Automotive Mirror Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global automotive mirror market is anticipated to grow at a moderate CAGR of 3.1% during the forecast period (2022-2028). The rising production coupled with sales of passenger vehicles and commercial vehicles is anticipated to drive the demand for the automotive mirror market. As per the data published by India Brand Equity Foundation (IBEF) in 2022, India has sold 3.49 million units in passenger and commercial vehicle categories. In October 2021, the total production volume of passenger vehicles reached 2,214,745 units. The luxury car market had registered sales between 28000-33000 units in 2021, up from 20000-21000 units sold in 2020. Moreover, Rolls-Royce CEO Torsten Muller Otvos stated that the company had sold 5,586 vehicles to customers in more than 50 countries during the COVID-19 pandemic. Further Bentley, a unit of Volkswagen AG stated that the company has recorded global sales of 31.0% for high-end vehicles in 2021, whereas BMW stated that the company had achieved sales of 2.2 million vehicles in 2021.

Looking toward the demand for automotive mirrors, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in March 2021, Ford Motor Co. introduced a Smart Mirror. This mirror contains a high-definition screen that displays a panoramic view behind the van. This mirror assists the drivers to spot pedestrians, cyclists, and other vehicles that are behind the vehicle. These mirrors could benefit businesses by reducing the need for expensive accident damage repairs.

Moreover, in October 2020, post winning new business across multiple vehicle models, Magna’s CLEARVIEW technology is anticipated to enter the market in 2022. The Clearview technology is a combination of mirror technology and camera to provide drivers with an enhanced field of view. The Clearview exterior mirror integrates a camera with US regulatory compliant side view mirror to display a live feed inside the vehicle. Thus, such launches are anticipated to drive the growth of the global automotive mirror market.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Application
  • By Vehicle Type
  • By End-User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Magna International Inc., Gentex Corp., and Automobile Parts, Co., Ltd., among others

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Automotive Mirror Market Report by Segment

By Application

• Interior Mirror (Basic, Auto-Dimming, and Multi-Functional),
• Exterior Mirror (Basic, Medium, Premium, Commercial and Auto-Dimming Mirrors)

By Vehicle Type

• Passenger Cars
• Light-Duty Vehicles
• Medium & Heavy-Duty Vehicles

By End-User

• OEM
• Aftermarket