Press release
Surge in Adoption of Advanced Driver Assistance System in a Automotive Sector Driving Smart Mirror Market at a CAGR of 11.5% from 2018 to 2025.
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 market in the near 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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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.
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.
Key Market Players :
• Japan Display Inc.
• Gentex Corporation
• Magna International Inc.
• Samsung Electronics
• Murakami Kaimeido
• Seura
• Perseus Mirrors
• Ficosa
• Dension
• Electric Mirror
Analyst Review :
A smart mirror is an advanced mirror incorporated with tools 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 global smart mirror market possesses high growth potential in the automotive industry. In the current business scenario, the demand for smart mirrors, particularly in the developing regions, is witnessing a significant increase, owing to rise in trend of touch-based devices and increase in adoption of smart mirrors in the automotive sector. Thus, companies operating in the smart mirror industry have adopted various innovative techniques to provide customers with advanced and innovative product offerings.
Increase in adoption of smart mirrors in the automotive sector majorly drives the growth of the global smart mirror market. In addition, rise in demand for connected devices and transition to digital stores in the retail industry are boosting the market growth. However, high initial cost and security concerns of private information impede the growth of this market. On the contrary, increase in adoption of smart home coupled with advances in industry 4.0 is expected to create lucrative opportunities for the key players operating in the smart mirror market.
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