The Global Automotive Rearview Mirror Market Size Is Expected To Reach USD 15.22 Billion By 2030, Growing At A CAGR Of 7.83%.
Automotive Rear View System Market Overview:
The main function of the Automotive Rear View Mirror is to allow the driver to clearly see all objects on the side or rear of the vehicle. To ensure safety, manufacturers are focusing on developing new technologies that innovate automotive rearview mirrors. Since many manufacturing companies have recently introduced a rearview mirror with a rear-facing camera that converts the entire display mirror into a video display that can provide a panoramic view of objects behind the vehicle. Component and vehicle manufacturers have made significant efforts to reduce aerodynamic noise, drag, and vibration. However, the refinement of automotive side mirror performance, especially mirror vibration, is less well understood. Rearview mirrors are used on four-wheelers and two-wheelers. In some countries, laws mandate that vehicles should have two rearview mirrors to ensure the safety of passengers inside the vehicle, which is expected to drive the growth of the market.
Automotive Rear View System market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Automotive Rear View System market in detail. Regional market sizes related to products by type, by application, and by the player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.
Major Segments Covered in the Global Automotive Rear View System Market:
Market Key Players:
Magna, Sony, LG Innotek, TTE, MCNEX, Sekonix, HPB, E-Lead, ROSCO, Vision Tech America Inc, GENTEX, Foryou Group, Whetron, Grace Tech, Guangzhou AVC Electronics, And Others.
Automotive Rear View System Market by Types:
- Car Display
- Reversing Camera
Automotive Rear View System Market by Applications:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Automotive Rear View System Market by Regions:
The report estimates revenue growth at the worldwide, regional, and country levels and delivers an analysis of the recent industry trends in each sub-segment from 2017 to 2030.
The Asia Pacific region accounted for the largest revenue share of over 50% in 2020 and is expected to maintain its dominance during the forecast period. The region is expected to register a CAGR of over 4% over the forecast period owing to increasing vehicle production in India, China, and Japan. By 2020, the region will account for more than half of total global vehicle production. Furthermore, increasing demand for luxury vehicles in India and availability of new and replacement auto parts are also expected to drive the growth of the market in this region by 2028.
Europe is expected to witness significant growth owing to the presence of well-known luxury automakers such as Audi, BMW, Porsche, and Volkswagen. Rising production in the region following the COVID-19 lockdown is expected to boost the demand for rearview mirrors in the coming years.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Significant Market Dynamics:
Rearview mirrors are installed on the windshield and doors or on top of the vehicle body so that the driver can see objects on the sides and behind the vehicle. At present, various car models are equipped with various rearview mirrors with advanced functions. These mirrors are used to avoid collisions in heavy traffic, or to provide a level of convenience when parking. Technological advancements in automotive rearview systems, rising incidence of road accidents, rapid development of the automotive industry, increasing demand for passenger vehicles, and growing popularity of advanced rearview mirrors are driving the growth of the global market. Moreover, rising awareness about deploying advanced safety systems to avoid road accidents and rising investments by market players to develop more advanced safety systems are further driving the growth of the market revenue.
However, the high cost of smart rearview mirrors and maintenance of advanced rearview systems is expected to hinder the growth of the global automotive rearview system market to some extent during the forecast period. Furthermore, the shortage of labor force in the manufacture of these devices in some developing countries is expected to hamper the market growth.
Report Scope of Global Automotive Rear View System Market:
CAGR of 7.83% from 2022 to 2030.
Car Display, Reversing Camera, Other
Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Magna, Sony, LG Innotek, TTE, MCNEX, Sekonix, HPB, E-Lead, ROSCO, Vision Tech America Inc, GENTEX, Foryou Group, Whetron, Grace Tech, Guangzhou AVC Electronics
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
Points Covered in the Report
- The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
- The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
- The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Frequently Asked Questions-
What is the CAGR of Automotive Rear View System market?
The Automotive Rear View System Market is growing at a CAGR of 7.83% During Forecast Period.
What are the key types and applications of Automotive Rear View System market?
- Car Display, Reversing Camera, Other
- Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
Who are the key players in Automotive Rear View System market?
Magna, Sony, LG Innotek, TTE, MCNEX, Sekonix, HPB, E-Lead, ROSCO, Vision Tech America Inc, GENTEX, Foryou Group, Whetron, Grace Tech, Guangzhou AVC Electronics, And others.
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Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.