Market Size of Automotive Outside Rearview Mirrors (ORVM) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Outside Rearview Mirrors Market Analysis
The Automotive Outside Rearview Mirrors (ORVM) market was valued at USD 5.21 billion by 2021 and is expected to reach USD 7.37 billion by 2027 registering a CAGR of around 7% during the forecast period.
The COVID-19 pandemic had a negative impact on the market as the shutdown of manufacturing facilities and supply chain disruptions in 2020 due to lockdowns and restrictions imposed worldwide resulted in a decline in the vehicle and associated components like rear view mirror production. However, post-2021 as vehicle production picked up and key automotive OEMs started focusing on expanding their offerings to gain a competitive edge the demand for rearview mirrors started gaining momentum.
Over the medium term, the expansion of the automotive industry and growing concerns of consumers over safety and comfort features in wake of rising accidents and government incentives are expected to act as primary driving factors in the market. In addition, several automakers have included smart automotive rear-view mirrors in their vehicles to improve vision while maintaining the intended benefits and functionalities, such trends in the market to enhance the overall market growth.
Moreover, factors like the increasing demand for premium vehicles and the introduction of stringent government programs regarding vehicle safety are expected to drive segmental growth over the forecast period. Additionally, increasing sales of ultra-luxurious, high-end, and mid-end cars are also expected to favor the global demand for rear-view mirrors.
Asia-Pacific region followed by Europe expected to hold significant shares in the market during the forecast period. These regions account for more than half of the total global production of vehicles over recent years. Furthermore, the increase in demand for luxury vehicles in India and the availability of new purchases and replacements of automotive parts are likely to fuel the market growth during the forecast period.
