Persistence Market Research (PMR) delivers key insights on the global smart mirror market in its latest report titled ‘Global Market Study on Smart Mirror: Driven by High Market Potential in Automotive and Retail Industry with North America to Witness Highest Adoption By 2022’. In terms of volume, the global smart mirror market is anticipated to expand at a CAGR of 10.7% over 2016-2022, driven by various growth factors, regarding which PMR offers vital insights in detail in this report.
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On the basis of the component, the market has been segmented into sensors, displays, camera and others. In terms of value share, displays have been estimated to be the dominant segment in 2015, with over 40% share of the global smart mirror market. However, the segment is expected to witness a decline of over 180 BPS in market share by the end of 2022 as compared to that in 2015.
The global smart mirror market has been segmented by application into automotive sector, consumer & residential, healthcare, and retail sector & advertising. Of these segments, automotive sector segment is estimated to be the largest segment in the global smart mirror market in terms of revenue contribution in 2015; however, consumer & residential segment is expected to expand at the highest CAGR of 12.9% over 2016–2022, due to increasing adoption of new & innovative technologies in the smart mirror industry by various smart mirror manufacturers across the globe.
The growth of the global smart mirror market is mainly driven by the high demand of smart mirror from key applications. Also, various key players in the smart mirror market are focused towards enhancing their respective product portfolios by introducing products with new and innovative features for use across a range of application areas is fueling the growth of the smart mirror market. However, high implementation cost of the smart mirror and either relatively low or total lack of awareness among people regarding smart mirror technology are restraining the growth of the market to some extent.
This report covers trends driving each segment and respective sub-segments and offers analysis and insights of the potential of the smart mirror market in specific regions. By region, Europe has been estimated to dominate the smart mirror market, accounting for over 40% value share of the overall market in 2015 and is expected to exhibit healthy CAGR of over 11.1% during the projected period.
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Some of the major players identified in the global smart mirror market are Gentex Corporation, Magna International Inc., Pro Display, Evervue, Séura, Alke, ad notam AG, Tech2o, Samsung Electronics Co., Ltd., TOSHIBA CORPORATION, Panasonic Corporation. Key players in the market follow the strategy of acquisition and mergers and are are focusing on meeting consumer demands and their needs in order to strengthen their position in the market. Furthermore, consistent investment in R&D activities in order to enhance existing products and services portfolio is another major strategy adopted by major players operating in the smart mirror market.