Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM)

Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market Outlook

The global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) market is projected to reach USD 12 billion by 2035, growing at a robust CAGR of 9.5% during the forecast period from 2025 to 2035. This growth can be attributed to the rising demand for advanced driver assistance systems (ADAS), increasing safety concerns, and the growing trend towards electric and autonomous vehicles. Furthermore, the incorporation of smart technologies in automotive mirrors, such as blind-spot detection systems and integrated cameras, is also promoting the adoption of ORVMs across various vehicle segments. As countries ramp up their efforts towards implementing stricter safety regulations and enhancing vehicular technologies, the market for electrically adjustable ORVMs is expected to expand significantly. Additionally, the increasing consumer preference for comfort and convenience features in vehicles is catalyzing the growth of this market.

Growth Factor of the Market

One of the major growth factors driving the Automotive Electrically Adjustable Outside Smart Rear View Mirror market is the rising awareness of road safety among consumers and regulatory bodies. Governments worldwide are implementing stringent safety standards, compelling automotive manufacturers to integrate advanced mirror technologies that enhance visibility and reduce blind spots. Moreover, the increasing trend towards vehicle electrification and the general shift towards smart automotive technologies are propelling the demand for sophisticated ORVMs equipped with features like auto-dimming, heating, and blind-spot detection. The growing popularity of electric vehicles (EVs) is also influencing the ORVM market positively, as manufacturers prioritize innovation and tech-led design to appeal to eco-conscious consumers. Furthermore, with the rapid advancements in sensor technologies and connectivity features, consumers are inclined toward mirrors that offer added functionalities, which is further pushing the market growth.

Key Highlights of the Market

• Projected market size of USD 12 billion by 2035 with a CAGR of 9.5%.
• Rising demand for advanced driver assistance systems (ADAS) plays a vital role in market growth.
• Increased safety regulations and consumer preferences for high-tech features are driving adoption.
• Significant growth opportunities in the electric vehicle sector are influencing market dynamics.
• Technological advancements in sensor and connectivity features are enhancing product offerings.

By Product Type

Manual ORVMs:

Manual ORVMs are the traditional type of side mirrors that rely on mechanical adjustments by the driver to achieve the desired angle. While they have been widely used due to their cost-effectiveness and simplicity, there is a noticeable decline in their popularity compared to electrically adjustable options. The increasing customer demand for convenience, safety, and advanced features is steering manufacturers away from manual mirrors towards more sophisticated alternatives. However, manual ORVMs are still prevalent in budget vehicles where cost constraints are significant, thereby holding a certain market share. The growth in emerging markets, where price sensitivity is high, can still sustain the demand for manual ORVMs, albeit at a slower growth rate than their powered counterparts.

Power ORVMs:

Power ORVMs utilize electric motors that allow drivers to adjust the angle of the mirrors with the push of a button from inside the vehicle. This convenience is a significant advantage, making them a popular choice among modern vehicles. The demand for power ORVMs is escalating due to rising consumer expectations for comfort and ease of use. Furthermore, these mirrors often come with additional features such as heating and auto-dimming functions, which enhance their attractiveness to consumers. As vehicle manufacturers strive to incorporate more user-friendly technologies, the segment of power ORVMs is expected to witness substantial growth, contributing significantly to the overall market expansion.

Auto-dimming ORVMs:

Auto-dimming ORVMs are equipped with sensors that detect light intensity and automatically adjust the mirror tint to reduce glare from headlights of vehicles behind, enhancing driving safety at night. This feature significantly improves driver comfort, making auto-dimming mirrors a sought-after option in premium and mid-range vehicles. With growing awareness regarding the importance of driving safety and comfort, the auto-dimming ORVM segment is expected to see rapid advancements and adoption. Additionally, as technology continues to evolve, the integration of smart functionalities within auto-dimming ORVMs will further attract consumers and enhance their market presence.

Heated ORVMs:

Heated ORVMs are designed to prevent snow and ice accumulation by utilizing heating elements within the mirror glass. They are particularly popular in regions with harsh winter climates where visibility can be severely compromised due to frost. The increasing prevalence of extreme weather conditions globally is boosting the demand for heated ORVMs. Moreover, as automotive manufacturers focus on enhancing the comfort and usability of their vehicles, the integration of heated mirrors is becoming standard in many vehicle models, positively impacting this segment's growth. Ultimately, the heated mirror market is expected to see a rising trend as more consumers prioritize safety and usability during adverse weather conditions.

