Smart Mirror Market by Application (Automotive, Hospitality & Retail), Automotive Smart Mirror (Type and Functionality), Hospitality & Retail Smart Mirror (Component, Technology, and Augmented Reality), and Region - Global Forecast to 2023
“Smart mirror market projected to grow at 9.41% CAGR during forecast period”
The smart mirror market is expected to grow from USD 2.82 billion by 2018 to USD 4.42 billion by 2023, at a CAGR of 9.41% from 2018 to 2023. The increasing demand for smart mirrors in the automotive industry, the transition from traditional stores to digital stores in the retail industry, the presence of a large number of start-ups in the smart mirror market, and the new and innovative features of smart mirrors are driving the market growth. Major factor restraining the growth of the smart mirror market is the security issues associated with confidential and personal data.
“Market for hospitality and retail to grow at the highest CAGR from 2018 to 2023”
The market for the hospitality and retail application is expected to grow at the highest CAGR from 2018 to 2023. Smart mirrors are often used in the retail sector wherein retailers try to catch the interest of potential clients and encourage them for frequent or regular visits. Additionally, they can display useful information, ranging from price and size availability to the fabric used. The increasing adoption rate of smart mirrors in the hospitality and retail applications in North America and Europe is driving the market in these regions.
“Automotive interior mirrors to hold larger share of market by 2018”
Interior mirrors, or inner rear-view mirrors, are mounted inside the vehicle, usually at the top of the windshield, allowing drivers to adjust them according to their height and viewing angle. Interior auto-dimming rear-view mirrors reduce glare by automatically darkening their surfaces, which results in the improved visibility for the driver. The interior auto/self-dimming mirrors are more often used in cars and light commercial vehicles. Also, the adoption of the interior auto-dimming mirror is huge in North America and Europe.
“Automotive smart mirror market in APAC to grow at highest CAGR during 2018-2023”
The growth of the market in APAC can be attributed to the high vehicle production in China, Japan, India, and South Korea. The increasing demand for auto-dimming smart mirrors is creating huge growth opportunities for the smart mirror market in this region. The adoption of advanced technologies such as smart mirrors is projected to increase rapidly due to the increase in the production of luxury and premium cars in the Indian and Chinese automotive markets. Other factors contributing to the growth of the automotive smart mirror market include the falling prices of camera technology and increasing demand for advanced features in mirrors for vehicles.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts. The breakup of the profiles of primary participants is as follows:
By Company Type: Tier 1—23 %, Tier 2—32%, and Tier 3—45%
By Designation: C-Level Executives—43%, Directors—27%, and Others—30%
By Region: Americas—22%, Europe—43%, APAC—25%, and RoW—10%
Companies that provide a range of customized solutions to customers are expected to emerge as game changers.
This report profiles the following key Smart mirror manufacturers in this market:
1. Gentex (US)
2. Magna (Canada)
3. Electric Mirror (US)
4. Seura (US)
5. Murakami Kaimeido (Japan)
6. Ficosa (Spain)
7. ALKE (Belgium)
8. Ad Notam (Germany)
9. Dension (Hungary)
10. Keonn (Spain)
This report covers the smart mirror market segmented into automotive, and hospitality and retail, and others, on the basis of application. The automotive smart mirror market is further segmented by type, functionality, and region. The hospitality and retail smart mirror market is subsegmented by component, technology, augmented reality, and region. However, the market for other applications is further segmented on the basis of component and region. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies, such as product launches and developments, related to the smart mirror market.
Key Benefits of Buying This Report
1. This report segments the overall market comprehensively and provides the closest approximations of the global smart mirror market size and that of subsegments across applications and regions.
2. The report helps stakeholders understand the pulse of the market and provides them information on key drivers, restraints, challenges, and opportunities pertaining to the smart mirror market.
3. This report would help stakeholders better understand their competitors and gain more insights to enhance their position in the market. The competitive landscape section includes competitor ecosystem and recent developments in the smart mirror market.