The overall smart mirror market was valued at USD 1,955.6 million in 2017 and is expected to reach USD 4,420.8 million by 2023, at a CAGR of 9.41% between 2018 and 2023.
Hospitality and retail smart mirror market segment is expected to grow at the highest growth rate during the forecast period
The hotel and retail smart mirror category is predicted to develop at the fastest rate across application segments over the projection period. Smart mirrors are commonly utilised in the retail industry to pique the interest of potential customers and urge them to return on a regular basis. They can also display relevant information, such as pricing and size availability, as well as the cloth used. Shoppers can share their shopping experiences on social media using smart mirrors. The smart mirror market is also being driven by the increasing acceptance rate of smart mirrors in the hotel and retail sectors in North America and Europe.
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By type, the interior mirror holds the largest share of the automotive smart mirror market
The interior mirror segment is expected to hold the largest market share. The automotive market for the interior smart mirror was valued at USD 1,249.7 million in 2017 and is expected to reach USD 2,432.1 million by 2023, at a CAGR of 6.05% during the forecast period. At present, the interior auto/self-dimming mirrors are more often used in cars and light commercial vehicles.
APAC to account for the highest market growth during the forecast period
During the projection period, APAC is predicted to have the highest market growth in the smart mirror market, followed by the APAC region. The increased production of luxury and premium cars in the Indian and Chinese automotive industries is expected to accelerate the use of innovative technology such as smart mirrors. Falling camera technology prices and rising demand for enhanced features in car mirrors are two more reasons driving the growth of the automotive smart mirror market.
In comparison to other regions, APAC is a cost-conscious market. Auto/self-dimming mirrors are currently only seen in passenger cars.
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Magna (Canada) has been ranked second in this market. The company offers interior mirrors having features such as auto-dimming, telematics, display, sensor integration, Bluetooth and hands-free connectivity, navigation, and microphone. Its exterior mirrors include features such as integrated cameras. The expansion of business in non-traditional markets is an important part of its growth strategy. The company expanded its plant in Slovakia in October 2017. Also, in September 2017, Magna opened an engineering center in China.
Key Market Players
Gentex (US), Magna (Canada), Electric Mirror (US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium). Ad Notam (Germany), Dension (Hungary), and Keonn (Spain).