Automotive Mirror Dimming Market Report by Fuel Type (Battery Electric Vehicle (BEV), Internal Combustion Engine (ICE) and Hybrid Vehicle), By Application (Inside Rear-View Mirror (IRVM) and Outside Rear-View Mirror (ORVM)), By Vehicle Type (Passenger Vehicle and Commercial Vehicle), By Functionality (Connected and Non-Connected) and By Region - Global Forecast to 2030

Automotive Mirror Dimming Market Scenario

Automotive mirror dimming market size is expected to grow USD 1,970 million at a 5.4% CAGR during the forecast period 2022 - 2030.

Global automotive mirror dimming market has witnessed gradual growth in recent years and is expected to grow steadily in the forecast period. The global market of Auto mirror dimming is primarily driven due to increasing awareness about vehicle and passenger safety. The safety of passengers and vehicles has become the prime concern of vehicle buyers. According to the global status report on road safety 2015, more than 1.2 million road traffic deaths occur each year, globally. To reduce these accidents, OEMs (Original Equipment Manufacturers) are integrating different safety features in automotive mirrors. This integration of safety features is expected to drive the automotive mirror dimming market.

Key Players

The key players of global automotive mirror dimming market are Gentex Corporation (U.S), Samvardhana Motherson Group (India), Magna International Inc. (Canada), Ficosa International S.A. (Spain), Ichikoh Industries, Ltd. (Japan), Murakami Corporation (Japan), TOKAIRIKA, CO, LTD. (Japan), SL Corporation (South Korea), Honda Lock Mfg. Co., Ltd. (Japan), FLABEG Automotive Holding GmbH (Germany), Global Media Industry Group Co. (China)  and Konview Electronics Corporation Limited. (China).

Market Segmentation

Global automotive mirror dimming market has been segmented based on fuel types, applications, vehicle types, functionalities and regions. Based on fuel types the market is segmented as battery electric vehicle (BEV), internal combustion engine (ICE) and hybrid vehicle. Battery electric vehicle is expected to grow at the highest rate due to increase in production of new electric vehicle, across the globe. Based on applications, the market is segmented as inside rear-view mirror (IRVM), and outside rear-view mirror (ORVM). Inside rear-view mirror (IRVM) is expected to have the highest share of the global market owing to its growing application, in all types of vehicles. Based on functionalities the market is segmented as connected and non-connected. Connected auto dimming mirrors stand for dimming mirrors integrated with various other features to provide safety and convenience to drivers while driving. Based on vehicle type the market is segmented as passenger vehicle and commercial vehicle. Passenger vehicle is expected to hold the highest share in global market due to rise in the sales of passenger vehicle.

Regional Analysis

The global automotive mirror dimming market is expected to witness a phenomenal growth during the forecast period. This is due to development of automotive manufacturing industries in developing economies such as China and India. Availability of low-cost automation in manufacturing and innovation in engineering, focus on fuel efficiency and sustainability, and the rising vehicle production levels, drive the market of Auto mirror dimming. The Asia Pacific region is currently the leading region in global market and is followed by Europe and North America.

Automotive Mirror Dimming Market Industry Development: 

In the quarter concluding in June 2023, Gentex (GNTX) posted a revenue of $583.47 million, marking a substantial 25.9% increase compared to the corresponding period the previous year. The earnings per share (EPS) stood at $0.47, a notable rise from $0.31 reported in the same quarter of the preceding year.

Gentex's reported revenue surpassed the Zacks Consensus Estimate by reaching $583.47 million, exhibiting a positive surprise of +8.24%. Additionally, the company outperformed in terms of EPS, with a positive surprise of +17.50% against the consensus estimate of $0.40.

While investors traditionally focus on year-over-year changes in headline figures such as revenue and earnings, comparing these metrics to analysts' expectations can be more insightful for evaluating a company's underlying performance.

Examining key metrics that impact both top and bottom lines, and comparing them to both year-ago figures and analysts' projections, aids investors in making more accurate projections about a stock's price performance.

Market Scope

Automotive mirror dimming augments the safety and ease of the driver, as they do not require the driver to adjust the inside rear-view mirror (IRVM) and outside rear-view mirror (ORVM). Auto-dimming mirrors can control the movement of the rear-view mirror at various speeds when the system is switched on. Improvement in the technological advancement, rise in production of vehicles, and increase in demand for luxury features, are the key factors that drive the market. Implementation of Auto mirror dimming, is driven by the rise in use of advanced electrical features in vehicles. However, their demand has increased due to rise in the number of road accidents, across the world. The overall cost of vehicles has increased due to the integration of advanced electrical feature, which acts as a restraint to the market.