Table of Contents
Introduction
The Global Automotive Electrically Adjustable ORVM Market is projected to reach approximately USD 4.5 billion by 2033, up from an estimated USD 2.6 billion in 2023. This growth reflects a compound annual growth rate (CAGR) of 5.6% during the forecast period 2024 to 2033.
The Automotive Electrically Adjustable ORVM (Outside Rear View Mirror) refers to side mirrors in vehicles that can be electronically adjusted using a switch or control inside the vehicle, allowing drivers to change the mirror’s position without manual intervention. This technology has become an essential feature in modern vehicles, enhancing convenience, safety, and driving comfort. The Automotive Electrically Adjustable ORVM market encompasses the production, distribution, and consumption of these mirrors across various vehicle segments, including passenger cars, commercial vehicles, and electric vehicles.
The market has seen steady growth driven by increasing consumer demand for advanced vehicle technologies, including features that improve ease of use and driver safety. Growth factors contributing to the market’s expansion include rising consumer preferences for comfort, the growing adoption of electric vehicles (EVs), and stringent regulations promoting safety features in automobiles. The demand for electrically adjustable ORVMs is particularly strong in premium and luxury vehicle segments, where high-end features are prioritized.
Additionally, as automotive manufacturers push towards integrating more advanced driver assistance systems (ADAS), the need for highly adjustable, functional, and customizable mirrors becomes more pronounced. Opportunities within the market lie in the development of smart ORVMs equipped with additional features, such as heating, auto-dimming, and integrated cameras for parking assistance. Furthermore, the increasing push towards sustainable vehicle designs, particularly in the EV segment, presents new growth opportunities for the market as these mirrors offer energy-efficient solutions compared to conventional mirrors
Key Takeaways
- The Automotive Electrically Adjustable ORVM Market was valued at USD 2.6 billion in 2023 and is projected to reach USD 4.5 billion by 2033, exhibiting a CAGR of 5.6%.
- In 2023, Passenger Cars dominated the vehicle type segment, driven by the widespread adoption of ORVMs for enhanced driver convenience.
- Memory ORVMs led the mirror type segment in 2023, owing to their advanced features that significantly improve driver comfort.
- The OEMs segment held the largest share of the sales channel in 2023, driven by the increasing integration of ORVMs in new vehicle models.
- The b region accounted for 46.8% of the market in 2023, valued at USD 1.22 billion, largely due to the rapid growth of the automotive industry in the region.
Gain Forecast-Based Insights into Future Tariff Impacts https://market.us/report/automotive-electrically-adjustable-orvm-market/request-sample/
U.S. Tariffs Impact on Electrically Adjustable ORVM Market
The automotive electrically adjustable outside rear-view mirror (ORVM) market is experiencing significant impacts due to recent U.S. tariff policies. These tariffs, particularly the 25% duties imposed on imported automotive components, are affecting both domestic manufacturers and international exporters, notably from India. The global market for automotive electrically adjustable ORVMs is projected to grow by USD 2.04 billion by 2027. This growth is driven by technological advancements, such as the integration of advanced driver assistance systems (ADAS) and features like heated and auto-tilt mirrors . However, the development of digital side rear-view mirrors may pose a challenge to this market segment.
Impact of U.S. Tariffs
The imposition of a 25% tariff on certain automobile components by the U.S. government is leading to increased costs for manufacturers and exporters. For instance, Indian auto component exporters, who shipped approximately $3.67 billion worth of components to the U.S. in the first half of FY25, are facing operating margin compressions of 125–150 basis points .
Major automotive companies are also feeling the effects. Ford Motor Company anticipates that these tariffs will remain in effect for at least the next three years, potentially increasing vehicle prices by up to $5,000 . Similarly, electric vehicle manufacturers like Rivian and Lucid have reported rising production costs due to these tariffs, with Rivian expecting vehicle costs to increase by several thousand dollars .
Supply Chain and Strategic Adjustments
The tariffs are causing disruptions in the global automotive supply chain. Manufacturers are reconsidering their production and sourcing strategies to mitigate the impact. Some Indian auto parts companies are exploring alternative markets and considering shipping parts from countries unaffected by the U.S. government’s reciprocal tariff plans to maintain competitiveness.
