Dublin, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The "Rear-view Mirror Market Size, Share & Trends Analysis Report by Feature Type, by Mounting Location, by Product Type, by Type, by Vehicle Type (Passenger Cars, Commercial Vehicles), by Region, and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global rear-view mirror market size is expected to reach USD 11.51 billion by 2028, expanding at a CAGR of 4.1% from 2021 to 2028. The COVID-19 pandemic has negatively impacted the demand for rear-view mirrors in 2020. The implementation of lockdowns and social distancing norms globally led to losses in the automotive industry.
However, as governments begin to gradually relax lockdown norms and allow businesses to operate with mandates of social distancing, the market can expect a period of respite for the short term. Moreover, the increasing demand for luxury vehicles, coupled with the growing demand for enhanced comfort, is anticipated to drive market growth. Automotive OEMs are focused on integrating advanced safety features in rear-view mirrors to improve visibility and reduce accidents. The rapid rate of advancements in product features is anticipated to work in favor of market growth.
The rising demand for luxury vehicles, thanks to the increased spending capacity of consumers, especially in developing economies such as China and India, is also driving the market. According to the China Automobile Dealers Association, luxury car dealers sold 277,000 units in April 2020, an increase of 11.1% compared to the same time in 2019. Furthermore, the introduction of an increasing number of luxury Sport Utility Vehicles (SUVs) is also expected to help the market expand at a promising pace over the forecast period.
The COVID-19 outbreak has had a severe and swift impact on the global automotive industry. The overall automotive production volumes declined globally on a year-on-year basis, mainly due to the decrease in production volumes in North America and Europe, among other regions. According to Organisation Internationale des Constructeursd' Automobiles (OICA), global automobile production dropped by more than 15% in 2020 as compared to 2019 to 77.6 million units.
The Asia Pacific regional market captured around 50% of the overall rear-view mirror demand in 2020 and is estimated to register the highest CAGR of 4.5% over the forecast period. The increasing awareness about technological advancements and the increasing spending capacity of customers are working in favor of the region's automotive industry.
Furthermore, the increase in demand for luxury vehicles in India and the easy availability of new and replacement automotive parts are also driving the market in the region. Moreover, the Make In India campaign is expected to draw substantial investment in the country's automotive sector, which boasts benefits such as low-cost labor and cheaper raw materials.
Rear-view Mirror Market Report Highlights
In terms of feature type, the heating function segment emerged as a dominant segment in 2020. The segment is anticipated to exceed USD 5 billion by the end of the forecast period
The door-mounted segment emerged as the largest segment in 2020 and is estimated to continue its dominance over the forecast period
The smart rear-view mirror segment accounted for over 70% of the overall revenue share in 2020. The segment is projected to record the highest CAGR from 2021 to 2028
In terms of type, the interior mirror segment is estimated to expand at the highest CAGR of around 3% over the forecast period. This can be attributed to an anticipated increase in sales of high-end premium vehicles and other passenger vehicles such as SUVs
In terms of vehicle type, the passenger car segment is estimated to register the highest CAGR of 4.2% from 2021 to 2028
The Asia Pacific market held the largest market share in 2020. This can be attributed to the increasing production of vehicles in India, China, and Japan
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Ishizaki Honten Company, Limited
Magna International Inc.
Tokairica, Co, Ltd.
Key Topics Covered:
Chapter 1. Methodology & Scope
1.1 Market Segmentationv& Scope
1.2 Market Definition
1.3 Information Procurement
1.4 Information Analysis
1.5 Market Formulation & Data Visualization
1.6 Data Validating & Publishing
Chapter 2. Executive Summary
2.1 Market Outlook
Chapter 3. Market Variables, Trends, & Scope
3.1 Penetration and Growth Prospect Mapping
3.2 Rear-View Mirror - Value Chain Analysis
3.3 Rear-View Mirror Market Dynamics
3.4 Rear-View Mirror Industry Analysis - Pestle
3.5 Rear-View Mirror Industry Analysis - Porter's
Chapter 4. Rear-View Mirror Market: Feature Type Estimates & Trend Analysis
4.1 Feature Type Movement Analysis & Market Share, 2020 & 2028
4.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the Following:
4.2.2 Blind Spot Detection
4.2.3 Power Control
4.2.4 Automatic Folding
4.2.5 Heating Function
Chapter 5. Rear-View Mirror Market: Mounting Location Estimates & Trend Analysis
5.1 Mounting Location Movement Analysis & Market Share, 2020 & 2028
5.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the Following:
5.2.1 Door Mounted
5.2.2 Body Mounted
Chapter 6. Rear-View Mirror Market: Product Type Estimates & Trend Analysis
6.1 Product Type Movement Analysis & Market Share, 2020 & 2028
6.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the Following:
6.2.1 Smart Rear-View Mirror
6.2.2 Conventional Rear-View Mirror
Chapter 7. Rear-View Mirror Market: Type Estimates & Trend Analysis
7.1 Type Movement Analysis & Market Share, 2020 & 2028
7.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the Following:
7.2.1 Exterior Mirror
7.2.2 Interior Mirror
Chapter 8. Rear-View Mirror Market: Vehicle Type Estimates & Trend Analysis
8.1 Vehicle Type Movement Analysis & Market Share, 2020 & 2028
8.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the Following:
8.2.1 Passenger Car
8.2.2 Commercial Vehicles
Chapter 9. Rear-View Mirror Market: Regional Estimates & Trend Analysis
9.1 Regional Movement Analysis & Market Share, 2020 & 2028
9.2 Market Size & Forecasts and Trends Analysis, 2016 to 2028 for the Following:
9.2.1 North America
9.2.4 Latin America
9.2.5 Middle East and Africa
Chapter 10. Competitive Landscape
10.1 Key Company Analysis, 2020
10.2 Company Profiles
See list above
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