A smart mirror is an advanced mirror incorporated with technologies such as sensors, cameras, displays, and connectivity equipment. These mirrors are majorly used in various industry verticals such as automotive, retail, residential, healthcare, and others. The functions of smart mirrors can differ depending on their utility. For instance, in the residential sector, it can be used for recognizing people, talking to them, and learn an individual’s habits as a part of a smart home. In addition, in the automotive sector, smart mirrors can be used as side-view and rearview mirrors for enhanced safety purposes. Moreover, in the field of retail, smart mirrors are incorporated for suggesting customers with trending outfits. For instance, Ralph Lauren, a leading fashion brand, incorporated the concept of connected fitting rooms in its Manhattan outlet for an enhanced customer experience and help retailers to make smart merchandising decisions.
According to a recent report published by Allied Market Research, titled,“Smart Mirror Market by Component and End User: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”the global Smart Mirror Market size was valued at $1,750.0 million in 2017, and is projected to reach $4,118.7 million by 2025, growing at a CAGR of 11.5% from 2018 to 2025.
n 2017, in terms of revenue, the hardware segment dominated the global smart mirror market in the component category. By end user, the automotive segment is anticipated to lead the market throughout the forecast period. The key players are adopting new techniques to provide customers with advanced and innovative product offerings.
At present, Europe dominates the market, followed by North America. In 2017, the U.S. dominated the North America market, and Germany led the overall market in Europe. However, in Asia-Pacific, China currently dominates the market.
Europe secured the highest market share in 2017, owing to wide presence of key automotive manufacturing companies. In addition, most of the car manufacturers are located in Germany. Furthermore, the countries such as China and India are growing rapidly in the automotive sector, which is in turn is increasing the demand for smart mirror in the Asia-Pacific region.
Key Findings of the Smart Mirror Market:
- Based on end user, the automotive segment led the global smart mirror market in 2017. However, the residential segment is anticipated to grow at the highest CAGR during the forecast period.
- Europe held the majority share in 2017 in the global smart mirror market size.
- By component, the hardware segment dominated the global smart mirror market in 2017.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
Key Market Players Profiled
- Japan Display Inc.
- Gentex Corporation
- Magna International Inc.
- Samsung Electronics
- Murakami Kaimeido
- Perseus Mirrors
- Electric Mirror