Smart Mirrors Industry Highlights
Smart Mirrors Industry has immense priorities in the modern day shopping community. It is an exception to the traditional mirrors used in malls, automobiles, and homes. Smart mirrors provide seamless experience allowing the user to access the information from any other connected device such as smartphones, laptops, and TV. It is an interactive device that addresses up-to-date information required by the user and provides better access to the same. The smart mirrors are generating new opportunities for both manufacturers and fashion designers to come up with innovative ideas, increase market share, and standout in the competition. The automotive sector will drive the smart mirrors market as these mirrors will play a crucial role in providing comfortable and safe driving experience to the driver and improve driver convenience. There is a wide scope for embedded mirrors in other sectors such as retail, healthcare, and real-estate sectors. The adoption of technology is driving various start-ups to enter the market along with electronic devices manufacturers. Worldwide the smart mirrors market is expected to grow from USD 1.81 billion in 2017 to USD 4.01 billion by 2023 at a compound annual growth rate (CAGR) of 14.15% during the forecast period.
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Key Players
The prominent players in the Smart Mirrors Industry are Japan Display Inc. (Japan), Samsung Electronics (South Korea), Perseus Mirrors (US), Gentex (US), Magna International Inc. (Canada), Electric Mirror (US) and Seura (US).
Other players in the smart mirror market are Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), Ad Notam (Germany), Dension (Hungary), and Keonn (Spain).
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Smart Mirror Market Segment Overview:
By application
Among the application section, the friendliness and retail shrewd mirror fragment is required to develop at the most elevated CAGR during the figure time frame. Advantages of smart mirror are that it is frequently utilized in the retail area wherein retailers attempt to get the interest of likely customers and support them for incessant or customary visits. Also, they can show valuable data, going from cost and size accessibility to the texture utilized.
By type
The Applications of the Smart Mirror Market is relied upon to hold the most significant piece of the overall industry. The car market for the inside keen mirror was esteemed at USD 1,249.7 million every 2017 and is required to arrive at USD 2,432.1 million by 2023, at a CAGR of 6.05% during the conjecture time frame. Smart mirror technology mirrors are all the more frequently utilized in vehicles and light business vehicles.
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Regional Analysis
The global market for smart mirror market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the smart mirror market is done for North America, Europe, Asia-Pacific, and the rest of the world.
Europe is the leading region in the smart mirrors market and is expected to witness tremendous growth opportunities in the future. The North American region is also expected to grow at a significant rate owing to the wide use of these next-generation mirrors in various segments such as automotive, retail and hospitality, healthcare, and consumer segments. The smart mirrors market in Asia-Pacific is expected to grow due to the emerging startups providing advanced features such as integration of personal assistance to the smart mirrors and other AI-based technologies. Also, due to the introduction of favorable government regulations in these regions, the market has a bright prospect of growth in the years to come.
