Electric Outside Rearview Mirror Market Outlook

The global electric outside rearview mirror market is projected to reach approximately USD 15 billion by 2035, growing at a compound annual growth rate (CAGR) of 7.5% during the forecast period of 2025 to 2035. This growth can be attributed to the increasing demand for enhanced safety features in vehicles, rising consumer preference for advanced driver assistance systems (ADAS), and the growing trend towards electric and autonomous vehicles. Additionally, the automotive industryÔÇÖs shift towards electrification and advanced technologies is further propelling the market forward. The integration of smart technology, such as cameras and sensors in rearview mirrors, is also expected to play a significant role in the market's expansion. As automotive manufacturers focus on improving vehicle aesthetics and functionality, the electric outside rearview mirror market is set to witness robust growth.

Growth Factor of the Market

One of the primary growth factors driving the electric outside rearview mirror market is the increasing emphasis on vehicle safety and security. As governments around the world implement stringent regulations regarding safety standards in vehicles, manufacturers are compelled to innovate and adapt their products accordingly. Electric mirrors not only provide a clearer view of the road but also integrate features such as blind-spot detection and lane departure warnings, making them essential in modern vehicles. Furthermore, the rise in demand for electric vehicles (EVs) and autonomous vehicles is significantly impacting the market as these vehicles often utilize advanced mirror technologies for enhanced functionality. The ongoing technological advancements in the automotive sector, including the integration of smart features in rearview mirrors, are also contributing to increased adoption rates. Lastly, consumer preference for luxury vehicles equipped with high-tech features boosts the demand for electric outside rearview mirrors, providing a competitive edge to manufacturers who prioritize innovative designs and functionalities.

Key Highlights of the Market

• Projected global market size of approximately USD 15 billion by 2035 with a CAGR of 7.5%.
• Increasing demand for advanced driver assistance systems (ADAS) driving market growth.
• Rapid adoption of electric and autonomous vehicles influencing the development of smart mirror technologies.
• Integration of features such as blind-spot detection and lane departure warnings enhancing safety.
• Regulatory pressures promoting innovations in vehicle safety and technology.

By Product Type

Electric Folding Mirror:

Electric folding mirrors are becoming increasingly popular due to their space-saving design and contribution to vehicle aesthetics. These mirrors can retract automatically when the vehicle is parked or in tight spaces, reducing the risk of damage from passing vehicles or obstacles. The convenience offered by electric folding mirrors is particularly appealing to urban drivers who often navigate congested streets. Additionally, advancements in technology have led to the incorporation of automatic folding mechanisms that activate with the push of a button or via keyless entry systems, further enhancing user experience and safety. The growing trend of compact car designs and urbanization is expected to drive the demand for electric folding mirrors significantly throughout the forecast period.

Electric Heated Mirror:

Electric heated mirrors are designed to defrost and de-ice the mirror surface, ensuring clear visibility in adverse weather conditions. This feature is especially beneficial in regions that experience harsh winters, contributing significantly to driver safety. The demand for electric heated mirrors is expected to increase as consumers prioritize safety and convenience, especially in regions with extreme climates. Moreover, the integration of heated technology in electric mirrors is becoming a standard feature in many new vehicle models, thus expanding their market presence. As vehicle manufacturers focus on improving driver comfort and visibility, the adoption of electric heated mirrors is likely to witness substantial growth.

Electric Self-Dimming Mirror:

Electric self-dimming mirrors utilize advanced electrochromatic technology to automatically adjust the mirror's tint based on ambient light conditions. This dynamic feature helps reduce glare from headlights of vehicles behind, enhancing nighttime driving safety. The increasing incidence of nighttime accidents due to glare is prompting consumers to seek solutions that improve visibility. As a result, the market for electric self-dimming mirrors is expected to grow significantly. Furthermore, these mirrors can often integrate additional functionalities, such as built-in displays for navigation or reverse cameras, making them a versatile choice for modern vehicles. The ongoing development of innovative mirror technologies is likely to boost their penetration in the automotive market.

