In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Outer Rear View Mirror (ORVM) is used by drivers to see vehicles that are behind/ near or back of their cars while driving. Internally adjustable ORVM means that there will be a manual switch near the window by which the mirror position can be adjusted without moving hands outside to physically adjust it. Electrically adjustable means no physical labor is required as the mirror will be folded electronically especially while turning the cars on/off. With electrical means, mirrors are adjusted with an inside switch attached to driver’s side door.
Rising production of passenger vehicles, light motor vehicles and heavy commercial vehicles is estimated to boost the demand for outer rear view mirror in upcoming years. Additionally, the rising focus on electrical vehicles is anticipated to support the growth of the market. Further, increasing awareness about shared mobility, rising demand for fully autonomous cars, automatic parking, inclination towards comfort and safety features, surging sales of ultra-luxurious vehicles and technological advancements along with growing sales of high-end and mid-segment cars are some of the significant factors that are expected to fuel the growth of the market over the forecast period i.e. 2019-2027.
Riding on the back of concerns related to the safety of drivers and passengers in case of accidents, the increasing regulations on vehicle safety standards along with high demand for premium vehicles has elevated the demand for rear-view mirrors in the market. Exterior design and larger headrest in the back seats have led to decreased visibility in traditional rear-view mirrors of certain vehicles. Thus, various manufacturers have implemented smart electrical rear-view mirrors in their vehicles to offer better visibility while keeping the intended benefits and functions. These smart devices have a full-screen monitor for clear visibility and are positioned within the existing mirrors, with the potential to switch freely between the two modes, namely mirror and camera mode.
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The automotive electrically adjustable outside rear view mirror market is expected to grow at CAGR of around 7.1% over the forecast period.
Our-in depth analysis of the automotive electrically adjustable outside rear view mirror market includes the following segments:
On the basis of regional platform, the global automotive electrically adjustable ORVM market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The Asia Pacific region is estimated to have the fastest growing market to hold significant market share which can be attributed to increasing production of vehicles in India, China, and Japan. Further, Europe is expected to experience significant growth owing to the presence of prominent luxury car manufacturers such as AUDI, BMW, Porsche, and Volkswagen in the region.
The global automotive electrically adjustable ORVM market is further classified on the basis of region as follows:
Stringent regulations in order to reduce accidents to minimal number will drive the growth rate of the market. The automotive electrically adjustable ORVM further helps in time saving as it does not require manual adjusting in both the mirrors including passenger side mirror as the driver can conveniently adjust both the mirrors according to the requirement in his sitting position itself.
Economic growth rate in most of the developing and emerging countries is driving the demand for vehicles. Since automotive electrically adjustable ORVM industry is directly related to the industry of automobiles, the market is estimated to grow positively.
The development of digital side rear-view mirrors might challenge the growth of the market in upcoming years.
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