Smart Mirrors Market Market Share, Growth, Industry Outlook and Key Players Such as Japan Display Inc., Gentex Corporation, Magna International Inc., Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, and Electric Mirror.

Increased demand for connected devices, transition to digital stores, and high adoption of smart mirrors have boosted the growth of the global smart mirror market. However, high initial cost and security concerns of private information hinder the market growth. On the contrary, increased adoption of smart home coupled with advancements in industry 4.0 is expected to create lucrative opportunities for the market players in the future.

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.

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Allied Market Research recently published a report, titled, “Smart Mirror Market by Component (Hardware, Software, and Services) and End User (Automotive, Healthcare, Residential, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global Smart Mirrors Market accounted for $1.75 billion in 2017 and is projected to reach $4.12 billion by 2025, registering at a CAGR of 11.5% from 2018 to 2025.

The major driving factors of the smart mirror market are surge in adoption of advanced driver assistance system (ADAS) in the automotive sector, rise in demand for connect devices, and transition to digital stores in the retail industry. However, high cost and concerns regarding confidentiality of private information are some of the factors that hamper the growth of the market. On the contrary, increase in adoption of smart home is expected to create lucrative growth opportunities for this market.

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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.

Surge in adoption of smart mirrors in automotive sector

The smart rearview mirror was introduced in the market with the purpose of increasing the safety of the driver and passengers. The device is equipped with display screen to provide blind spot vision to the driver under numerous conditions. In addition, the driver can switch screens between the monitor and traditional view. A high-end camera is mounted on the rear of the vehicle to offer an unobstructed view of the rear flanks, enabling the driver to check the blind spots and other traffic conditions. Hence, additional features of smart mirror over traditional mirror in the automotive sector is driving the growth of the global smart mirror market.

Transition to digital stores in retail industry

Numerous retailers are testing different ways to engage their customers by providing technological advanced and digitized shopping experience. For instance, Neiman Marcus, a U.S.-based departmental store, incorporated smart mirrors to streamline the long process of retrying clothes. This smart mirror shows a 360-degree view of an individual wearing a particular outfit and allows them to compare other outfits side-by-side. In addition, users can share their images with friends via Facebook and take opinion before purchasing the garments. Similarly, Ralph Lauren, a leading fashion brand, has a smart mirror in the fitting room. Shoppers can interact with the mirror such as change the lights and select different sizes or colors of their outfits. In addition, the mirror gives further recommendation on the garments that the user is trying. Hence, the transformation of traditional stores into digital stores is driving the growth of the smart mirror market.

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Key Finding of the Smart Mirror Market Study:

• Based on the end user, the automotive segment led the global smart
mirrors 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.
• By component, the hardware segment dominated the global smart mirrors
market in 2017.
• LAMEA is anticipated to exhibit the highest CAGR during the forecast
period.

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