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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