Gentex Corporation dominates the global auto-dimming rearview mirrors market. 

This company held an 89% share of the global market in 2023. 

Auto-dimming rearview mirrors employ advanced technology to reduce glare caused by the lights of vehicles behind the car. 

In 2023, Gentex increased its revenue at a year-on-year rate of 19.9%, to US$2.299 billion.

At the same time, its net income rose 34%, to US$428.4 million.

Auto-dimming rear-view mirrors

Gentex manufactures digital vision, connected car, dimming glass and fire protection technologies.

It uses these technologies to manufacture the following products: 

• Electronic devices for the automotive industry.
• Auto-dimming and non-dimming rearview mirrors.
• Commercial smoke alarms and signaling devices for the fire protection industry.
• Attenuating aircraft windows for the aviation industry. 

Auto parts

Globally, the auto parts business is directly related to automobile sales and motor vehicle production. 

Automotive sales depend on a number of factors, including global and regional economic conditions. 

From 2022 to 2023, global motor vehicle production grew 9%. This reflects vehicle production growth of 13% in Europe, 10% in China, 9% in North America and stable production in South America.

Competition

Gentex noted that some of its competitors in the production of auto-dimming rear-view mirrors include the US company Magna Mirrors, the Japanese manufacturer Tokai Rika and some Chinese companies. 

Gabriel Padilla, general director of Mexico‘s National Auto Parts Industry (INA), highlighted a relevant fact. Parts and components related to the electric-electronic industry represent 19.6% of Mexico’s total auto parts production. 

In addition, Padilla foresees a major change in the coming years. Software and connectivity systems could account for up to 40% of the value of an automobile. This growth reflects the trend towards digitalization and connectivity in the automotive industry.

On the other hand, a BBVA report reveals that more than 1,100 Tier 1 supplier companies operate in Mexico. These companies supply key components directly to OEMs. The number reflects Mexico’s importance in the global automotive supply chain.

Finally, Tier 1 suppliers face new challenges. They must diversify their products to adapt to the growing demand for electric vehicles (EVs). Such diversification includes essential components such as battery systems, electric motors, and advanced electronic components.