Blind Spot Detection ORVMs:

Blind Spot Detection ORVMs are equipped with advanced technologies that alert drivers of vehicles located in their blind spots, significantly reducing the risk of accidents during lane changes. This safety feature has become increasingly important as road safety regulations tighten and consumer awareness of vehicular safety rises. The market for Blind Spot Detection ORVMs is witnessing substantial growth, especially in higher-end vehicles, as consumers demand advanced driver assistance features. As automotive manufacturers continue to innovate and integrate more sophisticated safety systems, the adoption of blind spot detection technologies within ORVMs is expected to increase significantly, contributing positively to the overall market growth.

By Application

Passenger Vehicles:

The passenger vehicle segment represents a major portion of the Automotive Electrically Adjustable ORVM market, driven by the increasing demand for personal mobility and the growing number of passenger cars on the roads. As consumers seek vehicles that offer enhanced safety, comfort, and technology, manufacturers are focusing on equipping passenger vehicles with advanced mirror technologies. Additionally, the rising trend of urbanization and improved living standards in developing regions are fueling the demand for passenger vehicles, directly impacting the sales of electrically adjustable ORVMs. With increased regulatory focus on safety features, the integration of advanced ORVMs in passenger cars is expected to grow substantially, ensuring a vibrant market for these products.

Commercial Vehicles:

Commercial vehicles, including buses, trucks, and vans, are increasingly adopting electrically adjustable ORVMs, primarily due to their operational benefits and enhanced safety features. The demands placed on commercial drivers regarding safety and visibility are higher, making advanced ORVMs a necessity rather than a luxury. Furthermore, with the logistics and transportation sectors experiencing significant growth, this segment is seeing a rise in the incorporation of smart mirror technologies that aid in safer maneuvering and parking. As the commercial vehicle market continues to evolve, the demand for advanced ORVMs is predicted to grow significantly, aligning with the overall trends of modernization and safety improvements.

By Vehicle Type

Sedan:

Sedan vehicles have traditionally been the most popular body style globally, representing a significant share of the automotive market. The increasing consumer demand for comfort and technology in sedans has led to a rapid adoption of electrically adjustable ORVMs with advanced features. As manufacturers focus on enhancing the overall driving experience, they are equipping sedans with smart mirror technologies such as auto-dimming and heated functionalities. Additionally, as more consumers prioritize safety in their vehicle choices, the demand for advanced ORVMs in sedans is expected to rise, contributing substantially to the market growth.

SUV:

The SUV segment has experienced exceptional growth over the past few years, becoming a dominant force in the automotive market. With their larger size and higher driving position, SUVs benefit significantly from the implementation of advanced ORVM technologies that enhance visibility and safety. The growing trend towards family-oriented vehicles is leading manufacturers to prioritize the inclusion of comfort and convenience features such as power-adjustable and heated mirrors in SUVs. As consumers increasingly prefer SUVs for their robust performance and space, the demand for high-quality ORVMs in this segment is poised to witness strong growth, further solidifying its position in the market.

Hatchback:

The hatchback vehicle segment has been gaining traction, particularly among urban consumers seeking compact vehicles for city driving. As hatchbacks often emphasize efficiency and practicality, the use of advanced electrically adjustable ORVMs is becoming more prevalent among manufacturers aiming to offer added value to their customers. The need for visibility and maneuverability in tight spaces makes these mirrors essential for hatchback drivers. Consequently, the hatchback market is likely to experience sustained demand for innovative ORVM technologies that enhance usability and safety, which will positively impact the overall market growth.

Electric Vehicle:

As the global shift towards sustainability accelerates, electric vehicles (EVs) are emerging as a significant market segment for the Automotive Electrically Adjustable ORVMs. EV manufacturers are more inclined to incorporate advanced technologies into their vehicles, including smart ORVMs that feature blind-spot detection and auto-dimming capabilities. The growing awareness of environmental sustainability and government incentives for EV adoption are propelling this segment's growth further. As the EV market continues to expand, the demand for sophisticated and efficient ORVM technologies is expected to increase, solidifying the position of this segment within the automotive sector.

Others:

This segment encompasses a variety of vehicle types, including coupes and convertibles, which may have specific requirements for ORVM features. While these categories represent a smaller market share compared to sedans and SUVs, there is still demand for high-quality electrically adjustable ORVMs in niche markets. As manufacturers increasingly focus on customization and catering to consumer preferences, the inclusion of advanced ORVM features in these vehicles will likely see gradual growth. The overall impact of this segment on the market will depend on trends in consumer preferences and vehicle design innovations that prioritize safety and functionality.

