Rear-View Mirror Global Market Report 2024

A rear-view mirror is a crucial active safety feature in a car, providing the driver with a small, angled mirror to see behind the vehicle and ensuring road safety. It utilizes the backlight of the car to offer a view of the rear surroundings.

The primary product categories for rear-view mirrors include smart rear-view mirrors and conventional rear-view mirrors. Smart rear-view mirrors are intelligent mirrors that incorporate a high-resolution camera to monitor traffic conditions behind the vehicle. They feature a built-in LCD monitor that displays images from the camera, functioning both as a camera for recording the rear field of view and as a standard rear-view mirror. Mounting locations for these mirrors include door-mounted and body-mounted options, catering to passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). Rear-view mirrors can be categorized into exterior mirrors and interior mirrors, offering various features such as auto-dimming, blind spot detection, power control, automatic foldable capabilities, heating functions, and more.

The rear-view mirror market research report is one of a series of new reports that provides rear-view mirror market statistics, including global market size, regional shares, competitors with a rear-view mirror market share, detailed rear-view mirror market segments, market trends and opportunities, and any further data you may need to thrive in the rear-view mirror industry. This rear-view mirror market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rear-view mirror market size has grown strongly in recent years. It will grow from $8.85 billion in 2023 to $9.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The observed growth in the historic period can be attributed to factors such as early automotive safety concerns, the rising density of traffic, regulatory requirements for mirrors, advancements in mirror materials, and the evolution of automotive design.

The rear-view mirror market size is expected to see strong growth in the next few years. It will grow to $12 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. Anticipated growth in the forecast period can be attributed to the expansion of the automotive market in emerging economies, a sustained focus on vehicle safety, the incorporation of enhanced connectivity features, increased adoption of smart rear-view mirrors, and integration with autonomous vehicle technologies. Notable trends expected in the forecast period include the development of digital rear-view mirrors, augmented reality (AR) mirrors, initiatives to reduce blind spots through technological advancements, the evolution of compact and streamlined mirror designs, and integration with vehicle-to-everything (V2X) communication systems.

The anticipated increase in the number of vehicles is set to drive the growth of the rear-view mirror market. Vehicles, encompassing automobiles, trucks, and buses, serve as transportation machines with engines for the movement of people or goods. Rear-view mirrors play a crucial role in ensuring vehicle and passenger safety. The growing demand for vehicles consequently boosts the need for rear-view mirrors. For example, according to the European Automobile Manufacturers' Association, global motor vehicle production reached 85.4 million units in 2022, indicating a 5.7% growth compared to the previous year, 2021. Furthermore, the National Automobile Dealers Association projects that light vehicle production in North America is expected to increase from 14.2 million units in 2022 to 15.4 million units in 2023, driven by improvements in the supply chain. Therefore, the rise in the number of vehicles is a significant driver for the rear-view mirror market.

The increasing demand for electric vehicles (EVs) is poised to propel the growth of the rear-view mirror market. Electric vehicles, powered by electric motors and rechargeable batteries, are gaining popularity. The surge in electric vehicle adoption, coupled with the overall demand for passenger vehicles, is expected to drive the automotive rear-view mirror market, incorporating advanced technologies like smart mirrors and digital rear-view mirrors. For instance, the Global EV Outlook 2022 report notes a doubling of electric vehicle sales from the previous year, reaching a new high of 6.6 million units. Electric cars held a sales share of 4% worldwide in 2021. Thus, the increasing demand for electric vehicles acts as a driving force for the rear-view mirror market.

Technological advancements are a prominent trend gaining traction in the rear-view mirror market. Major companies in the market are concentrating on developing new technologies to meet consumer demands and fortify their market positions. A notable example is the collaboration between Seeing Machines Ltd, an Australian provider of driver monitoring technologies, and Magna, a Canadian automobile mirror provider. This collaboration resulted in a rear-view mirror featuring Seeing Machines' Driver Monitoring System (DMS) technology, integrating a camera, electronics, and interior mirror technology with enhanced FOVIO eDME (embedded Driver Monitoring Engine) algorithms and software.

Leading players in the rear-view mirror market are directing efforts towards the creation of innovative products to enhance their market standing. In February 2023, Ford Pro, a US-based productivity accelerator, introduced the Digital Rearview Mirror. This innovative mirror features a high-definition monitor displaying a panoramic view of the area behind the van. It enables drivers to identify cyclists, pedestrians, and other vehicles, overcoming obstacles like bulkheads, cargo, passengers, or windowless rear doors.

In September 2022, Samvardhana Motherson Automotive Systems Group BV acquired a 100% stake in Ichikoh Industries’ mirror business. This strategic acquisition aims to extend the company's footprint in Japan and enhance customer service. Ichikoh Industries’ mirror business includes the manufacturing of automotive mirrors and associated products.

Major companies operating in the in the rear-view mirror market report are Continental AG, FLABEG Holding GmbH, Gentex Corporation, Magna International Inc., Ishizaki Honten Company Limited, Mitsuba Corporation, Ficosa Internacional SA, SL Corporation, Samvardhana Motherson Group, Valeo SA, Ichikoh Industries Ltd., Burco Inc., Sichuan Skay View, Honda Lock Mfg Co. Ltd., Tokairica Co Ltd., Samvardhana Motherson Reflectec, Murakami Corporation, Murakami Kaimeido Co. Ltd., Mekra Lang GmbH & Co KG, Lumax Industries Limited, Flabeg Automotive Holding GmbH, Magneti Marelli SpA, Kappa Optronics GmbH, FS Fehrer Automotive GmbH, Changchun Fawsn Group Co Ltd., Changzhou Huawei Automotive Trim Co Ltd., Changzhou Xingyu Automotive Lighting Systems Co Ltd., Fuyao Glass Group Co Ltd., Nippon Sheet Glass Co Ltd., Asahi Glass Co Ltd., Compagnie de Saint-Gobain SA, Xinyi Glass Holdings Limited

Asia-Pacific was the largest region in the rear-view mirror market in 2023. The regions covered in the rear-view mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the rear-view mirror market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The rear-view mirror market consists of sales of overhead, convex, and traditional rear-view mirror. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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