The global automotive mirrors market size was USD 9.63 Billion in 2022 and is expected to reach a value of USD 13.95 Billion in 2032 and register a revenue CAGR of 4.2% during the forecast period. The market is expanding as a result of several causes, including an increase in the number of vehicles on the road, a rise in the demand for enhanced safety features, and an increase in disposable income in emerging nations.
Because of an increase in car production and sales, there is a rising demand for automotive mirrors. In expanding economies like China, India, and Brazil in particular, the number of automobiles on the road has been constantly rising. The increase in car sales and production has increased the demand for automotive mirrors. The industry is growing as a result of the increasing popularity of lane departure warnings and blind spot detection in automobiles.A further factor fueling the expansion of the automotive mirrors industry is the rising disposable income in emerging economies. People are more likely to spend more on safety and comfort amenities in their vehicles when disposable income rises. As a result, the market for high-tech mirrors, including heated, electric, and auto-dimming mirrors, has increased significantly.
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The need for automobile mirrors is also driven by the necessity for regulatory compliance. Governments everywhere are enforcing safety laws more and more to make sure that automobiles adhere to a set of safety requirements. Due to this, there is a higher need for sophisticated mirrors, such as those that have cameras embedded in them, which can guide drivers through challenging driving conditions and reduce accidents.
The use of Lightweight Materials like carbon fiber and Aluminum in the construction of mirrors reduces the weight of the vehicle, which in turn increases fuel efficiency. This trend is also fueling the growth of the automotive mirrors market. Aerodynamic Mirror designs also help to improve the vehicle’s overall performance by lowering wind resistance.
However, obstacles like the expensive cost of sophisticated mirrors and the absence of mirror technology standardization are impeding industry expansion. Consumers are reluctant to spend a lot of money on features like these, therefore the high price of improved mirrors is a significant barrier for the market. Furthermore, the absence of mirror technology standards makes it challenging for manufacturers to create sophisticated mirrors that can be applied to a variety of car models and brands.
Competitive Landscape:
- Magna International Inc.
- Gentex Corporation
- Ficosa Internacional SA
- Valeo SA
- Continental AG
- Delphi Technologies
- Toyota Boshoku Corporation
- SL Corporation
- Murakami Corporation
- Murakami Corporation
The global market is further segmented into type and application:
| By Type Outlook |
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| By Vehicle Type Outlook |
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Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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