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Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market Size

Report ID: GMI12123
Published Date: Nov 2024
Report Format: PDF

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Automotive Electrically Adjustable Outside Rear View Mirror Market Size

The global automotive electrically adjustable outside rear view mirror market size was valued at USD 3 billion in 2023 and is projected to grow at a CAGR of 14.9% between 2024 and 2032. One key growth driver of the market is the rising demand for vehicle safety and convenience features. Consumers increasingly expect advanced functionalities like auto-dimming, heating, and integrated cameras, which enhance visibility and driver comfort.

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Additionally, government regulations focused on road safety are pushing automakers to adopt more sophisticated mirror technologies. This trend is particularly evident in regions with strict safety standards, such as North America and Europe. The integration of these features in mid-range and premium vehicles further accelerates market growth.

Automotive Electrically Adjustable Outside Rear View Mirror Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Electrically Adjustable Outside Rear View Mirror Market Size in 2023:	USD 3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	14.9%
2032 Value Projection:	USD 9.6 Billion
Historical Data for:	2021 – 2023
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	Technology, Propulsion, Vehicle, Sales Channel
Growth Drivers:	Increasing demand for vehicle safety and convenience features Growth of the automotive industry in emerging markets Advancements in mirror technology (e.g., auto-dimming, integrated cameras) Stringent government regulations for road safety
Pitfalls & Challenges:	High cost of advanced mirror technologies Availability of alternative technologies, like digital rear-view systems

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For instance, according to GMI, Automotive Active Safety Systems Market size was valued at USD 145.3 billion in 2023 and is estimated to register a CAGR of over 13% between 2024 and 2032. This surging demand for active safety systems in vehicles in pushing automotive OEMs to integrate advanced exterior rear view mirrors, there fueling the market growth.

The growth of the automotive industry in emerging markets is another driver for the electrically adjustable outside rear view mirror market. As vehicle production and sales rise in regions like Asia-Pacific and Latin America, there’s an increasing demand for enhanced vehicle features, including advanced mirror systems. Economic growth and rising disposable incomes in these regions enable consumers to opt for vehicles with modern safety and convenience technologies. This expansion in demand supports the growth of the market globally.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of automotive electrically adjustable outside rear view mirrors reached USD 3 billion in 2023 and is set to grow at a 14.9% CAGR from 2024 to 2032, driven by the rising demand for vehicle safety and convenience features.

What is the market share of the ICE segment in 2023?

China's market share was significant in 2023 and is expected to exceed USD 2 billion by 2032, led by the country's massive automotive industry and increasing disposable income.

The key players in the industry include Continental, Denso, Ficosa, Gentex, Hitachi, Honda, Magna, Mekra, Robert Bosch, and Valeo.