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