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.
The hospitality and retail smart mirror market segment is expected to grow at the highest growth rate during the forecast period
Among the application segment, the hospitality and retail smart mirror segment is expected to grow at the highest CAGR during the forecast period. Smart mirrors are often used in the retail sector wherein retailers try to catch the interest of potential clients and encourage them for frequent or regular visits. Additionally, they can display useful information, ranging from price and size availability to the fabric used. Smart mirrors allow shoppers to share their shopping experiences on social media. The increasing adoption rate of smart mirrors in North America and Europe for the hospitality and retail sectors is also driving the smart mirror market.
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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
APAC is expected to grow at the highest market growth in the smart mirror market during the forecast period, followed by the APAC region. The adoption of advanced technologies such as smart mirrors is projected to increase rapidly due to the increase in the production of luxury and premium cars in the Indian and Chinese automotive markets. Other factors contributing to the growth of the automotive smart mirror market include the falling prices of camera technology and increasing demand for advanced features in mirrors for vehicles. APAC is a cost-sensitive market as compared to other regions. Currently, auto/self-dimming mirrors are mostly used in passenger cars.
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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).