Automotive Outside Rearview Mirrors Orvm Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the Automotive Outside Rearview Mirrors market, exploring current trends, market dynamics, segmentation, and forecasts from 2023 to 2033. It aims to equip stakeholders with necessary insights for strategic decision-making.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $11.70 Billion |
| CAGR (2023-2033) | 6.3% |
| 2033 Market Size | $21.89 Billion |
| Top Companies | Gentex Corporation, Magna International Inc., Valeo, Ficosa International |
| Last Modified Date | 15 Nov 2024 |
Automotive Outside Rearview Mirrors Orvm Market Report (2023 - 2033)
Automotive Outside Rearview Mirrors Orvm Market Overview
What is the Market Size & CAGR of Automotive Outside Rearview Mirrors Orvm market in 2023?
Automotive Outside Rearview Mirrors Orvm Industry Analysis
Automotive Outside Rearview Mirrors Orvm Market Segmentation and Scope
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Automotive Outside Rearview Mirrors Orvm Market Analysis Report by Region
Europe Automotive Outside Rearview Mirrors Orvm Market Report:
Europe showed a market value of $2.92 billion in 2023 and is anticipated to escalate to $5.46 billion by 2033. The region is at the forefront of automotive technology innovations, pushing the demand for smart and connected ORVMs.Asia Pacific Automotive Outside Rearview Mirrors Orvm Market Report:
The Asia Pacific region contributed a market value of $2.35 billion in 2023, expected to reach $4.39 billion by 2033. This growth is driven by high vehicle production rates in countries like China and India, along with increasing consumer demand for advanced vehicle features.North America Automotive Outside Rearview Mirrors Orvm Market Report:
North America represented a market size of $4.52 billion in 2023, forecasted to grow to $8.46 billion by 2033. The growth is driven by technological advancements and regulatory initiatives focused on improving vehicle safety.South America Automotive Outside Rearview Mirrors Orvm Market Report:
In South America, the market size was approximately $0.86 billion in 2023, projected to grow to $1.61 billion by 2033. The automotive sector in this region is expanding steadily, with rising vehicle ownership rates fueling demand for ORVMs.Middle East & Africa Automotive Outside Rearview Mirrors Orvm Market Report:
The Middle East and Africa market was valued at $1.05 billion in 2023, with expectations to grow to $1.97 billion by 2033. Increased investment in infrastructure and automotive manufacturing in these regions is likely to enhance market opportunities.Request a custom research report for industry.
Automotive Outside Rearview Mirrors Orvm Market Analysis By Product Type
Global Automotive Outside Rearview Mirrors (ORVM) Market, By Product Type Market Analysis (2023 - 2033)
The product type segment features manual mirrors, power mirrors, and smart mirrors. Manual mirrors dominate the market as the most economical choice, holding a significant share of approximately 60.36% in 2023. Power mirrors are gaining traction, particularly in mid to high-end vehicles, with an expected increase to 27.09% by 2033. Smart mirrors, while currently at 12.55% market share, are anticipated to grow as vehicle digitalization increases.
Automotive Outside Rearview Mirrors Orvm Market Analysis By Technology
Global Automotive Outside Rearview Mirrors (ORVM) Market, By Technology Market Analysis (2023 - 2033)
In terms of technology, the industry divides into conventional and advanced technologies. Conventional technology retains dominance with a share of 87.77%. However, advanced technologies are projected to see significant growth, with expectations of reaching 12.23% market share by 2033, driven by a surging demand for ADAS.
Automotive Outside Rearview Mirrors Orvm Market Analysis By Vehicle Type
Global Automotive Outside Rearview Mirrors (ORVM) Market, By Vehicle Type Market Analysis (2023 - 2033)
Passenger vehicles accounted for the largest share (87.77%) in 2023, indicating a strong preference for sophisticated mirror solutions in personal vehicles. Commercial vehicles, while holding a smaller market share, are seeing gradual growth due to increasing fleets and utility vehicle sales.
Automotive Outside Rearview Mirrors Orvm Market Analysis By Distribution Channel
Global Automotive Outside Rearview Mirrors (ORVM) Market, By Distribution Channel Market Analysis (2023 - 2033)
The distribution channels include OEM and aftermarket sales. OEM sales constituted 87.77% of the market in 2023, highlighting the importance of supplier relationships and factory installations. The aftermarket, though smaller at 12.23%, is growing as vehicle owners seek replacements and upgrades.
Automotive Outside Rearview Mirrors Orvm Market Analysis By End User
Global Automotive Outside Rearview Mirrors (ORVM) Market, By End-User Market Analysis (2023 - 2033)
End-user segmentation divides into consumers and repair shops. Consumer end-users dominated with a market share of 12.55% in 2023. Repair shops hold 27.09% of the market, signifying their critical role in servicing and repair demand for vehicles.
Automotive Outside Rearview Mirrors Orvm Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Automotive Outside Rearview Mirrors Orvm Industry
Gentex Corporation:
Gentex is a prominent player specializing in electronic products, including auto-dimming mirrors and advanced driver assistance technologies that enhance vehicle safety.Magna International Inc.:
Magna is a major automotive supplier providing innovative exterior mirrors that combine functionality with smart technologies for improved vehicle visibility and safety.Valeo:
Valeo is a global automotive supplier that manufactures a wide variety of rearview mirrors, including premium products with integrated technologies for enhanced driving comfort.Ficosa International:
Ficosa specializes in manufacturing and distributing high-quality automotive mirrors, focusing on innovation and safety features to meet evolving market needs.We're grateful to work with incredible clients.
Related Industries
FAQs
What is the market size of automotive outside rearview mirrors (ORVM)?
The automotive outside rearview mirrors (ORVM) market is projected to reach USD 11.7 billion by 2033, growing at a CAGR of 6.3% from its current value.
What are the key market players or companies in the automotive outside rearview mirrors (ORVM) industry?
Key players in the ORVM market include major automotive suppliers, manufacturers specializing in mirrors, and technology firms focused on advanced driver-assistance systems. Their innovation and production capacity significantly contribute to market dynamics.
What are the primary factors driving the growth in the automotive outside rearview mirrors (ORVM) industry?
Growth in the ORVM industry is driven by rising vehicle production, increased consumer demand for safety features, advancements in mirror technology, and stringent vehicle safety regulations across various regions.
Which region is the fastest Growing in the automotive outside rearview mirrors (ORVM)?
North America is poised as the fastest-growing region in the ORVM market, with a projected increase from USD 4.52 billion in 2023 to USD 8.46 billion by 2033, driven by innovation and market demand.
Does ConsaInsights provide customized market report data for the automotive outside rearview mirrors (ORVM) industry?
Yes, ConsaInsights offers customized market report data tailored to the specific needs of clients in the automotive ORVM industry, delivering insights that align with business objectives.
What deliverables can I expect from this automotive outside rearview mirrors (ORVM) market research project?
Deliverables include comprehensive market analysis reports, segmentation studies, competitive landscape evaluations, and insights into trends and forecasts to guide strategic decision-making.
What are the market trends of automotive outside rearview mirrors (ORVM)?
Current trends include a shift towards smart mirrors, increased integration of safety technology, and a focus on sustainability, influencing the design and functionality of ORVMs.