Automotive Outside Rearview Mirrors (ORVM) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market is poised to register a CAGR of over 4% during the forecast period (2020-2025).

Key Highlights

• Trends such as increasing use of the automatic function, sensors in place of buttons where the passenger is mostly looking for less manual operation in their cars are evolving vehicle exteriors. Industry participants are working intensively on various new technology for improving vehicle exteriors with a variety of new functionalities and which can be adapted to the continuously changing requirements of passengers and drivers.
• Rear-view cameras and other camera systems for vehicles have generally been seen as a useful tool for improving the safety of the vehicles on the road. But in some cases, the complex camera and monitor systems that are supposed to increase the driver's visibility become confusing and distracting.
• According to the Insurance Institute for Highway Safety says 15,000 people are injured annually in backover accidents, with children and elders have been the most victims. Additionally, the National Highway Traffic Safety Administration report says that nearly 840,000 blind-spot accidents occur every year in the United States.

Key Market Trends

Increasing Developments of New technologies in the Market

The automotive industry is evolving every next day, new technologies are trying to replace the existing conventional option. The automotive outside rearview mirror market is facing tough competition from new camera technologies. Leading automotive OEMs and exterior component manufacturers are spending of huge amount on research and development of future technologies.

At Consumer Electronics Show 2016, BMW displayed its i8 Mirrorless Concept. The cameras on the concept vehicle were covered with Gorilla Glass, which comes with a heating element. The system is also having a feature to display a warning alert to the driver when any surrounding vehicles approaching on either side of the vehicle with an alarming indication on the display glass. This feature helps the driver to change the lanes accordingly.

Valeo developed a similar technology named Sightstream, in which the cameras are installed where the exterior side mirrors are conventionally mounted, technology comes with driver assistance features such as blind-spot detection and assist while door opening by detecting passing vehicles.

Asia Pacific Anticipated to Capture Major Market Share

Asia-Pacific region accounts for the largest share in the market, owing to the availability of low-cost raw materials, cheap labor, and increasing government initiatives towards local manufacturing. This region is also estimated to have prominent growth in the market due to the rush in the adoption of electric vehicles. Rapid urbanization in countries such as India, China, ASEAN Countries, is providing good potential for the advance outside rearview mirrors, as the car buyers are willing to pay some extra money for advanced features in their vehicle.

Besides, China is one of the largest producers of electric vehicles and smart outside mirrors is to reduce the additional drag which is caused by mirrors and CO2 emissions, by 1.3 grams per kilometer, and also decreases the noise generated by the mirrors. In the future, the electric vehicle manufacturers will adopt these camera-based mirror systems to increase their vehicle range and performance

Competitive Landscape

The automotive market is fragmented due to the presence of many local and global players such as Magna International Inc., Gentex Corporation, and Valeo amongst others. The market is transforming but the new technologies are right now in the concept phase and in the near future, it will not replace the conventional mirrors. Although companies are increasing investment in R&D projects to provide more convenient and safer experience to the car owner. For instance,

• Magna’s developed an innovative ClearView automotive vision system in which a pair of camera-equipped mirrors are used one inside the vehicle and one outside. The outside mirror is equipped with a self-cleaning camera which displays a live video inside the vehicle from the camera fitted outside.
• In January 2020, Gentex Corporation and Aston Martin announced that they have jointly developed a rear vision system for future Aston Martin vehicles. It features a camera monitoring system (CMS) that uses three cameras that will improve the driver’s vision in the traffic.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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