Additionally, companies are investing in relocating key suppliers closer to their manufacturing plants to reduce dependency on imported components. For example, Rivian plans a $120 million investment to relocate key suppliers closer to its Illinois plant .
Emerging Trends
- Integration with Advanced Driver Assistance Systems (ADAS): Electrically adjustable ORVMs are increasingly being integrated with ADAS technologies such as blind-spot detection, lane departure warning, and rear-view cameras. This integration enhances vehicle safety by providing drivers with improved visibility and situational awareness.
- Adoption of Smart Mirror Technologies: The development of smart mirrors equipped with digital displays is gaining traction. These mirrors offer functionalities like navigation assistance, multimedia integration, and real-time traffic information, thereby enhancing the driving experience.
- Use of Lightweight Materials: Manufacturers are exploring the use of lightweight materials, such as carbon fiber and aluminum alloys, in the production of ORVMs. This trend aims to reduce vehicle weight, thereby improving fuel efficiency and overall vehicle performance.
- Customization and Personalization Features: There is a growing demand for ORVMs that offer customization options, allowing drivers to adjust settings according to their preferences. Features like memory settings and personalized adjustments are becoming standard in many vehicles.
- Transition to Digital Rear-View Mirrors: The shift towards digital rear-view mirrors, which provide a broader and unobstructed view, is gaining momentum. These mirrors can switch between digital and traditional modes, offering versatility to drivers in various driving conditions.
Top Use Cases
- Enhanced Driver Visibility: Electrically adjustable ORVMs provide drivers with the ability to adjust mirror angles effortlessly, improving rear and side visibility, which is crucial for safe driving.
- Integration with Autonomous Driving Systems: In autonomous vehicles, ORVMs play a vital role by providing real-time visual data to the vehicle’s control systems, aiding in navigation and obstacle detection.
- Assistance in Parking and Low-Speed Maneuvers: The adjustability of ORVMs assists drivers in parking and navigating tight spaces by offering optimal visibility of surrounding areas.
- Support for Night Driving: Features like auto-dimming in ORVMs reduce glare from headlights of trailing vehicles, enhancing comfort and safety during night driving.
- Enhanced Aerodynamics in Electric Vehicles (EVs): The integration of compact and streamlined ORVM designs in EVs contributes to reduced air resistance, thereby improving energy efficiency and extending driving range.
Major Challenges
- High Manufacturing Costs: The incorporation of advanced technologies and materials in ORVMs increases production costs, which may limit their adoption in budget-friendly vehicle segments.
- Complexity in Integration with Vehicle Systems: Integrating electrically adjustable ORVMs with existing vehicle systems can be complex, requiring precise calibration and compatibility checks to ensure seamless functionality.
- Dependence on Electrical Power Supply: Electrically adjustable ORVMs rely on the vehicle’s electrical system, and any failure in the power supply can render the mirrors inoperative, compromising driver safety.
- Vulnerability to Technical Failures: The intricate electronic components in ORVMs are susceptible to malfunctions, which can lead to costly repairs and downtime.
- Limited Adoption in Developing Regions: The high cost and lack of awareness about the benefits of electrically adjustable ORVMs hinder their widespread adoption in developing regions, affecting global market penetration.
Top Opportunities
- Expansion in Emerging Markets: As vehicle ownership increases in developing regions, there is a significant opportunity to introduce electrically adjustable ORVMs, tailored to meet local needs and preferences.
- Growth in Electric and Hybrid Vehicle Segments: The rise in the production and sales of electric and hybrid vehicles presents opportunities for the integration of advanced ORVMs that align with the technological features of these vehicles.
- Advancements in Mirror Technology: Continuous research and development in mirror technologies, such as the incorporation of augmented reality and gesture control, open new avenues for innovation in ORVMs.
- Government Regulations Promoting Vehicle Safety: Stricter safety regulations globally are encouraging manufacturers to adopt advanced safety features, including electrically adjustable ORVMs, to comply with standards.
- Consumer Preference for Enhanced Driving Comfort: The increasing consumer demand for comfort and convenience features in vehicles drives the adoption of electrically adjustable ORVMs, offering personalized and effortless adjustments.
