Glass Rear-View Vehicle Mirror Market

The global glass rear-view vehicle mirror market is anticipated to experience a +2.5% CAGR in volume and a +4.3% CAGR in value from 2022 to 2030, reaching 757M units and $14.6B in market value by 2030. Consumption saw fluctuations but showed growth from 2012-2022. China, the US, and India were the top consumers in 2022. Production slightly fell in 2022, with China leading globally at 30%. Imports and exports of glass rear-view mirrors also saw fluctuations, with the US and China being major players.

Market Forecast

Driven by increasing demand for glass rear-view mirrors for vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 757M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $14.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Glass Rear-View Mirrors For Vehicles

Global glass rear-view vehicle mirror consumption contracted slightly to 623M units in 2022, falling by -3.8% against 2021 figures. Overall, the total consumption indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by +0.6% against 2020 indices. Global consumption peaked at 649M units in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global glass rear-view vehicle mirror market revenue dropped to $10.4B in 2022, which is down by -7.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -13.1% against 2019 indices. Over the period under review, the global market attained the peak level at $12B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (117M units), the United States (90M units) and India (63M units), with a combined 43% share of global consumption. Italy, Japan, Brazil, South Korea, Mexico, Germany, Canada, France, Saudi Arabia and Poland lagged somewhat behind, together accounting for a further 33%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +47.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest glass rear-view vehicle mirror markets worldwide were the United States ($2.5B), Japan ($1.5B) and China ($734M), together comprising 45% of the global market. Germany, Brazil, Canada, South Korea, India, Mexico, Italy, France, Poland and Saudi Arabia lagged somewhat behind, together comprising a further 25%.

Italy, with a CAGR of +42.1%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of glass rear-view vehicle mirror per capita consumption was registered in Italy (968 units per 1000 persons), followed by Canada (313 units per 1000 persons), Saudi Arabia (306 units per 1000 persons) and South Korea (296 units per 1000 persons), while the world average per capita consumption of glass rear-view vehicle mirror was estimated at 79 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the glass rear-view vehicle mirror per capita consumption in Italy stood at +47.4%. In the other countries, the average annual rates were as follows: Canada (-2.5% per year) and Saudi Arabia (+13.8% per year).

Production

World Production of Glass Rear-View Mirrors For Vehicles

Global glass rear-view vehicle mirror production fell slightly to 639M units in 2022, which is down by -2.1% compared with 2021. Overall, the total production indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.4% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 20%. Over the period under review, global production hit record highs at 655M units in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror production contracted modestly to $9.8B in 2022 estimated in export price. In general, production, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2018 when the production volume increased by 32%. Global production peaked at $12.8B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

China (192M units) remains the largest glass rear-view vehicle mirror producing country worldwide, accounting for 30% of total volume. Moreover, glass rear-view vehicle mirror production in China exceeded the figures recorded by the second-largest producer, the United States (93M units), twofold. The third position in this ranking was taken by Italy (55M units), with an 8.7% share.

In China, glass rear-view vehicle mirror production increased at an average annual rate of +5.3% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the United States (+2.3% per year) and Italy (+62.9% per year).

Imports

World Imports of Glass Rear-View Mirrors For Vehicles

After six years of growth, supplies from abroad of glass rear-view mirrors for vehicles decreased by -9.1% to 242M units in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its volume increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +49.2% against 2015 indices. The growth pace was the most rapid in 2021 when imports increased by 23% against the previous year. As a result, imports attained the peak of 266M units, and then shrank in the following year.

In value terms, glass rear-view vehicle mirror imports contracted modestly to $4.1B in 2022. The total import value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 13%. Over the period under review, global imports attained the peak figure at $4.6B in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, the United States (47M units), distantly followed by Germany (20M units) and India (15M units) were the main importers of glass rear-view mirrors for vehicles, together generating 34% of total imports. The following importers - Mexico (10M units), Belgium (9.4M units), Spain (9.1M units), Slovakia (9M units), Canada (8.4M units), China (7.6M units), the Czech Republic (7.1M units), Japan (7M units), South Korea (6.7M units) and France (6.6M units) - together made up 33% of total imports.

Imports into the United States increased at an average annual rate of +11.6% from 2012 to 2022. At the same time, Slovakia (+13.5%), South Korea (+13.2%), China (+10.2%), the Czech Republic (+7.3%), Spain (+6.8%), India (+4.7%), Belgium (+4.5%), Germany (+2.5%) and France (+1.9%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing importer imported in the world, with a CAGR of +13.5% from 2012-2022. Japan experienced a relatively flat trend pattern. By contrast, Mexico (-4.0%) and Canada (-5.1%) illustrated a downward trend over the same period. The United States (+10 p.p.), Slovakia (+2.2 p.p.) and South Korea (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while Mexico and Canada saw its share reduced by -4.9% and -5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($606M), the United States ($426M) and China ($381M) were the countries with the highest levels of imports in 2022, together accounting for 35% of global imports.

In terms of the main importing countries, China, with a CAGR of +11.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average glass rear-view vehicle mirror import price amounted to $17 per unit, with an increase of 7.1% against the previous year. Overall, the import price, however, recorded a slight reduction. The most prominent rate of growth was recorded in 2015 when the average import price increased by 11% against the previous year. Global import price peaked at $26 per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($50 per unit), while India ($2.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Glass Rear-View Mirrors For Vehicles

In 2022, after three years of growth, there was decline in shipments abroad of glass rear-view mirrors for vehicles, when their volume decreased by -5% to 258M units. The total export volume increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when exports increased by 24%. The global exports peaked at 271M units in 2021, and then contracted slightly in the following year.

In value terms, glass rear-view vehicle mirror exports amounted to $4.1B in 2022. The total export value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 15%. Over the period under review, the global exports attained the peak figure at $4.1B in 2018; afterwards, it flattened through to 2022.

Exports By Country

In 2022, China (82M units), distantly followed by the United States (50M units), Germany (22M units), Hungary (15M units) and Taiwan (Chinese) (15M units) were the main exporters of glass rear-view mirrors for vehicles, together constituting 71% of total exports. The following exporters - Spain (11M units), Mexico (9.4M units), Thailand (6M units), Slovakia (5.8M units), Poland (5.7M units) and Italy (4.1M units) - together made up 16% of total exports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +10.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.5B) remains the largest glass rear-view vehicle mirror supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by Germany ($520M), with a 13% share of global exports. It was followed by China, with an 11% share.

In the United States, glass rear-view vehicle mirror exports increased at an average annual rate of +4.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+3.4% per year) and China (+7.1% per year).

Export Prices By Country

The average glass rear-view vehicle mirror export price stood at $16 per unit in 2022, rising by 5.4% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 23%. The global export price peaked at $22 per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($30 per unit), while China ($5.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform