Smart Mirror Market to Reach $4.11 Billion by 2025, at 11.5% CAGR
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Hardware segment to lead the global market in terms of revenue through 2025
Among components, the hardware segment accounted for nearly two-thirds of the total market share in 2017 and would continue its dominance through 2025. This is due to the use of various types of devices for the assembly of smart mirrors such as sensors, display, camera, connectivity and audio systems, which have a higher cost as compared to the products offered under the software or services segments. However, the services segment is expected to register the fastest CAGR of 13.0% from 2018 to 2025. The software segment would witness steady growth during the forecast period.
Automotive segment to continue being the highest revenue contributor through 2025
Among end users, the automotive segment contributed 86% of the total market share in 2017 and would maintain its lion's share throughout the forecast period. This is due to the widespread integration of smart mirrors in high end vehicles. However, the residential segment is expected to grow at the fastest CAGR of 17.7% from 2018 to 2025 due to the growing adoption of smart homes worldwide. The report also explores end user industries such healthcare, among others.
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Europe to remain dominant, LAMEA to grow the fastest
Europe held 39% of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. However, Latin America, Middle East, and Africa (LAMEA) would grow at the fastest CAGR of 15.0% from 2018 to 2025. The study also discusses other major regions such as North America and Asia-Pacific in details.
Leading industry players
The key market players analyzed in the report include Japan Display Inc., Gentex Corporation, Magna International Inc., Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, Electric Mirror. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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