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Rear-View Mirror Market Analysis: Key Trends & Growth Insights | 2024 To 2033 Key Players Continental AG, FLABEG Holding GmbH, Gentex Corporation, Magna International Inc.
Rear-View Mirror Market Share
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According to The Business Research Company's, 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 growth in the historic period can be attributed to early automotive safety concerns, increased traffic density, regulatory requirements for mirrors, advancements in mirror materials, 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%. The growth in the forecast period can be attributed to expansion of the automotive market in emerging economies, continued focus on vehicle safety, enhanced connectivity features, adoption of smart rear-view mirrors, integration with autonomous vehicle technologies. Major trends in the forecast period include digital rear-view mirrors, augmented reality (ar) mirrors, reduction in blind spots through technology, compact and streamlined mirror designs, integration with vehicle-to-everything (v2x) communication systems.
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Market Drivers and Trends:
The increase in the number of vehicles is expected to propel the growth of the rear-view mirror market. Vehicles refer to transportation machines with an engine, such as automobiles, trucks, and buses, for transporting a person or goods. Rear view mirrors are used to ensure safety for the vehicle and passengers. As a result, increasing demand for vehicles also increases the demand for rear-view mirrors. For instance, according to the European Automobile Manufacturers' Association, a Belgium-based automobile industry body, in 2022, global motor vehicle production reached 85.4 million units, reflecting a 5.7% growth compared to the previous year, 2021. Further, according to the National Automobile Dealers Association, a US-based non-profit organization, the production of light vehicles in North America was projected to reach 14.2 million units in 2022. This production is expected to increase to 15.4 million units in 2023, driven by gradual improvements in the supply chain. Therefore, the increase in the number of vehicles is driving the rear-view mirror market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Rear-View Mirror Market 2024 Key Insights:
• 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%.
• Increase In The Number Of Vehicles
• Technological Advancements In Rearview Mirror Market
• Asia-Pacific was the largest region in the rear-view mirror market in 2023
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