Global Exterior Mirror Market Research Report 2024(Status and Outlook)
The global Exterior Mirror market size was valued at US$ 8.65 billion in 2024 and is projected to reach US$ 11.23 billion by 2030, at a CAGR of 4.4% during the forecast period 2024-2030.
The United States Exterior Mirror market size was valued at US$ 1.87 billion in 2024 and is projected to reach US$ 2.35 billion by 2030, at a CAGR of 3.9% during the forecast period 2024-2030.
Exterior Mirrors, also known as side-view or wing mirrors, are essential safety components mounted on the exterior of vehicles to provide drivers with visibility of surrounding traffic and obstacles, often incorporating advanced features such as electric adjustment, heating, and integrated signals.
The global Exterior Mirror market is growing steadily, driven by increasing vehicle production, safety regulations mandating mirror usage, and the integration of advanced technologies in mirror systems. In 2023, global production of exterior mirrors reached approximately 205 million units, aligning with global vehicle production figures. Passenger vehicles account for 75% of the market, with commercial vehicles making up the remaining 25%. The market saw a boost from the recovery of automotive production post-pandemic, leading to a 8% increase in mirror demand in 2023 compared to the previous year. Technological advancements have focused on improving safety and functionality, with features like blind-spot detection, auto-dimming, and camera integration becoming increasingly common. Power-folding mirrors are the fastest-growing segment, increasing at 7% annually, driven by convenience and parking assistance trends. In 2023, the push towards vehicle electrification led to a 20% increase in the adoption of aerodynamically optimized mirrors to enhance EV range. The industry faces long-term challenges from the potential shift to camera-based systems replacing traditional mirrors, particularly in markets where regulations allow. However, the high cost and consumer familiarity with mirrors continue to sustain demand in the medium term. Emerging markets show significant growth potential, with demand for feature-rich mirrors in developing countries growing at 6% CAGR. Looking ahead, the market is expected to benefit from innovations in smart mirror technologies, with connected and AR-enabled exterior mirrors projected to grow at 15% CAGR through 2030, albeit from a small base. The integration of environmental sensors and 5G connectivity in mirror housings is also a key trend, expanding the role of exterior mirrors in overall vehicle systems.
Report Overview
This report provides a deep insight into the global Exterior Mirror market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.
The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Exterior Mirror Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.
In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Exterior Mirror market in any manner.
Global Exterior Mirror Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Company
SMR
Magna
Gentex
Ficosa
Murakami Kaimeido
MEKRA Lang
SL Corporation
Ichikoh
Flabeg
Shanghai Lvxiang
Beijing Goldrare
Sichuan Skay-View
Market Segmentation (by Type)
Manual Adjustment
Automatic Adjustment
Market Segmentation (by Application)
Passenger Car
Commercial Vehicle
Geographic Segmentation
