger cars were produced worldwide in 2021. In the Indian market, electric side view mirrors are incorporated into entry-segment vehicles, in addition to mid-segment and premium or luxury-segment vehicles. The Indian passenger automobile market, valued at USD 32.70 billion in 2021, is projected to grow at a CAGR of over 9% between 2022 and 2027, reaching USD 54 billion. Automotive OEMs are integrating safety and comfort features, such as electric side view mirrors, to enhance driver experience and prevent accidents.
Moreover, these mirrors come with advanced technologies like camera systems, digital mirrors, Bluetooth-enabled automatic-dimming mirrors, HomeLink integrated buttons, and Electronic Control Units. High-performance electronic mirrors offer image definition enhancement and LED lamps. Electric vehicles also utilize these mirrors, contributing to the market's growth. Exterior component manufacturers are focusing on developing advanced technologies, including surround-view mirror systems and FADA-sourced industry statistics, to cater to the increasing demand. Stringent government programs emphasizing CO2 emissions reduction and blind spot detection further fuel the market's growth. The automotive technology landscape is evolving, with electric side view mirrors becoming an essential automotive part, featuring a wedge-shaped design, thicker edge, and domain controller for seamless integration with the vehicle's systems.
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The passenger cars segment was valued at USD 8.84 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 61% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Passenger Vehicle Market is witnessing significant growth, particularly in the APAC region. Memory storage mirrors, foldable mirrors, and heatable mirrors are increasingly becoming standard features in passenger cars, driven by consumer preferences and regulatory requirements. In the APAC region, which is the fastest-growing market, countries like China, India, South Korea, and Japan are major contributors. The high volume of passenger car sales in these countries has led car manufacturers to offer electric side view mirrors as a standard or optional fitment. Advanced features such as cameras for the rainy season and night vision assistance, 360-degree viewing angles, and camera-based side mirrors are gaining popularity in the premium segment of the passenger vehicle market. The trend is expected to continue, with the increasing adoption of electric side view mirrors in premium passenger vehicles and the emergence of autonomous vehicles.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing preference for safe and convenient features in vehicles is the key driver of the market. The automotive side view mirror market has witnessed significant growth in recent years, driven by the increasing demand for safety and comfort features in both passenger cars and commercial vehicles. With traffic accidents being a major concern, automakers have been integrating advanced mirror systems into their vehicles to enhance driver visibility and awareness. These systems include auto-dimming mirrors, blind spot indicators, and automatic folding mirrors. Premium vehicles and luxury cars are increasingly incorporating these features as standard equipment, while automotive OEMs and exterior component manufacturers are investing in camera technologies and surround-view mirror systems. Digital mirrors, Bluetooth-enabled automatic-dimming mirrors with HomeLink integrated buttons, and high-performance electronic mirrors with image definition enhancement and LED lamps are becoming popular.
Moreover, electronic Control Units, domain controllers, and high-tech electronic mirrors are being used to improve safety and reduce CO2 emissions. The demand for these advanced mirror systems is expected to continue growing, as stringent government programs and consumer preferences for eco-friendly and safe vehicles increase. The front and back surfaces of the mirror, along with the casing and wedge-shaped design with thicker edges, are essential electronic components in these advanced mirror systems. Automotive technology continues to evolve, with FADA-sourced industry statistics indicating a bright future for the automotive side view mirror market.
The emergence of surround-view mirror systems is the upcoming trend in the market. The market encompasses various advanced technologies, including auto-dimming, blind spot indicator, automatic folding, and surround-view mirror systems. These features are increasingly becoming essential safety and comfort elements in both Passenger Cars and Commercial Vehicles. Auto-dimming mirrors automatically adjust the vehicle's backlight to prevent glare from oncoming headlights, while blind spot indicators alert drivers of vehicles in their blind spot. Automakers are integrating these features into premium vehicles to enhance driver experience and safety. Stringent government programs and regulations, such as CO2 emissions standards, are compelling automotive OEMs to invest in advanced automotive parts, including electric mirrors and camera technologies.
Moreover, the exterior component manufacturers are developing high-performance electronic mirrors with image definition enhancement, LED lamps, and electric vehicles compatibility. Surround-view mirror systems, also known as 360-degree camera systems, are gaining popularity due to their ability to provide the driver with a bird's-eye view of the vehicle's surroundings. These systems consist of multiple cameras positioned around the vehicle, which intelligently combine inputs to display a single video feed. Sonar technologies are integrated into these systems to accurately identify distances between adjacent vehicles or obstacles and alert the driver with audio signals. Advanced features like Bluetooth-enabled automatic-dimming mirrors, HomeLink integrated buttons, and radio frequency Electronic Control Units are also being integrated into these systems.
