Press release
Global Smart Mirror Market: North America is Expected to Expand at Highest CAGR by 2022
Manufactured by combination of embedded electronics like sensors, displays, and cameras, smart mirrors are advanced mirrors that are highly functional in nature. These advanced mirrors proffer a range of features including internet connection and products having touchscreen option. In a number of applications including healthcare & medical, advertising purposes, automotive, for commercial and residential consumers, and retail sectors, there is a huge range of embedded electronics smart mirrors. Specifically, the smart mirror is becoming popular among developed regions and is also gaining power in many developing regions. In automobile applications, by replacing rear and side view mirrors, smart mirrors are offering better safety and security features in comparison with conventional mirrors.
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Globally, a significant growth is witnessed by the market of smart mirror due to government guidelines mandating camera display mirrors installation in some countries, rising demand in shopping outlets as well as malls, growing smart mirror popularity among individuals, growing affluent population and changing lifestyle. However, the high cost of smart mirror implementation and privacy concern of users are impeding the market growth of smart mirror globally.
The segmentation of smart mirror market is done on the basis of component, application, and region. Based on component, smart mirror market is further classified into camera, sensors, display and others. Among these, the segment of display will dominate the market growth of smart mirror.
In terms of application, the segmentation is done into healthcare, automotive sector, retail sector & advertising and consumer & residential. Among these, the segment of consumers & residential is estimated to reach at a CAGR of 12.9% during the forecast period as manufacturers of smart mirror are easily adapting the newer and innovative technologies across the globe.
Regionally, the segmentation is done into Europe, North America, Asia Pacific, Latin America and the Middle East & Africa (MEA). Among these, Europe will remain dominant during the forecast period due to introduction of satisfactory government rules in many countries. While during the forecast period, the region of North America is anticipated to reach at highest CAGR.
The key players in the market of smart mirror are TOSHIBA CORPORATION, Gentex Corporation, Samsung Electronics Co. Ltd Pro Display, Panasonic Corporation, Alke, Magna International Inc., ad notam AG, Séura, Tech2o and Evervue. These major market players follow Mergers and Acquisition (M&A) strategy and focus on demands and needs of customers for strengthening their market position.
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Long-term Outlook: The global smart mirror market is expected to reach a CAGR of 10.7% in a forecast period from 2016 to 2022.
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Summary: Global Market of Semiconductor Assembly and Testing Services. Rising Demand for High-End Packaging Solutions.
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