Electric Outside Rear-view Mirror (ORVM) is an electrically powered side-view mirror placed on the exterior of the vehicle to provide a view of the surroundings behind the vehicle. The electric ORVM enables the driver to adjust or control the mirror from inside the vehicle cabin. The electric ORVM may also be heated in order to maintain a clear vision even during fogging and icing.

Rising vehicle sales is a major driver of the electric ORVM market. Increasing popularity of SUVs is boosting the demand for electric ORVM. An ORVM is necessary in SUVs owing to high clearance of these vehicles. In SUVs, such as Toyota’s Fortuner, the ORVM is mounted on the hood instead of the pillar to gain wider visibility. In SUVs such as Ford Everest and Endeavor, the ORVM is also attached to the rear windshield, as there is a blind spot in the rear due to these vehicles’ high clearance. This, in turn, is the boosting the electric ORVM market. ORVMs are mandatory, in order to ensure safety, leading to the rise in adoption of electronics. This, in turn, is anticipated to drive the demand for ORVMs, thereby fueling the electric ORVM market. Integration of electronics has provided features such as auto-dimming and heated electric ORVMs. The auto-dimming feature improves visibility, as it reduces the glare of oncoming vehicles. Auto-dimming electric ORVM uses an electrochromic material which changes color when a voltage passes through it. The demand for auto-dimming type of electric ORVM is estimated to rise during the forecast period, as they help optimize vision and aid the driver thus, improving safety. Increased adoption of driver assistance feature has led to the integration of radar, LiDAR, sensors, and cameras being integrated in the electric OVRM. Rise in automation trend is expected to further drive the development of electric OVRMs with integrated cameras and vision sensors.

The high price of electric ORVM is a key factor restraining the market. However, premium vehicles and higher model version use electric vehicle there penetration in entry level segment is expected to rise due to rising competition among automakers and need of product differentiating factor.

The global electric ORVM market can be segmented based on feature, vehicle type, sales channel, and region. Based on feature, the electric ORVM market can be segregated into conventional, heated, and auto-dimming. The conventional electric ORVM held a prominent share of the market. However, heated and auto-dimming segments are anticipated to expand during the forecast period.

In terms of vehicle type, the electric ORVM market can be classified into passenger vehicle, light commercial vehicle, and heavy commercial vehicle.

Based on sales channel, the electric ORVM market can be bifurcated into OEM and aftermarket. Electric ORVMs are generally offered as OE feature and thus, the OEM segment is anticipated to lead the market.

In terms of region, the electric ORVM market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to lead the global electric ORVM market due to rapid economic expansion witnessed in developing countries, which in turn is boosting sales of vehicles in these countries.

Key players operating in the global electric ORVM market include Ficosa International SA, Magna International Inc., Ichikoh Industries, Ltd., Samvardhana Motherson Group, and Murakami Corporation.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Electric Outside Rear View Mirror Automotive Market

Pre Book