The increase in the production of passenger vehicles is one of the key factors expected to augment the automotive electrically adjustable ORVM market growth during the forecast period. The global production of passenger vehicles has increased serving the base for the growth of the market. Automotive electrically adjustable ORVMs are often being offered as standard fitments in the mid-segment and premium segment passenger vehicles. In addition, owing to the increase in competition, product offerings, and focus on product differentiation by automotive OEMs, several budget cars are being sold in China and India, in turn, contributing to the market growth. analysts have predicted that the automotive electrically adjustable outside rear view mirror market will register a CAGR of almost 7% by 2023.
Increasing demand for electrically adjustable ORVMs with advanced functionalities
One of the growth drivers of the global automotive electrically adjustable outside rear view (ORVM) mirror market is the increasing demand for electrically adjustable ORVMs with advanced functionalities. The growing integration of advanced features in electrically adjustable ORVMs is helping in driving the growth of the market during the forecast period.
The emergence of digital side rear-view mirrors
One of the challenges in the growth of the global automotive electrically adjustable outside rear view (ORVM) mirror market is the emergence of digital side rear-view mirrors. The extensive use of advanced visibility system by automakers can pose a threat to the market.
For the detailed list of factors that will drive and challenge the growth of the automotive electrically adjustable outside rear view (ORVM) mirror market during 2019-2023, view our report.
The market appears to be concentrated with the presence of a few vendors. Prominent automotive OEMs are focusing on offering advanced driver assistance systems (ADAS) with electrically adjustable ORVMs for pickup trucks. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.