Electric Memory Mirror:

Electric memory mirrors are equipped with advanced technology that allows drivers to save and recall preferred mirror positions for multiple users. This feature enhances convenience and personalization, particularly in households with multiple drivers. The electric memory function not only improves the driving experience but also promotes safety by ensuring that each driver can easily adjust the mirror to their desired position without distractions. As vehicle manufacturers focus on creating customized experiences, the demand for electric memory mirrors is expected to rise. Additionally, the compatibility of these mirrors with advanced driver assistance systems further solidifies their relevance in the modern automotive landscape.

Electric Blind Spot Mirror:

Electric blind spot mirrors are integrated with additional lenses or sensors that help in minimizing blind spots, thereby enhancing overall vehicle safety. These mirrors provide critical visual information to drivers, assisting in safer lane changes and merges. The growing awareness of road safety and the increasing number of accidents caused by blind spot-related incidents are driving the demand for electric blind spot mirrors. Furthermore, as more vehicles are equipped with advanced safety features, the integration of electric blind spot mirrors into new vehicle designs is becoming increasingly common. The market for these types of mirrors is expected to expand as consumers and manufacturers alike prioritize safety technologies.

By Application

Passenger Vehicles:

The passenger vehicle segment accounts for a significant share of the electric outside rearview mirror market. As the automotive industry increasingly focuses on safety and convenience, manufacturers are integrating advanced features in rearview mirrors for passenger cars. The demand for electric mirrors in passenger vehicles is driven by consumer preferences for high-tech features, such as automatic folding and integrated cameras for enhanced visibility. Moreover, the surge in electric vehicle and hybrid vehicle sales is further propelling the market for electric mirrors, as these vehicles typically come equipped with the latest technologies. The growing trend of urbanization and the need for efficient vehicle designs are expected to sustain the growth of electric mirrors in this segment.

Commercial Vehicles:

The commercial vehicle segment is also witnessing substantial growth, driven by the increasing focus on fleet safety and efficiency. Fleet operators are investing in advanced technologies to enhance driver safety, and electric outside rearview mirrors provide significant advantages, including improved visibility and integrated safety features. As the logistics and transportation sectors invest in upgrading their fleets with state-of-the-art safety features, the demand for electric mirrors is expected to rise. Furthermore, regulatory requirements for enhanced vehicle safety are pushing fleet operators to adopt electric outside rearview mirrors, contributing to market expansion in the commercial vehicle sector.

Electric Vehicles:

The rise of electric vehicles (EVs) presents significant opportunities for the electric outside rearview mirror market. As more consumers switch to EVs for their environmental benefits, the demand for advanced technologies, including electric mirrors, is expected to surge. The electric vehicle market is characterized by a focus on innovative designs and features that enhance user experience. Electric mirrors offer not only aesthetic advantages but also functional enhancements such as built-in cameras and monitoring systems that align with the high-tech nature of EVs. Furthermore, manufacturers are increasingly integrating electric mirrors into their EV models to maintain competitiveness, thereby driving growth in this segment.

Autonomous Vehicles:

Autonomous vehicles represent a transformative segment within the automotive industry, and the demand for electric outside rearview mirrors is evolving alongside this trend. As autonomous driving technology continues to advance, mirrors equipped with cameras and sensors are becoming essential components for ensuring safety and providing drivers with necessary feedback about surrounding conditions. Electric mirrors can enhance the operational capabilities of autonomous vehicles by providing real-time data, reducing blind spots, and improving overall visibility. The increasing investment in autonomous vehicle technology is expected to significantly boost the market for electric outside rearview mirrors in the coming years as manufacturers prioritize safety and efficiency.

Others:

In addition to the primary applications mentioned, the electric outside rearview mirror market also caters to various segments including specialty vehicles, recreational vehicles, and more. This diverse range of applications allows for the integration of electric mirrors in a variety of vehicle types, thereby expanding the overall market. For example, recreational vehicles often require larger and more advanced mirrors for improved visibility when towing. The growing popularity of these alternative vehicle types is driving the development and adoption of electric mirrors tailored to meet specific needs. As consumer preferences evolve and new vehicle types emerge, the ÔÇÿOthersÔÇÖ segment is expected to show steady growth in the electric outside rearview mirror market.

