The Automotive Electrically ORVM market industry is projected to grow from Significant Value in 2023 to Significant Value by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2024 - 2032). The growing need for electrically operated rearview mirrors with advanced functionalities is one of the main market drivers anticipated to propel the automotive electrically ORVM market in the United States.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The rising demand for autonomous vehicles in the United States is significantly driving the Automotive Electrically Operated Rear View Mirrors (ORVM) market CAGR. Electrically operated rearview mirrors play a crucial role in autonomous driving systems by providing essential visibility and monitoring capabilities. These mirrors are equipped with advanced sensors and cameras that enable features such as lane-keeping assistance, blind-spot detection, and parking assistance, essential for autonomous vehicle operation. As the adoption of autonomous vehicles continues to grow, there is an increasing need for electrically operated rearview mirrors with enhanced functionalities and connectivity to support autonomous driving capabilities. This trend is driving innovation in the ORVM market, leading to the development of more sophisticated and technologically advanced mirror systems tailored to the requirements of autonomous vehicle platforms.
The growing demand for electric and hybrid vehicles in the United States is driving the Automotive Electrically Operated Rear View Mirrors (ORVM) market. Electric and hybrid vehicles often come equipped with advanced features and technologies, including electrically operated rearview mirrors, to enhance efficiency, safety, and convenience. Electrically operated ORVMs are essential components of these vehicles, providing drivers with enhanced visibility and monitoring capabilities. Additionally, electric and hybrid vehicles require specialized mirror systems to accommodate their unique design and functionality requirements, such as aerodynamics and energy efficiency. As the adoption of electric and hybrid vehicles continues to increase, there is a growing need for electrically operated rearview mirrors with advanced functionalities, driving innovation and growth in the United States Automotive Electrically ORVM Market revenue.
The United States Automotive Electrically ORVM market segmentation, based on Product Type, includes Memory Storage Electric Rearview Mirror, Foldable Electric Rearview Mirror and Heatable Electric Rearview Mirror. The memory storage electric rearview mirror segment dominated the market mostly. Memory storage electric rearview mirror product type has captured the largest market share in the United States Automotive Electrically Operated Rear View Mirrors (ORVM) Market due to its convenience and user-friendly features. These mirrors allow drivers to save and recall preferred mirror positions, enhancing comfort and safety. Additionally, memory storage mirrors often integrate advanced functionalities such as auto-dimming, blind-spot detection, and built-in cameras, further contributing to their popularity among consumers seeking enhanced convenience and safety features in their vehicles.
The Foldable Electric Rearview Mirror product type is experiencing the highest Compound Annual Growth Rate (CAGR) in the United States Automotive Electrically Operated Rear View Mirrors (ORVM) Market due to its versatility and space-saving benefits. Foldable mirrors provide the convenience of folding inward, reducing the risk of damage in tight parking spaces or congested areas. Moreover, they enhance aerodynamics and fuel efficiency when folded, making them increasingly popular among consumers seeking practical and efficient mirror solutions for their vehicles.
The United States Automotive Electrically ORVM market segmentation, based on Application, includes Passenger Cars and Commercial Vehicles. The passenger cars category generated the most income. The Passenger Cars application category has captured the largest market share in the United States Automotive Electrically Operated Rear View Mirrors (ORVM) Market due to the high volume of passenger car sales in the country. Passenger cars are equipped with electrically operated rearview mirrors as a standard feature, contributing to their widespread adoption. Additionally, the increasing demand for safety and convenience features in passenger vehicles, coupled with technological advancements in ORVMs, further drives their prevalence in this segment.
Commercial Vehicles application is experiencing the highest Compound Annual Growth Rate (CAGR) in the United States Automotive Electrically Operated Rear View Mirrors (ORVM) Market due to several factors. The growth is attributed to the increasing adoption of electrically operated rearview mirrors in commercial vehicles to enhance safety, visibility, and maneuverability. Additionally, stringent regulations regarding vehicle safety standards and the rising demand for advanced features in commercial vehicles are driving the market growth for electrically operated rearview mirrors in this segment.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The United States Automotive Electrically Operated Rear View Mirrors (ORVM) market is experiencing significant growth driven by various factors. These include the integration of advanced technologies such as built-in cameras and blind-spot detection systems, rising demand for autonomous vehicles, focus on aerodynamics and design, and increasing adoption of electric and hybrid vehicles. Manufacturers are emphasizing energy-efficient solutions and connectivity with infotainment systems to meet consumer preferences and regulatory standards. As the automotive industry continues to evolve with technological advancements and changing consumer demands, the United States Automotive Electrically ORVM Market presents lucrative opportunities for innovation, safety enhancement, and market expansion.
Leading players are focusing on innovation and technology integration to gain a competitive edge. They are developing advanced mirror systems equipped with features such as built-in cameras, blind-spot detection, and auto-dimming functionalities. Additionally, these companies are enhancing connectivity with infotainment systems and improving energy efficiency to meet consumer demands and regulatory standards. Strategic partnerships and acquisitions are also common in Automotive Electrically ORVM industry to strengthen their foothold in the market and expand product offerings.
Major players in the Automotive Electrically ORVM market are attempting to increase market demand by investing in research and development operations, including Gentex Corporation, Magna International Inc., Ficosa North America Corporation, Murakami Corporation, Samvardhana Motherson Reflectec, Stoneridge, Inc., Continental AG, Mitsuba Corporation, FLABEG Automotive Holding GmbH and Ichikoh Industries, Ltd.
September 2022: OMNIVISION has collaborated with Analog Devices, Inc. (ADI) to offer a camera system enabling automotive OEMs to smoothly transition from SD to HD resolution while maintaining outstanding performance and minimal system cost. This solution incorporates OMNIVISION's OX01F10 1.3-megapixel (MP) SoC combined with ADI's C2B Car Camera Bus (C2B) link technology for entry-level HD rearview (RVC) and surround-view (SVS) cameras and e-mirrors.
| Report Attribute/Metric | Details |
| Market Size 2022 | Significant Value |
| Market Size 2023 | Significant Value |
| Significant Value | Significant Value |
| Compound Annual Growth Rate (CAGR) | 8.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Application, and Region |
| Countries Covered | United States |
| Key Companies Profiled | Gentex Corporation, Magna International Inc., Ficosa North America Corporation, Murakami Corporation, Samvardhana Motherson Reflectec, Stoneridge, Inc., Continental AG, Mitsuba Corporation, FLABEG Automotive Holding GmbH and Ichikoh Industries, Ltd. |
| Key Market Opportunities | ·        Growing Need of Integration of Advanced Technologies ·        Increasing need of customizable and personalized features in their vehicles |
| Key Market Dynamics | ·        Rising Demand for Autonomous Vehicles ·        Growing Demand for Electric and Hybrid Vehicles |
Frequently Asked Questions (FAQ) :
The United States Automotive Electrically ORVM market size was valued at Significant Value in 2023.
The market is projected to grow at a CAGR of 8.00% during the forecast period, 2024-2032.
The key players in the market are Gentex Corporation, Magna International Inc., Ficosa North America Corporation, Murakami Corporation, Samvardhana Motherson Reflectec, Stoneridge, Inc., Continental AG, Mitsuba Corporation, FLABEG Automotive Holding GmbH and Ichikoh Industries, Ltd.
The Memory Storage Electric Rearview Mirror category dominated the market in 2023.
The Passenger Cars category had the largest share in the market.
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
