The smart mirror
market is expected to grow to USD 4.42 billion by 2023 from USD 2.82 billion by 2018, 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 new and innovative
features of smart mirrors are driving the smart mirror market.
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The market for hospitality and retail application is
expected to grow at the highest CAGR during 2018–2023. 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. Smart mirrors allow shoppers to share their shopping experiences on social
media. The increasing adoption rate of smart mirrors in North America and
Europe in the hospitality and retail applications is also driving the smart
mirror market.
The market for the
automotive smart mirrors for exterior
mirrors is expected to grow at a higher CAGR from
2018 to 2023. OEMs are focusing on the addition of more features to
outer mirrors, as they plan to integrate the capabilities for advanced driver
assistance systems (ADAS), such as blind
spot indicator and lane departure warning indicator, along with park assist.
The market for
the hospitality and retail application for software
component to grow at the highest CAGR from 2018
to 2023. Software is an essential part of any smart mirror used in hospitality and
retail, and healthcare and smart home applications. The
predicted highest growth of the market for software is attributed to the large
adoption of AR-based mirrors in the hospitality and retail sectors. The advancement of the features such as 3D modeling is likely to result in the higher
growth of the market for software during the forecast period.
The automotive smart mirror market in APAC is
expected to grow at the highest CAGR from 2018 to 2023. APAC is a
cost-sensitive market compared to other regions. Currently, auto/self-dimming
mirrors are mostly used in passenger cars. However, they are gradually becoming
popular in the light-weight combat vehicles (LCVs) as well. South Korea, China, India, and Japan are the
production hubs for the automotive industry 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.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
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