By Sales Channel

OEMs:

The Original Equipment Manufacturers (OEMs) channel plays a crucial role in the Automotive Electrically Adjustable ORVM market as it includes manufacturers producing vehicles with pre-installed ORVMs. This segment is significantly influenced by the growing demand for vehicles equipped with advanced technologies, as OEMs seek to integrate features that enhance safety and convenience for consumers. With increasing competition in the automotive sector, manufacturers are more inclined to offer vehicles with cutting-edge mirror technologies, contributing to a higher adoption rate of electrically adjustable ORVMs. As consumer preferences shift towards smart features, the OEM channel is expected to witness substantial growth.

Aftermarket:

The aftermarket segment represents a lucrative opportunity within the Automotive Electrically Adjustable ORVM market, as consumers look to upgrade their vehicles with advanced features post-purchase. This segment is characterized by the growing trend of personalization, as drivers seek to enhance their vehicle's aesthetics and functionality. The increasing availability of aftermarket ORVMs with advanced features such as heated glass and blind spot detection is drawing consumers to invest in upgrades. As the aftermarket continues to grow in response to consumer demands, the market for electrically adjustable ORVMs within this channel is expected to rise, providing a significant boost to overall sales figures.

By Region

The North America region holds a substantial share of the Automotive Electrically Adjustable ORVM market, driven by the high demand for advanced automotive technologies and the presence of major automotive manufacturers. The region is witnessing an increase in the adoption of electrically adjustable ORVMs, particularly in passenger vehicles, owing to stringent safety regulations and consumer preferences for enhanced features. North America is expected to achieve a CAGR of 8.5% during the forecast period, indicating healthy growth prospects fueled by technological advancements and rising safety standards in the automotive sector.

Europe is another key region for the Automotive Electrically Adjustable ORVM market, characterized by a strong automotive industry and a growing focus on vehicle safety and innovation. The increasing prevalence of electric vehicles in countries like Germany, France, and the UK is significantly impacting the demand for advanced ORVM technologies. Furthermore, the European market's emphasis on sustainability and environmental initiatives is promoting the use of technologically advanced mirrors in new vehicles. As a result, the European ORVM market is expected to grow steadily, contributing significantly to the global market landscape.

Opportunities

One of the most promising opportunities in the Automotive Electrically Adjustable ORVM market is tied to the rapid evolution of smart vehicle technologies. The integration of Internet of Things (IoT) capabilities into ORVMs presents an exciting avenue for manufacturers to enhance their product offerings. By equipping ORVMs with connectivity features, companies can provide real-time updates and notifications to drivers, significantly improving safety and usability. The potential for advanced functionalities, such as cameras that display blind spots on an in-car screen, represents a breakthrough in technology that could attract a wide range of consumers. Furthermore, the ongoing advancements in sensor technology and artificial intelligence can lead to the development of more intelligent ORVM systems that automatically adjust based on driving conditions and user preferences, presenting a significant opportunity for growth in this market.

Another opportunity lies in the expanding electric vehicle market, which is creating a demand for innovative and efficient automotive components, including ORVMs. As manufacturers focus on sustainability, the integration of lightweight materials and energy-efficient technologies in the production of ORVMs can drive significant cost advantages and enhance vehicle performance. Additionally, as more consumers gravitate towards electric and hybrid vehicles, the need for advanced ORVM functionalities will increase. Manufacturers who invest in R&D to produce cutting-edge, eco-friendly ORVMs that cater to this growing segment will likely find themselves well-positioned to capitalize on the expanding market. Furthermore, collaborations with EV manufacturers to develop customized ORVM solutions tailored to specific vehicle models could lead to lucrative partnerships and increased market share.

Threats

Despite the promising growth prospects for the Automotive Electrically Adjustable ORVM market, several threats could hinder market progression. One major threat is the intensifying competition among manufacturers, which could lead to price wars and reduced profit margins. As more players enter the market, especially in emerging economies, the pressure on existing manufacturers to lower prices while maintaining product quality may affect their profitability. Additionally, advancements in technology can quickly render current products obsolete, compelling manufacturers to continuously innovate and invest in R&D. Failure to keep pace with technological changes and consumer expectations can result in a loss of market share to more agile competitors who can offer superior products at competitive prices.

Another threat to the market is the economic fluctuations and uncertainties that can impact consumer spending patterns. In times of economic downturn, consumers often prioritize essential expenditures over luxury features, leading to a decrease in demand for advanced ORVMs. Moreover, the ongoing COVID-19 pandemic has caused disruptions in global supply chains, affecting the timely production and distribution of automotive components. Manufacturers may face challenges in sourcing raw materials, leading to delays in production and ultimately impacting market growth. Furthermore, as automotive electrification continues to rise, there may also be challenges in adapting mirror technologies to meet the specific needs of electric vehicles, which could pose additional hurdles for manufacturers.

