Global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market Outlook
According to a new report by Expert Market Research titled “Global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global automotive electrically adjustable outside smart rear view mirror (ORVM) market is projected to grow at a CAGR of 7.2% between 2023 and 2028. Aided by the increasing demand for enhanced vehicle safety and comfort, coupled with the growing trend of vehicle electrification, the market is expected to grow significantly by 2028.
Automotive electrically adjustable outside smart rear view mirrors, also known as ORVMs, are integral components of modern vehicles. These mirrors can be adjusted from inside the vehicle for a better rear and side view, thereby improving safety by reducing blind spots. Smart ORVMs also feature automatic folding and unfolding, heating to defog the mirror, and integrated turn signals. Some advanced models also include dimming features to reduce glare and even camera-based systems for digital displays.
The automotive electrically adjustable outside smart rear view mirror (ORVM) market growth is primarily driven by the rising consumer preference for advanced safety features in vehicles. With an increasing number of road accidents worldwide, safety has become a significant concern for both consumers and automotive manufacturers, leading to a higher demand for smart ORVMs. Additionally, these mirrors enhance comfort and convenience, adding to their appeal among consumers.
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The accelerating trend of vehicle electrification also significantly propels the automotive electrically adjustable outside smart rear view mirror (ORVM) market expansion. As the global automotive industry shifts towards electric vehicles (EVs), the demand for electrically adjustable smart ORVMs, which align with the overall electrification trend, has seen a significant surge. Furthermore, several governments’ push for EVs, due to environmental concerns, further augments the growth of the smart ORVM market.
The market also benefits from the rapid advancement in automotive technology. The integration of advanced technologies like cameras and sensors in ORVMs is transforming the way drivers interact with their vehicles, making driving safer and more convenient. As a result, many automotive manufacturers are now offering smart ORVMs as a standard feature in their new models, thereby expanding the market.
Geographically, the Asia Pacific region is one of the significant regions in the global automotive electrically adjustable outside smart rear view mirror (ORVM) market, due to its enormous automotive industry. Major contributors to market growth are countries like China, India, and Japan with their large automobile production volumes and growing consumer demand for advanced vehicle features.
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Global Automotive Electrically Adjustable Outside Smart Rear View Mirror (ORVM) Market Segmentation
The market can be divided based on feature type, powertrain type, vehicle type, distribution channel, and region.
Market Breakup by Feature Type
- Auto-Dimming
- Blind Spot Indicator
- Automatic Folding
- Heating Function
- Others
Market Breakup by Powertrain Type
- IEC Engine
- Electric
Market Breakup by Vehicle Type
- Passenger Car
- Commercial Vehicle
Market Breakup by Distribution Channel
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive electrically adjustable outside smart rear view mirror (ORVM) companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Gentex Corporation
- Ficosa Internacional SA
- Magna International Inc
- SL Corporation
- Murakami Corporation
- Ichikoh Industries, Ltd.
- Honda Lock Co.,Ltd.
- SMR Deutschland GmbH
- Tokairika,Co, Ltd.
- Motherson Group
- Others
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