By Distribution Channel

OEMs:

The original equipment manufacturers (OEMs) channel is a significant contributor to the electric outside rearview mirror market, as most vehicles come equipped with factory-installed mirrors. OEMs are increasingly incorporating advanced electric mirror technologies into their new vehicle models to meet consumer expectations and regulatory standards. The growing trend of vehicle manufacturers enhancing safety features and aesthetics plays a crucial role in driving the demand for electric mirrors through the OEM channel. Partnerships between automotive manufacturers and mirror technology companies are also influencing this segment positively. As the automotive industry continues to innovate, the OEM channel will remain a key driver for the electric outside rearview mirror market.

Aftermarket:

The aftermarket segment is gaining traction as vehicle owners seek to upgrade or replace their existing rearview mirrors with more advanced electric models. The growth of the aftermarket channel is influenced by rising consumer awareness and demand for enhanced safety features, which are increasingly available for retrofitting older vehicle models. Additionally, the increasing number of vehicles on the road drives the need for replacement parts, further boosting the aftermarket demand for electric mirrors. Retailers and online platforms are expanding their offerings of electric outside rearview mirrors, providing consumers with a wide range of options. As consumers prioritize safety improvements and personalized features, the aftermarket segment is expected to witness significant growth.

By Material Type

Plastic:

Plastic is one of the most commonly used materials in the manufacturing of electric outside rearview mirrors due to its lightweight and durable properties. The use of plastic not only reduces the overall weight of vehicles, contributing to improved fuel efficiency but also allows for versatile designs and shapes. Moreover, plastic mirrors are often cost-effective and can be easily molded into complex shapes, accommodating various design requirements. As automotive manufacturers continue to prioritize sustainability and lightweight materials, the trend towards plastic mirrors is expected to grow, especially in electric and hybrid vehicles. The ability to combine plastic with other materials to enhance performance further fuels this segment's growth in the electric outside rearview mirror market.

Glass:

Glass is another prevalent material used in electric outside rearview mirrors, known for its superior clarity and reflection properties. Glass mirrors provide enhanced visibility, which is critical for safe driving. The increasing demand for high-quality visibility features in vehicles is driving the growth of glass mirrors in the market. Additionally, advancements in glass technology, such as anti-glare coatings and heated glass options, are enhancing the functionality of electric mirrors. The shift towards premium vehicle models that incorporate high-quality features is expected to bolster the demand for glass electric mirrors, particularly in luxury and high-performance vehicles.

Metal:

While less common than plastic and glass, metal components are also utilized in the construction of electric outside rearview mirrors, particularly for structural support and durability. Metal mirrors are often preferred in heavy-duty applications, such as in commercial vehicles, where strength and resilience are paramount. The use of metal in mirror design can improve the overall stability and longevity of the product. As the demand for robust and high-performing mirrors increases in the commercial vehicle sector, the metal segment is expected to witness growth. However, the overall demand for metal mirrors may be limited compared to the more widely used plastic and glass counterparts.

By Region

The electric outside rearview mirror market exhibits diverse growth trajectories across various regions, driven by local automotive industry dynamics and consumer preferences. North America holds a significant share of the market, driven by the presence of major automotive manufacturers and a strong focus on safety features. The region is expected to grow at a CAGR of around 6.5%, propelled by the increasing adoption of advanced driver assistance systems and the growing demand for electric and autonomous vehicles. Europe is another key player in the market, characterized by stringent safety regulations and a high concentration of electric vehicle manufacturing. The European market for electric outside rearview mirrors is anticipated to maintain steady growth, bolstered by the rising consumer preference for electric and high-tech vehicles.

In the Asia Pacific region, the electric outside rearview mirror market is anticipated to witness the highest growth rate during the forecast period, primarily due to the rapid expansion of the automotive sector in countries like China and India. The increasing production and sales of passenger and commercial vehicles in these countries, combined with a growing focus on safety and technology, are expected to drive demand significantly. Latin America and the Middle East & Africa are also emerging markets, where the growth of the automotive industry and rising disposable incomes are anticipated to contribute to the increasing adoption of electric rearview mirrors. However, the overall market share in these regions remains relatively smaller compared to North America and Europe.

