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.
• Download Informational PDF Brochure :-
Browse 65 market data Tables and 43 Figures spread through 139 Pages and in-depth TOC on “Smart Mirror Market – Global Forecast to 2023”
Early buyers will receive 10% customization on reports.
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.
• Speak to Analyst :-
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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States