Similarly, the high-end models may even include domain controller, high-performance electronic mirrors, and digital mirrors. The casing of these mirrors is often wedge-shaped with thicker edges to accommodate the advanced electronics. The front glass surface and back surface are designed for optimal image definition enhancement, while LED lamps ensure clear visibility in low-light conditions. As electric vehicles gain popularity, automotive technology is evolving to cater to their unique requirements. FADA-sourced industry statistics indicate that the electric vehicle market is expected to grow significantly in the coming years, and electric mirrors will play a crucial role in ensuring safety and convenience for drivers.
Stringent government regulations regarding automotive mirrors is a key challenge affecting the market growth. The market is witnessing significant growth due to the increasing demand for advanced safety and comfort features in both Passenger Cars and Commercial Vehicles. Automakers are integrating technologies such as Auto-Dimming, Blind Spot Indicator, and Automatic Folding mirrors to enhance the driving experience and prevent accidents. Auto part manufacturers are focusing on developing high-performance electronic mirrors with image definition enhancement, LED lamps, and digital mirrors. Bluetooth-enabled automatic-dimming mirrors with HomeLink integrated buttons are also gaining popularity. Stringent government programs aimed at reducing CO2 emissions are driving the adoption of electric vehicles, further boosting the demand for electric side view mirrors.
However, the integration of these advanced features increases production costs, leading automotive OEMs to offer them only in premium vehicles. Regulatory authorities in certain countries lack testing procedures for newly developed automotive technologies, posing a challenge to automakers. Exterior component manufacturers are also focusing on developing surround-view mirror systems and camera technologies to offer a 360-degree view of the vehicle's surroundings. The front glass surface and back surface of these mirrors are made thicker with wedge-shaped casings and thicker edges to improve durability and visibility. Electronic Control Units and domain controllers are used to manage the functions of these mirrors. Overall, the automotive technology landscape is evolving rapidly, and electric side view mirrors are an essential component of modern vehicles. According to FADA-sourced industry statistics, the market for automotive electric side view mirrors is expected to grow steadily in the coming years.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Gentex Corp.: The company offers automotive electric side view mirrors that are based on multiple imager platforms, and implements scalable display solutions, helping the industry evolve from an analog to digital rear view, under the brand name of Gentex.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The global market is witnessing significant growth due to the increasing demand for advanced safety and comfort features in passenger cars and commercial vehicles. Auto-dimming, blind spot indicator, and automatic folding mirrors are some of the popular electric side view mirror technologies in the automotive industry. Automakers are integrating these features into both premium and mass-market vehicles to enhance safety and comfort. Exterior component manufacturers are focusing on developing high-performance electronic mirrors with image definition enhancement, LED lamps, and Bluetooth-enabled automatic-dimming mirrors with homelink integrated buttons. Camera technologies such as surround-view mirror systems and digital mirrors are also gaining popularity in the market.
Moreover, the stringent government programs aimed at reducing CO2 emissions and enhancing vehicle safety are driving the demand for electric side-view mirrors in the automotive industry. The electric vehicles segment is expected to witness significant growth in the market due to the increasing adoption of electric vehicles. Automotive OEMs are integrating electronic control units, domain controllers, and radio frequency modules into electric side view mirrors to improve their functionality and performance. The market is witnessing the emergence of advanced features such as high-definition image processing, auto-dimming, and auto-folding mirrors with a wedge-shaped design, thicker edge, and thinner front glass surface. The market is driven by the increasing demand for advanced safety and comfort features, stringent government regulations, and the growing popularity of electric vehicles.
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.76% |
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Market growth 2024-2028 |
USD 9.10 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.92 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 61% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BEEKAY AUTOMOTIVES, Fiem Industries Ltd., Gentex Corp., INMESA, Magna International Inc., MEKRA Lang GmbH and Co. KG, MinebeaMitsumi Inc., Mitsuba Corp., Murakami Corp., Panasonic Holdings Corp., Prakant Electronics Pvt. Ltd., Rosco Inc., Sakae Riken Kogyo Co. Ltd., Samsung Electronics Co. Ltd., Samvardhana Motherson International Ltd., Schaeffler AG, SL Corp., Stoneridge Inc., Tokai Rika Co. Ltd., and Valeo SA |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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