Competitor Outlook

• Gentex Corporation
• Magna International Inc.
• Samvardhana Motherson Group
• Ficosa International S.A.
• Valeo S.A.
• Continental AG
• Ichikoh Industries Ltd.
• Koito Manufacturing Co., Ltd.
• Murakami Corporation
• SL Corporation
• Yazaki Corporation
• NGK Spark Plug Co., Ltd.
• Seiko Instruments Inc.
• Hanon Systems
• Hella GmbH & Co. KGaA

The competitive landscape of the Automotive Electrically Adjustable ORVM market is characterized by the presence of several prominent global players, each leveraging technological advancements to capture market share. As the demand for advanced automotive technologies continues to rise, companies are investing heavily in research and development to innovate and enhance their product offerings. Key players in this space are not only focusing on product innovation but are also expanding their production capabilities and geographic reach to capitalize on the growing demand in emerging markets. In addition, strategic collaborations, partnerships, and mergers and acquisitions have become common tactics among market players to strengthen their competitive position in a dynamic market environment. The overall landscape remains competitive, with companies striving to differentiate themselves through quality, technology, and customer service.

Gentex Corporation is a leading player in the Automotive Electrically Adjustable ORVM market, known for its innovation in smart mirror technologies. The company specializes in auto-dimming mirrors and advanced driver assistance systems (ADAS), making it a trusted brand among automotive manufacturers. Gentex's commitment to R&D allows it to maintain a competitive edge, continuously introducing cutting-edge products that enhance safety and driving experience. Moreover, the company's focus on sustainability and eco-friendly manufacturing practices aligns well with current market trends, driving further consumer interest in its offerings.

Another major player, Magna International Inc., excels in providing a wide range of automotive components, including advanced ORVMs. Magna's emphasis on innovation and technology-driven solutions positions it strongly in the market. The company actively collaborates with leading automotive OEMs to develop customized mirror solutions that meet specific vehicle requirements. With a strong global presence and a diverse product portfolio, Magna is well-equipped to address the growing demand for advanced ORVM technologies. Additionally, the company's commitment to corporate social responsibility and sustainability initiatives strengthens its appeal among environmentally-conscious consumers.

Valeo S.A. is another prominent competitor in this market, recognized for its expertise in automotive technology and components. Valeo's focus on smart mobility solutions, such as connected and autonomous vehicles, drives its commitment to developing innovative ORVM technologies that enhance road safety and driver comfort. The company's extensive research and development efforts ensure it stays at the forefront of technological advancements, positioning it as a key player in the Automotive Electrically Adjustable ORVM market. Valeo's dedication to sustainability and energy efficiency further aligns with the evolving needs of customers and regulatory standards, creating a strong foundation for future growth.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Valeo S.A.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Hanon Systems
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Continental AG
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 SL Corporation
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Gentex Corporation
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Yazaki Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Murakami Corporation
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Hella GmbH & Co. KGaA
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Seiko Instruments Inc.
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Ichikoh Industries Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Magna International Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 NGK Spark Plug Co., Ltd.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Ficosa International S.A.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Samvardhana Motherson Group
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Koito Manufacturing Co., Ltd.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market, By Application
    • 6.1.1 Passenger Vehicles
    • 6.1.2 Commercial Vehicles
  • 6.2 Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market, By Product Type
    • 6.2.1 Manual ORVMs
    • 6.2.2 Power ORVMs
    • 6.2.3 Auto-dimming ORVMs
    • 6.2.4 Heated ORVMs
    • 6.2.5 Blind Spot Detection ORVMs
  • 6.3 Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market, By Vehicle Type
    • 6.3.1 Sedan
    • 6.3.2 SUV
    • 6.3.3 Hatchback
    • 6.3.4 Electric Vehicle
    • 6.3.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) market is categorized based on

By Product Type

• Manual ORVMs
• Power ORVMs
• Auto-dimming ORVMs
• Heated ORVMs
• Blind Spot Detection ORVMs

By Application

• Passenger Vehicles
• Commercial Vehicles

By Vehicle Type

• Sedan
• SUV
• Hatchback
• Electric Vehicle
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Gentex Corporation
• Magna International Inc.
• Samvardhana Motherson Group
• Ficosa International S.A.
• Valeo S.A.
• Continental AG
• Ichikoh Industries Ltd.
• Koito Manufacturing Co., Ltd.
• Murakami Corporation
• SL Corporation
• Yazaki Corporation
• NGK Spark Plug Co., Ltd.
• Seiko Instruments Inc.
• Hanon Systems
• Hella GmbH & Co. KGaA