Opportunities

The electric outside rearview mirror market is ripe with opportunities, primarily due to the rapid advancements in automotive technology. As manufacturers focus on enhancing vehicle safety and functionality, integrating smart technologies into rearview mirrors presents a lucrative opportunity. Features such as 360-degree cameras, lane departure warnings, and blind-spot detection can be incorporated into electric mirrors, appealing to consumers' increasing desire for high-tech functionalities. Moreover, with the global push towards electric vehicles, the demand for innovative mirror solutions in EVs is set to rise. Manufacturers who invest in research and development to create next-generation electric mirrors that cater to these needs will benefit significantly from the growth of this sector.

Moreover, the growing trend of customization in the automotive market opens the door for tailored electric mirror solutions. As consumers seek personalized features in their vehicles, there is an opportunity for manufacturers to offer customizable electric mirrors that cater to individual preferences, such as integrated lighting, adjustable tint levels, and more. Additionally, as vehicle automation technology continues to evolve, the integration of electric mirrors with advanced driver assistance systems is expected to drive the market forward. This demand presents a unique opportunity for companies to establish partnerships with tech firms to enhance their product offerings and meet the growing expectations of modern consumers.

Threats

Despite the promising outlook for the electric outside rearview mirror market, there are several threats that could hinder growth. One of the most significant threats is the rapid pace of technological advancements, which necessitates continuous innovation and development from manufacturers. Companies that fail to keep up with technological trends risk becoming obsolete in an increasingly competitive market. Additionally, the high costs associated with research and development of advanced electric mirror technologies may pose a financial burden for smaller companies, limiting their ability to compete effectively with larger, more established manufacturers. Moreover, consumer preferences are continuously evolving, and manufacturers must be agile in responding to these changes to avoid losing market relevance.

Furthermore, the economic fluctuations and uncertainties in global markets can impact automotive sales, thereby affecting the demand for electric outside rearview mirrors. Supply chain disruptions, especially in the wake of events such as the COVID-19 pandemic, can also lead to delays in production and distribution, exacerbating challenges for manufacturers. Lastly, stringent governmental regulations concerning vehicle safety and emissions can create additional compliance costs for manufacturers, potentially limiting growth opportunities in certain regions. Companies that can effectively navigate these threats will be better positioned to succeed in the electric outside rearview mirror market.

Competitor Outlook

• Gentex Corporation
• Magna International Inc.
• Ficosa International S.A.
• Valeo S.A.
• Murakami Corporation
• Tokai Rika Co., Ltd.
• Samvardhana Motherson Group
• Denso Corporation
• Honda Lock Manufacturing Co., Ltd.
• Kumho Electric Co., Ltd.
• Continental AG
• SL Corporation
• Hyundai Mobis Co., Ltd.
• Carcoustics GmbH
• Bosch Automotive

The competitive landscape in the electric outside rearview mirror market is characterized by the presence of both established players and innovative newcomers, all vying for market share in a rapidly evolving sector. Companies are focusing on product differentiation through advanced technology integration and enhanced functionalities. Strategic partnerships and collaborations between OEMs and technology firms are becoming increasingly common, allowing manufacturers to access cutting-edge innovations and improve their offerings. As consumer demand for safety and convenience features continues to rise, companies that invest in research and development to create high-quality, feature-rich electric mirrors will be positioned for success.

Among the key players, Gentex Corporation stands out as a leader in the electric mirror market, known for its advanced electrochromatic technology that auto-dims mirrors to reduce glare effectively. The company has consistently focused on innovation and has a strong presence in both the passenger and commercial vehicle segments. Magna International Inc. is another prominent player, providing a wide range of electric mirror solutions that incorporate state-of-the-art safety features and design elements. Their commitment to sustainability and advanced technology has solidified their position in the market.

Valeo S.A. is also a significant competitor, known for its focus on smart technologies in automotive products. The company's electric mirrors come equipped with features such as blind-spot detection and integrated cameras, catering to the modern consumer's safety needs. Additionally, Denso Corporation is recognized for its commitment to quality and innovation, producing electric mirrors that meet the rigorous standards of the automotive industry. As the market evolves, these companies will continue to play a pivotal role in shaping the future of electric outside rearview mirrors.