According to the new market research report "Smart Mirror Market by Application (Automotive, Hospitality & Retail), Automotive
Smart Mirror (Type and Functionality), Hospitality & Retail Smart Mirror
(Component, Technology, and Augmented Reality), and Region - Global Forecast to
2023",
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.
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.
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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).
