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.
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.
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 individuals 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.
Increase in adoption of smart mirrors in the automotive sector, rise in demand for connected devices, and transition to digital stores in the retail industry act as the key drivers of the global smart mirror market. However, high initial cost and security concerns of private information hamper the growth of the market. Conversely, increase in adoption of smart home coupled with advances in industry 4.0 is expected to create lucrative growth opportunities for the Smart Mirror market in the near future.
The automotive sub-segment secured the highest share of about 89.9% in the end user segment in 2017 and is expected to grow at a CAGR of 10.4% during the forecast period, 2018-2025. In terms of component, the hardware segment is expected to account for the highest market share of in the coming years, however services segment is expected to grow at the highest CAGR of 13.0% during the forecast period.
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.
The key players operating in the smart mirror market are Japan Display Inc., Gentex Corporation, Magna International Inc., Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, and Electric Mirror.
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