- Home
- Automotive And Mobility
- Automotive Outside Rearview Mirrors (ORVM)
Automotive Outside Rearview Mirrors Orvm Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
-
Published date -30th Jan 2024
-
Formats -PDF, CSV
-
Region -Global
What is the Market Size & CAGR of Automotive Outside Rearview Mirrors Orvm market in 2023?
The Automotive Outside Rearview Mirrors (ORVM) market is projected to reach a market size of USD 11.7 billion by 2023, with a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period. The increasing demand for advanced safety features in vehicles, government regulations mandating the installation of rearview mirrors, and the rising production of automobiles globally are driving the growth of the Automotive Outside Rearview Mirrors (ORVM) market.
COVID-19 Impact on the Automotive Outside Rearview Mirrors Orvm Market
The COVID-19 pandemic had a significant impact on the Automotive Outside Rearview Mirrors (ORVM) market, causing disruptions in the automotive industry's supply chain, production, and consumer demand. Lockdowns and restrictions led to reduced vehicle sales, affecting the demand for ORVMs. However, the market has shown resilience and recovery post-pandemic, with a growing focus on vehicle safety features driving the demand for high-quality ORVMs in the market.
Automotive Outside Rearview Mirrors Orvm market Dynamics
Driver: Increasing Safety Regulations
The automotive industry's focus on enhancing vehicle safety has led to the implementation of stringent regulations mandating the use of high-quality rearview mirrors. This regulatory push is driving the growth of the Automotive Outside Rearview Mirrors (ORVM) market as automakers prioritize safety features in their vehicles.
Restraint: Supply Chain Disruptions
The COVID-19 pandemic exposed vulnerabilities in the global supply chain, leading to disruptions in the production and supply of Automotive Outside Rearview Mirrors (ORVMs). The uncertainties in the supply chain have impacted the market's growth and availability of ORVMs in the automotive sector.
Opportunity: Technological Advancements
Technological advancements in mirror designs, such as auto-dimming mirrors, integrated cameras, and smart mirrors, present lucrative opportunities for innovation in the Automotive Outside Rearview Mirrors (ORVM) market. These advanced features cater to consumer preferences for enhanced functionality and safety in vehicles.
Challenge: Cost Pressures
The increasing costs of raw materials and manufacturing processes pose a challenge to the Automotive Outside Rearview Mirrors (ORVM) market. Balancing quality, performance, and cost-effectiveness remains a key challenge for manufacturers in the competitive market landscape.
Segments and Related Analysis of the Automotive Outside Rearview Mirrors Orvm market
Segmentation by Product Type:
- Manual ORVMs
- Power ORVMs
- Auto-dimming ORVMs
- Integrated Camera ORVMs
- Others
Segmentation by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
Segmentation by Material:
- Glass ORVMs
- Plastic ORVMs
- Others
Automotive Outside Rearview Mirrors Orvm market analysis report by Region
Asia Pacific Automotive Outside Rearview Mirrors Orvm market report
The Asia Pacific region is expected to dominate the Automotive Outside Rearview Mirrors (ORVM) market, driven by the high demand for vehicles, rapid urbanization, and increasing safety regulations in countries like China, India, and Japan. The region's growing automotive industry and technological advancements in mirror designs contribute to the market's growth.
South America Automotive Outside Rearview Mirrors Orvm market report
South America's Automotive Outside Rearview Mirrors (ORVM) market is witnessing steady growth, supported by the expansion of the automotive sector and the adoption of advanced mirror technologies in countries like Brazil and Argentina. Increasing consumer awareness about vehicle safety features is driving the demand for high-quality ORVMs in the region.
North America Automotive Outside Rearview Mirrors Orvm market report
North America is a mature market for Automotive Outside Rearview Mirrors (ORVMs), with a strong presence of key market players and a focus on technological innovations in mirror designs. The region's emphasis on vehicle safety standards and advanced driver-assistance systems contributes to the demand for innovative ORVM solutions.
Europe Automotive Outside Rearview Mirrors Orvm market report
The European Automotive Outside Rearview Mirrors (ORVM) market is characterized by stringent safety regulations and a focus on incorporating advanced mirror technologies in vehicles. The region's leading automotive manufacturers and commitment to vehicle safety standards drive the adoption of high-quality ORVMs in the European market.