Key Player Analysis
In the Global Automotive Electrically Adjustable ORVM Market, several key players are shaping the industry’s competitive landscape. Mitsuba Corp. is recognized for its strong presence in the automotive components sector, focusing on the development of high-quality ORVM solutions with advanced adjustability features. Motherson Group, with its extensive network and global reach, is known for leveraging strategic partnerships and technological innovations to enhance the functionality and performance of electrically adjustable mirrors. FLABEG Automotive Holding GmbH contributes significantly with its expertise in mirror production, offering superior visibility and safety-enhancing features for vehicles.
Other prominent players, such as Honda Lock Mfg. Co., Ltd. and Magna International Inc., are focusing on incorporating smart technologies into ORVM systems to align with the growing demand for vehicle safety and automation. Ficosa Internacional SA and Murakami Corporation are also innovating to meet consumer preferences for better ergonomics and enhanced adjustability. Additionally, companies like Gentex Corporation, Valeo SA, and Continental AG are pioneering advanced driver-assistance systems (ADAS) integration into ORVMs, driving the market’s growth and evolution.
Top Key Players in the Market
- Mitsuba Corp.
- Motherson Group
- FLABEG AUTOMOTIVE HOLDING GMBH
- Honda Lock Mfg. Co., Ltd.
- Magna International Inc.
- Ficosa Internacional SA
- Murakami Corporation
- Gentex Corporation
- Valeo SA
- Continental AG
Purchase The Full Report Now at https://market.us/purchase-report/?report_id=131670
Regional Analysis
Asia Pacific: Dominating the Automotive Electrically Adjustable ORVM Market with 46.8% Market Share in 2024
The Asia Pacific region is expected to maintain its dominant position in the automotive electrically adjustable ORVM (Outside Rear View Mirror) market, capturing a substantial 46.8% market share in 2024, valued at approximately USD 1.22 billion. This dominance can be attributed to several factors, including the region’s robust automotive manufacturing sector, particularly in countries like China, Japan, and India. These countries are home to some of the largest automotive manufacturers globally, such as Toyota, Honda, and Hyundai, which heavily invest in advanced technologies such as electrically adjustable ORVMs to enhance vehicle comfort and safety features. The rapid adoption of electric vehicles (EVs) in this region also contributes significantly to the growth of the market, as automakers continue to focus on incorporating modern, energy-efficient components in their vehicles.
In addition to the high demand for advanced automotive features, the presence of a well-established automotive supply chain, competitive pricing, and the increasing focus on safety regulations further support the market’s growth in the Asia Pacific. With countries like China and India becoming major automotive production hubs, the need for technologically advanced, cost-effective solutions such as electrically adjustable ORVMs is accelerating. Moreover, the increasing disposable income and consumer preference for premium vehicles in the region have led to a higher demand for luxury cars, which are more likely to feature these advanced mirror technologies.
However, the U.S. tariffs on Chinese automotive products, particularly related to vehicle components, may have a ripple effect on the Asia Pacific market. These tariffs could increase production costs, potentially impacting the pricing strategies of automotive manufacturers in the region, which may, in turn, affect the overall market growth. Despite this, the Asia Pacific region’s dominance in the automotive electrically adjustable ORVM market is likely to persist due to its substantial market size, technological advancements, and continuous expansion of the automotive industry.
Recent Developments
- In 2023, Gentex Corporation partnered with Peugeot Sport to provide an intelligent rear vision system for the 9X8 Hybrid Hypercar, aiming to improve rear visibility during the 24 Hours of Le Mans and FIA World Endurance Championship.
- In 2024, Hyundai launched the Creta facelift starting at Rs 11 lakh for the base petrol-manual variant, with the top-end diesel-automatic model priced at Rs 20 lakh, offering 19 different variants with five engine and gearbox options.
- In 2024, Uno Minda introduced a new range of 4-wheeler rear view mirrors in India to support safer driving and reduce rear-end collisions, focusing on better visibility and driver awareness.
Conclusion
The global automotive electrically adjustable ORVM market is expected to grow steadily, supported by rising demand for safety and comfort features in modern vehicles. Advancements such as integration with ADAS, smart functions, and use in electric vehicles are driving adoption across key regions, especially Asia-Pacific. While high costs and system integration challenges exist, ongoing innovation and regulatory support for vehicle safety are expected to sustain market expansion in the coming years.
Discuss Your Needs With Our Analyst
Please share your requirements with more details so our analyst can check if they can solve your problem(s)
