Smart Mirror Market
Global Market Study on Smart Mirror: Driven by High Market Potential in Automotive and Retail Industry with North America to Witness Highest Adoption By 2022
- Report code : PMRREP3733 |
- Industry : Electronics and Smart Devices |
- Published On : Mar-2016 |
- Pages : 188 Pages |
- Format :
Smart mirrors are highly functional advanced mirrors manufactured by integration of embedded electronics such as displays, cameras, and sensors. Smart mirrors offer an array of features such as Internet connectivity and some products offer touchscreen option. Vast scope for embedded electronics smart mirrors exists in various applications such as automotive, healthcare and medical, and retail sectors, for commercial and residential consumers, and advertising purposes. Especially in the automotive sector, the smart mirror is gaining popularity across developed regions and is gaining traction in developing regions as well. In automobile applications, smart mirrors are replacing rear-view and side-view mirrors (wing fender mirror) and offer enhanced safety and security features as compared to conventional mirrors.
This report covers the global smart mirror market performance in terms of value and volume contribution. This section also includes PMR analysis of key trends, drivers, restraints, challenges, and opportunities, which are influencing the global smart mirror market. Impact analysis of key growth drivers and restraints, based on the weighted average model, is included in this report to better equip clients with crystal clear decision-making insights.
The global smart mirror market is being driven by factors such as increasing demand for the smart mirror in major shopping outlets & malls and government regulations mandating installation of ‘camera display mirrors’ in light motor vehicles in some countries across the globe. Also, increasing the popularity of smart mirror among individuals with highly busy work schedules, changing lifestyle, and increasing affluent population, mostly in countries in developed regions of the world. This, in turn, is fueling the growth of the smart mirror market. However, factors such as high implementation cost of the smart mirror and low and lack of awareness among people regarding smart mirror technology are expected to deter market growth.
In this report, the global smart mirror market is segmented by component, application, and region. By component, smart mirror market is segmented into sensors, display, camera and others. Displays have been estimated to be the dominant segment of the global smart mirror market in 2015.
Smart Mirror Market by Component:
- Sensors
- Displays
- Camera
- Others (Mic, Speaker, and Communication devices)
Smart Mirror Market by Application:
- Automotive Sector
- Consumer & Residential
- Healthcare
- Retail Sector & Advertising
By application, consumer & residential segment is expected to expand at the highest CAGR of 12.9% over 2016–2022, due to increasing adoption of new & innovative technologies in the smart mirror industry by various smart mirror manufacturers across the globe.
Among all the regions, Europe has been estimated to dominate the market with over 40% market share in 2015 and is expected to remain dominant throughout the forecast period. This is mainly attributed to the introduction of favorable regulations by the government in several countries in this region. The smart mirror markets in North America is expected to expand at highest CAGR during the forecast period.
Smart Mirror Market by Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Japan
- China
- Rest of Asia Pacific
- The Middle East & Africa (MEA)
- GCC
- South Africa
- North Africa
- Rest of MEA
Key features of this report
- Drivers, restraints, and challenges in the smart mirror market
- Latest innovations and key developments in the market
- Analysis of business strategies of major players
- Smart Mirror market estimates and forecast
Smart mirrors are highly functional advanced mirrors manufactured by integration of embedded electronics such as displays, cameras, and sensors. Smart mirrors offer an array of features such as Internet connectivity and some products offer touchscreen option. Globally, the smart mirror market is witnessing significant growth due to increasing demand for the smart mirror in major shopping outlets & malls and government regulations mandating installation of ‘camera display mirrors’ in light motor vehicles in some countries across the globe. Also, increasing the popularity of smart mirror among individuals with highly busy work schedules, changing lifestyle, and increasing affluent population, mostly in countries in developed regions of the world is driving the growth of the global smart mirror market. However, the high initial cost associated with the implementation of the smart mirror, privacy concern among users are the factors impeding the growth of the global smart mirror market to a certain extent.
The global smart mirror market has been estimated to be valued at US$ 386.8 million in 2015, and is expected to witness a healthy CAGR from 2016 to 2022. The global smart mirror market is segmented on the basis of the component, application, and region. By component, the market is segmented into sensors, displays, camera and others. Of these segments, displays segment has been estimated to dominate the market in 2015, with over 40% market share in terms of revenue contribution.
By application, the global smart mirror market is segmented into automotive sector, consumer & residential, healthcare, and retail sector & advertising. Automotive sector segment has been estimated to be the dominant segment in 2015; however, consumer & residential segment is expected to expand at a highest CAGR over 2016–2022, due to increasing adoption of new & innovative technologies in the smart mirror industry by various smart mirror manufacturers across the globe.
On the basis of geography, the global smart mirror market is segmented into five major regions such as North America, Europe, Middle East & Africa, Asia Pacific and Latin America; among these, North America has been estimated to be the largest regional market for the smart mirror in 2015. In term of volume, the market in North America is expected to exhibit the fastest CAGR of over 2016-2022.
The key players operating in the global smart mirror market include Gentex Corporation, Magna International Inc., Pro Display, Evervue, Séura, Alke, ad notam AG, Tech2o, Samsung Electronics Co., Ltd., TOSHIBA CORPORATION, Panasonic Corporation.
Key players identified in the global Smart Mirror market include:
- Gentex Corporation.
- Magna International Inc.
- Pro Display.
- Evervue.
- Séura.
- Alke.
- ad notam AG.
- Tech2o.
- Samsung Electronics Co., Ltd.
- TOSHIBA CORPORATION.
- Panasonic Corporation.
- Other.
These players have been profiled on the basis of various attributes such as company overview, recent developments, growth strategies, sustainability and financial overview.
