Market Research Future (MRFR) asserts that the smart mirror market is estimated to touch a valuation of USD 4.01 billion, garnering a CAGR of 14.15% during the forecast period (2018-2023). The surging adoption of advanced driver assistance system in the automotive sector is predicted to encourage the market’s growth worldwide. Smart mirrors can be referred to as advanced mirrors which are specifically made by integrating sensors, displays, and camera as embedded electronic components. Such next-generation mirrors provide internet connectivity along with touchscreen features and are high in demand owing to their convenience, design, and safety. The smart mirror plays a vital role in the modern-day shopping community and is considered an exception to the traditional mirrors used in automobiles, malls, and homes.
Market Potential and Pitfalls
The Smart Mirrors Market is experiencing a rapid growth rate with the surging adoption of advanced driver assistance system in the automotive sector. The transition of the retail sector into digital stores is considered another factor is encouraging the marker growth. With road safety taken into prime consideration due to the rising number of accidents, the demand for smart mirrors in the automotive sector has increased globally. In the advertising and retail sector, smart mirrors find its application mainly in the dressing rooms which triggers its sales and offer a better customer experience. These mirrors offer seamless experience by allowing the users to access the information from connected devices like laptops, smartphones, TV, and laptops. It also addresses up-to-date information which is required by the users and offers them better access. Thereby, these mirrors generate new opportunities for the fashion designers as well as the manufacturers in order to come up with new ideas, standout in the competition, and grow their market share. Smart mirrors also have a crucial role to play in the healthcare market. Smart mirror technologies can help to improve patient care, thus minimizing the expenses of healthcare. They also deliver patient-specific information like real-time vital statistics of the patients along with prescription reminders. Such factors are considered to encourage market growth across the globe. Moreover, the presence of start-ups involved in offering innovative features to their smart mirror products is likely to bolster the market growth in the long run.
On the contrary, the high installation cost coupled with the security issues associated with the personal and confidential data is some of the top concerns anticipated to vitiate the market growth in this region. On a brighter note, the rising adoption of a smart home is predicted to create lucrative growth opportunities.
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.
Smart Mirrors Global Market - Segmentation
The Smart Mirrors Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- Segmentation by Components: Comprises Sensors, Camera, Displays, Audio Systems among others.
- Segmentation by Technology: Comprises Electro Chromic Technology, Self-dimming Technology, Self-Cleaning Mirrors, Self-Repairing Mirrors and others.
- Segmentation by End Users: Comprises Retail, Healthcare, Consumer and Household, Automotive among others
Smart Mirrors Global Market - Regional Analysis
North America is dominating the global smart mirrors market with the largest market share due to increased adoption of smart mirrors in shopping mall, hotels and automotive sector, which is gaining demand in smart mirrors market in these region, and is expected to gain growth by 2023. Global smart mirrors market in European market is expected to grow at a substantial high CAGR during 2016 to 2023 due to advancement in smart technology. The Asia Pacific market for smart mirrors market is expected to grow at a considerable CAGR (2016-2023).
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