The smart mirror market is expected to grow
from USD 2.82 billion by 2018 to USD 4.42 billion by 2023, at a CAGR of
9.41% from 2018 to 2023.
The growth of the smart mirror market
can be attributed to 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.
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Automotive application to hold largest size of smart mirror market by 2018
The
smart mirror market is segmented on the basis of application into
automotive, hospitality and retail, and others; others include smart
homes and healthcare applications. The automotive application is
expected to hold a major share of the smart mirror market by 2018. Smart
mirrors are widely used in cars and light commercial vehicles. The
smart mirrors used in automotive applications include auto-dimming
mirrors and connected mirrors, with functionalities such as temperature
display, Bluetooth and hands-free connectivity, navigation, turn
signals, and microphone. The wide adoption of auto-dimming mirrors owing
to such capabilities is a major factor contributing to the largest
share of the automotive application in the smart mirror market.
Automotive smart mirror market for exterior mirror to grow at higher CAGR during 2018–2023
Exterior
mirrors, or outer rear-view mirrors, are mounted on the outer body of
the vehicle to get rear-view images of the traffic on both sides of
vehicles. Generally, the passenger cars are installed with 2 outer
mirrors one on each side of the vehicle. The major manufacturers of the
exterior smart mirrors for automotive are Gentex (US), Magna (Canada),
Ficosa (Spain), and Murakami Co., Ltd. (Japan). OEMs are now 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.
Market for software component to grow at 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 software is used
to display any information on the mirror screen. The information to be
displayed varies according to the use of the mirror. The data required
for displaying this information is sourced from various data sources.
The predicted highest growth of the market for software for the said
applications 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.
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Europe to hold largest share of automotive smart mirror market by 2018
Europe
is the largest market for automotive smart mirrors. Europe is home to
major automobile manufacturers such as Volkswagen (Germany), BMW
(Germany), and Daimler (Germany), which are expected to create
significant demand for auto-dimming smart mirrors. The region is also
known for its stringent safety regulations and advanced technologies.
The automotive OEMs in Europe are focused on developing new technologies
to meet the increased demand for advanced features and increasingly
stringent safety norms.
Major players in
the smart mirror market are Gentex (US), Magna (Canada), Electric Mirror
(US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE
(Belgium), Ad Notam (Germany), Dension (Hungary), and Keonn (Spain).
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