Middle East and Africa Automotive Outside Rearview Mirrors Orvm market report
The Middle East and Africa region is experiencing growth in the Automotive Outside Rearview Mirrors (ORVM) market, propelled by the expansion of the automotive industry, increasing vehicle production, and rising investments in safety features. The demand for ORVMs in the region is driven by the emphasis on road safety and the adoption of advanced mirror technologies.
Automotive Outside Rearview Mirrors Orvm market analysis report by Technology
Segmentation by Technology:
- Manual Adjust ORVMs
- Power Adjust ORVMs
- Heated ORVMs
- Auto-dimming ORVMs
- Integrated Camera ORVMs
- Others
Automotive Outside Rearview Mirrors Orvm market analysis report by product
Segmentation by Product:
- Exterior Mirrors
- Interior Mirrors
Key Growth Drivers and Key Market Players of Automotive Outside Rearview Mirrors Orvm market and competitive landscape
Key Growth Drivers:
- Increasing focus on vehicle safety features
- Technological advancements in mirror designs
- Stringent safety regulations in the automotive sector
Key Market Players:
- Magna International Inc.
- Samvardhana Motherson Group
- Ficosa International SA
- Murakami Corporation
- Gentex Corporation
Automotive Outside Rearview Mirrors Orvm market trends and future forecast
The Automotive Outside Rearview Mirrors (ORVM) market is expected to witness continued growth driven by the increasing demand for advanced safety features in vehicles, the adoption of innovative mirror technologies, and the expansion of the automotive industry globally. Innovations in mirror designs, such as integrated cameras, auto-dimming features, and smart mirrors, are likely to shape the market's future trajectory. The market is poised for further advancements in mirror technology, with a focus on enhancing driver visibility, safety, and overall vehicle performance.
Related Industries
Automotive Outside Rearview Mirrors (ORVM) Market FAQs
What is the market size of the Automotive Outside Rearview Mirrors Orvm?
According to recent market research reports, the global Automotive Outside Rearview Mirrors Orvm market size was valued at approximately $XX billion in 2020. The market is expected to grow at a CAGR of XX% over the forecast period to reach a market size of around $XX billion by 2025.
What are the key market players in the Automotive Outside Rearview Mirrors Orvm industry?
Some of the key players in the Automotive Outside Rearview Mirrors Orvm industry include Company A, Company B, Company C, Company D, and Company E. These companies are known for their strong market presence, innovative product offerings, and strategic partnerships in the industry.
What are the primary factors driving the growth in the Automotive Outside Rearview Mirrors Orvm industry?
The primary factors driving the growth in the Automotive Outside Rearview Mirrors Orvm industry include increasing vehicle production, rising demand for safety features in automobiles, technological advancements in mirror design, and stringent automotive safety regulations worldwide. Additionally, the growing trend of electric vehicles and autonomous driving features is also expected to boost the market growth.
Which region is identified as the fastest-growing in the Automotive Outside Rearview Mirrors Orvm industry?
The Asia-Pacific region is identified as the fastest-growing region in the Automotive Outside Rearview Mirrors Orvm industry. This growth can be attributed to the increasing vehicle production in countries like China and India, the rising adoption of advanced mirror technologies, and the growing focus on vehicle safety standards in the region.
Does ConsaInsights provide customized market report data for the Automotive Outside Rearview Mirrors Orvm industry?
Yes, ConsaInsights provides customized market report data for the Automotive Outside Rearview Mirrors Orvm industry. Our reports are tailored to meet specific client requirements, including market analysis, competitive landscape, industry trends, and future outlook for the Automotive Outside Rearview Mirrors Orvm market.
What deliverables can I expect from this Automotive Outside Rearview Mirrors Orvm market research report?
Our Automotive Outside Rearview Mirrors Orvm market research report will provide you with detailed insights into market trends, drivers, challenges, opportunities, competitive landscape, key market players, market size and forecast, regional analysis, and strategic recommendations for industry stakeholders. Additionally, you can expect comprehensive data analytics, charts, and graphs to support the analysis presented in the report.
