Transparency Market Research
Electric Outside Rear-view Mirror (ORVM) is an electrically powered side-view mirror placed on the exterior of the vehicle to provide a view of the surroundings behind the vehicle. The electric ORVM enables the driver to adjust or control the mirror from inside the vehicle cabin. The electric ORVM may also be heated in order to maintain a clear vision even during fogging and icing.
Rising vehicle sales is a major driver of the electric ORVM market. Increasing popularity of SUVs is boosting the demand for electric ORVM. An ORVM is necessary in SUVs owing to high clearance of these vehicles. In SUVs, such as Toyota’s Fortuner, the ORVM is mounted on the hood instead of the pillar to gain wider visibility. In SUVs such as Ford Everest and Endeavor, the ORVM is also attached to the rear windshield, as there is a blind spot in the rear due to these vehicles’ high clearance. This, in turn, is the boosting the electric ORVM market. ORVMs are mandatory, in order to ensure safety, leading to the rise in adoption of electronics. This, in turn, is anticipated to drive the demand for ORVMs, thereby fueling the electric ORVM market. Integration of electronics has provided features such as auto-dimming and heated electric ORVMs. The auto-dimming feature improves visibility, as it reduces the glare of oncoming vehicles. Auto-dimming electric ORVM uses an electrochromic material which changes color when a voltage passes through it. The demand for auto-dimming type of electric ORVM is estimated to rise during the forecast period, as they help optimize vision and aid the driver thus, improving safety. Increased adoption of driver assistance feature has led to the integration of radar, LiDAR, sensors, and cameras being integrated in the electric OVRM. Rise in automation trend is expected to further drive the development of electric OVRMs with integrated cameras and vision sensors.
The high price of electric ORVM is a key factor restraining the market. However, premium vehicles and higher model version use electric vehicle there penetration in entry level segment is expected to rise due to rising competition among automakers and need of product differentiating factor.
The global electric ORVM market can be segmented based on feature, vehicle type, sales channel, and region. Based on feature, the electric ORVM market can be segregated into conventional, heated, and auto-dimming. The conventional electric ORVM held a prominent share of the market. However, heated and auto-dimming segments are anticipated to expand during the forecast period.
In terms of vehicle type, the electric ORVM market can be classified into passenger vehicle, light commercial vehicle, and heavy commercial vehicle.
Based on sales channel, the electric ORVM market can be bifurcated into OEM and aftermarket. Electric ORVMs are generally offered as OE feature and thus, the OEM segment is anticipated to lead the market.
In terms of region, the electric ORVM market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to lead the global electric ORVM market due to rapid economic expansion witnessed in developing countries, which in turn is boosting sales of vehicles in these countries.
Key players operating in the global electric ORVM market include Ficosa International SA, Magna International Inc., Ichikoh Industries, Ltd., Samvardhana Motherson Group, and Murakami Corporation.
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