Overview
According to MRFR, the global smart mirrors market is expected to grow from USD 1.81 billion in 2017 to USD 4.01 billion by 2023 at a CAGR of 14.15% over the review period.
Market Highlights
Increasing the adoption of advanced driver assistance system (ADAS) in the automotive sector and the transition from retail to digital stores are factors driving the smart mirrors market. The smart digital mirrors are slated to gain prominent market share in healthcare, residential and professional applications. Smart mirror technology can improve patient care, in some cases reducing health care expenses. Smart mirrors may provide patient-specific details such as medication and drug reminders, such as real-time vital statistics (body temperature, heart rate , and blood pressure). Furthermore, due to the involvement of a small number of start-ups involved in providing their smart mirror products with groundbreaking features, market growth is driven by this. The smart mirrors create new prospects for manufacturers as well as fashion designers to come up with creative designs, grow market share, and perform outstanding. The automotive industry will drive the Smart Mirror Market as these mirrors will play a crucial role in providing the driver with relaxed and safe driving experience and enhancing driver convenience. There is broad scope for embedded mirrors in other sectors like retail , healthcare, and real estate. The implementation of technology is driving several start-ups to enter the market along with electronic devices manufacturers. Conversely, high initial cost of installation and security issues associated with confidential and personal data is anticipated to hamper the market growth. The rising trend of smart cities and smart homes is estimated to pave the way for new prospects in the smart mirrors market in the review period.
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Key Players
The prominent players in the Smart Mirror Market are – Gentex Corporation (U.S.), Magna International Inc. (Canada), ACEP France SAS (France), Panasonic Corporation (Japan), Seura Solutions (U.S.), Samsung Electronics Co., Ltd. (South Korea), Keonn Technologies (Spain), Mirrus Corporation Inc. (U.S.), Perseus Mirrors (U.S.), Electric Mirror, LLC (U.S.), among others.
Segmentation
The global smart mirror market is segmented on the basis of component, technology, application, and region.
- On The Basis Of The Component
- , the smart mirror market has been segmented into hardware, software, and services.
- Based on the Applications of Smart Mirrors
, the market has been divided into hospitality, automotive, retail, and others.
- By Technology
, the market is segmented into self-dimming and others (self-repairing, self-cleaning).
Smart Mirrors Global Market - Regional Analysis
the global smart mirror market, on the basis of region, is segmented into Europe, North America, Asia-Pacific, and the rest of the world.
Europe is one of the major regions in the smart mirrors market across the globe, and is assessed as the dominating region in the smart mirrors market. It is poised to display incredible growth opportunities in the foreseeable future. The market in Europe is driven by the presence of major market players, and technological advancements. The market is also fueled by the growth in developed countries such as Germany, France, the UK, Netherlands, among others. The North American region is one of the major markets for smart mirrors, and is also slated to grow at a significant rate, owing to the wide usage of the next-generation mirrors in several segments such as retail and hospitality, automotive, healthcare, and consumer sectors. The larger concentration of leading market players in the region, early adoption of smart mirrors, and the constant availability of funding for research and development activities is expected to fuel the smart mirrors market in North America over the review period. The Asia Pacific is the fastest growing region in the smart mirrors market over the review period. The smart mirrors market in Asia-Pacific is estimated to acquire a substantial market share owing to the emerging startups offering advanced features such as incorporation of personal assistance to the smart mirrors systems and other AI-based technologies. The smart mirrors market of Asia Pacific is leading in emerging economies such as India, China, Japan, Taiwan, South Korea, among others, where the adoption of advanced technolgoies is higher. Also, driven by the introduction of supportive government regulations in these regions, the market has a bright prospect of growth in the years to come.
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