AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Global Automotive Electrically Adjustable Outside Rear View Mirror (ORVM) Market 2019-2023 | USD 1.66 Billion Incremental Growth Over the Next Five Years | Technavio

May 14, 2019

LONDON--(BUSINESS WIRE)--May 14, 2019--

The global automotive electrically adjustable outside rear view mirror (ORVM) market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190514005595/en/

Technavio has published a new market research report on the global automotive electrically adjustable outside rear view mirror (ORVM) market from 2019-2023. (Graphic: Business Wire)

To improve the functionality of electrically adjustable ORVMs, automotive OEMs are incorporating advanced features. They form a vital part of convenience in a vehicle. Newer electrically adjustable ORVMs come equipped with heated mirrors, puddle lamps, and auto-fold function. Such features improve the driver experience and improve safety. The growing integration of advanced functionalities in electrically adjustable ORVMs is one of the key drivers that is contributing to the market’s growth during the forecast period.

As per Technavio, the increased offerings in side rear-view mirrors for trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive electrically adjustable outside rear view mirror (ORVM) market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over the forecast period.

Global automotive electrically adjustable ORVM market: Increased offerings in side rear-view mirrors for trucks

Advanced functionalities such as LED turn indicators and electrically adjustable and heated mirrors was limited to passenger vehicles. However, the number of electrically adjustable ORVMs installed in medium and heavy-duty trucks has increased over the years. For pickup trucks, automotive OEMs are offering advanced vehicle management systems (ADAS) with electrically adjustable ORVMs. The system enhances safety by displaying illuminated icons on the side view mirror and alerting rear cross traffic information available on the side-view mirrors. The trend of offering such advanced features in side rear-view mirrors for trucks is fueling the market’s growth.

“Electrically adjustable ORVMs is a standard feature in most passenger vehicles sold in Europe. Furthermore, large-scale production and the high demand for passenger vehicles in Western European countries are driving the automotive electrically adjustable ORVM market in the region. The stringent vehicle safety and emission regulations implemented by the US is driving the adoption of automotive electrically adjustable ORVMs in North America. Several Automotive OEMs in the region are incorporating electrically adjustable ORVMs with turn indicators, defoggers, and other built-in safety features. Many such factors are contributing to the growth of the market in North America”, says an analyst at Technavio.

Global automotive electrically adjustable ORVM market: Segmentation analysis

This market report segments the global automotive electrically adjustable ORVM market by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).

APAC led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The dominance of APAC can be attributed to the increased installation of electrically adjustable ORVMs in passenger vehicles in China, Japan, South Korea, and India. Additionally, the stringent transportation-related safety standards in these countries have contributed to the market’s growth.

Looking for more information on this market? Request for a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005595/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING AUTOMOTIVE AFTERMARKET

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 05/14/2019 09:25 AM/DISC: 05/14/2019 09:25 AM

http://www.businesswire.com/news/home/20190514005595/en