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The automotive mirror system market share is expected to increase by USD 22.72 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 2%.
This automotive mirror system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive mirror system market segmentation by product (exterior and interior) and geography (APAC, Europe, North America, South America, and MEA). The automotive mirror system market report also offers information on several market vendors, including Ford Motor Co., General Motors Co., Gentex Corp., Kappa optronics GmbH, Magna International Inc., Motherson Sumi Systems Ltd., Murakami Corp., Robert Bosch GmbH, Stoneridge Inc., and Valeo SA among others.
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The increase in the sales of passenger cars is notably driving the automotive mirror system market growth, although factors such as side view mirrors are leading to a reduction in fuel economy benefits due to aerodynamic resistance may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive mirror system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Mirror System Market Driver
An increase in the sales of passenger cars is driving the demand for mirror systems is one of the key drivers for the automotive mirror system market growth. The sales of passenger cars are positively correlated with the market growth of automotive mirror systems as each passenger car equipped with two ORVMs, one IRVM, and a vanity mirror (not present in the entry-level variants of the mass-selling cars). Mirror systems in the passenger car segment contribute predominantly to the automotive mirror system market. Global car sales increased by around 3% in 2016, wherein most of the sales have been contributed by the sales of SUVs and crossovers in the Chinese and the European passenger car markets.Sales in the midsized crossover segment in Europe increased by 8% in 2019 to 872,500 units and accounted for 5.6% of the total European car market when compared to 2018. Thus, the rising preference for fuel efficiency and three-row seats in crossovers and SUVs are the main factors driving the SUV and crossover market in the US. Crossovers are more fuel-efficient than SUVs as they are built from the frames of cars and are considerably lighter in weight, which is leading to the growing preference for crossovers over SUVs. The growing demand for SUVs and crossovers is likely to drive the growth of the global automotive mirror system market.OEMs like Toyota have plans to increase the production of their passenger cars.
Key Automotive Mirror System Market Trend
An increase in the popularity of smart rearview mirrors is one of the key trends in the automotive mirror system market growth. Mirror integration option. The Radar-Mirror modification generates alert arrows, which light up through the rearview mirror glass when the K40 radar and laser system detects police speed enforcement. Similarly, Delphi has integrated radars and cameras in Volvo's cars to provide traffic sign recognition, forward collision warning, autonomous braking, and pedestrian detection. Even Bosch has developed a mid-range radar that provides clear visibility of the rear end of the vehicle. The main advantage of the Bosch mid-range radar sensor is its compact design. Other automotive OEMs are also expected to equip their vehicles with such systems to remain competitive in the market. The integration of advanced technology and tools in automotive mirrors will enhance the features of automotive mirrors, and thus, will drive the growth of the market during the forecast period.
Key Automotive Mirror System Market Challenge
Side view mirror is leading to a reduction in fuel economy benefits due to aerodynamic resistance is one of the key challenges for the automotive mirror system market growth. In a vehicle, there are different components that contribute to the drag, which leads to aerodynamic resistance. ORVMs contribute significantly to aerodynamic resistance. The ORVMs increase the aerodynamic resistance by 2%-7% when the vehicle is moving at a speed of more than 60 miles/hour. There are regulations on rearview mirrors due to safety aspects. Thus, they must be positioned in such a way that they can provide clear rear visibility to the drivers. OEMs have been trying to redesign and reshape the mirrors to reduce the aero drag. The small changes such as changes in edge radius and adding gutters and inclinations affect the flow of air and thus reduce the aero drag. The aero drag was reduced significantly when the housing of the mirror was replaced from a bulky one to a flatter one. Since rearview mirrors have a significant effect on the aero drag, mirror system design optimization is important where OEMs are trying to reduce the aerodynamic resistance.
This automotive mirror system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive mirror system market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive mirror system market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive mirror system market encompasses successful business strategies deployed by the key vendors. The automotive mirror system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive mirror system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive mirror system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the automotive components and accessories market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Position
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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