Automotive Electric Side View Mirror Market size is set to grow by USD 9.10 billion from 2024-2028, Increasing preference for safe and convenient features in vehicles boost the market, Technavio

NEW YORK, June 13, 2024 /PRNewswire/ -- The global automotive electric side view mirror market size is estimated to grow by USD 9.10 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  10.76%  during the forecast period. Increasing preference for safe and convenient features in vehicles is driving market growth, with a trend towards emergence of surround-view mirror systems. However, stringent government regulations regarding automotive mirrors  poses a challenge. Key market players include BEEKAY AUTOMOTIVES, Fiem Industries Ltd., Gentex Corp., INMESA, Magna International Inc., MEKRA Lang GmbH and Co. KG, MinebeaMitsumi Inc., Mitsuba Corp., Murakami Corp., Panasonic Holdings Corp., Prakant Electronics Pvt. Ltd., Rosco Inc., Sakae Riken Kogyo Co. Ltd., Samsung Electronics Co. Ltd., Samvardhana Motherson International Ltd., Schaeffler AG, SL Corp., Stoneridge Inc., Tokai Rika Co. Ltd., and Valeo SA.

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Market Driver

The automotive electric side view mirror market is experiencing significant growth due to the adoption of surround-view mirror systems. These systems, which use multiple cameras to provide a 360-degree view around the vehicle, are becoming increasingly popular. They offer drivers improved visibility and accuracy in identifying nearby obstacles or vehicles, thanks to integrated sonar technologies. Magna International's new 3D Surround View System is a prime example, featuring high-resolution cameras and advanced electronic control units. The resulting 3D surround-view image enhances comfort and convenience, making parking easier in tight spaces. This technology's ability to combine and process multiple camera inputs is a key trend driving market expansion. 

The Automotive Electric Side View Mirror market is experiencing significant growth due to the increasing demand for advanced technology in vehicles. Comfort and convenience are key factors driving this trend. The use of cameras and displays in place of traditional mirrors is becoming common. These features provide a wider viewing angle and improve safety during night driving. Additionally, the integration of these mirrors with vehicle control systems enhances the overall driving experience. The market for automotive electric side view mirrors is expected to continue growing in the coming years. Camera technology, vehicle connectivity, and safety features are expected to be the major trends shaping the market. 

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Market Challenges

•         The global automotive electric side view mirror market faces challenges due to varying regulations. In the US, most states mandate side view mirrors, increasing production costs for electric versions. Technological advancements outpace regulatory systems, restricting vehicle manufacturers from using certain technologies in certain countries. For instance, South Korea only allows imported vehicles to have electric side view mirrors. Ineconsistencies in regulations across the US and Europe limit the market reach of vehicles equipped with electric side view mirrors, negatively impacting sales. To drive growth, regulatory bodies must update certification procedures and testing methodologies.

•         The Automotive Electric Side View Mirror market faces several challenges. Components such as vehicles' electronic control units (ECUs), sensors, and microcontrollers require precise calibration for optimal mirror adjustment and image quality. The integration of advanced features like Bluetooth connectivity, vehicle identification, and memory functions adds complexity to the design and manufacturing process. Additionally, the increasing demand for fuel efficiency and lightweight materials puts pressure on manufacturers to reduce the weight and power consumption of electric side view mirrors.

•         The use of new technologies like camera-based systems and advanced driver assistance systems (ADAS) also presents challenges in terms of cost, reliability, and regulatory compliance. Overall, the market requires continuous innovation and improvement to meet consumer expectations and regulatory requirements.

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Segment Overview 

1. Application 
• 1.1 Passenger cars
• 1.2 Commercial vehicles
2. Type 
• 2.1 Memory storage
• 2.2 Foldable
• 2.3 Heatable
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Passenger cars-  The automotive electric side view mirror market in the passenger vehicles segment is projected to grow significantly during the forecast period. With the increasing production of passenger cars globally, particularly in emerging markets like India, the demand for electric side view mirrors is rising. Advanced features such as cameras, heated mirrors, puddle lamps, and auto fold function are driving sales in this segment. However, the introduction of camera-based outside rearview mirror systems is a potential threat to the market growth. Despite this, the CAGR of the Indian passenger automobile market is projected to be over 9%, indicating a promising future for the electric side view mirror market in this region.

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Research Analysis

The Automotive Electric Side View Mirror Market is advancing with technologies like Auto-Dimming, Blind Spot Indicators, and Automatic Folding mirrors, enhancing safety and convenience in both Passenger Cars and Commercial Vehicles. Incorporating Memory Storage, Foldable, and Heatable Mirrors, these components feature a robust design with a wedge-shaped back surface.

Innovations such as Camera-based side mirrors provide 360-degree viewing and Night Vision Assistance, crucial for adverse conditions. Additionally, the integration of Automotive Rear View Mirrors and Automotive Power Window Switches underscores the industry's commitment to comprehensive vehicular enhancements, driving significant growth in the Automotive sector.

The Automotive Electric Side View Mirror market, encompassing both the Automotive Rear View Mirror and Automotive Power Window Switch segments, is experiencing robust growth driven by the rising demand for advanced safety features and the shift towards electric solutions over manual counterparts.

Despite facing challenges like high production costs and stiff competition, the market outlook remains positive due to continuous R&D in adaptive side view mirrors and integrated electric heating technologies. This market segmentation by vehicle type, technology, and region highlights the expanding adoption across different automotive categories, promising enhanced safety and convenience for drivers worldwide.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Passenger Cars
• Commercial Vehicles
• Type
• Memory Storage
• Foldable
• Heatable
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio