Global Smart (digital) Mirror Market Analysis & Opportunity Outlook 2021

Global Smart (digital) Mirror Market Analysis & Opportunity Outlook 2021

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Report ID: 141 | Published On: Apr 04, 2022

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Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.

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Global Smart Mirror Market Overview

Smart mirror is an innovative technology that enables the user to access smartphone like features on a basic mirror. These smart mirrors are embedded with several electronic components such as displays, sensors, etc. which enhance the user’s experience. 
Regionally, Europe held the top rank in the global smart mirror market in 2015. Hiked motor vehicle production (19% of global motor vehicle production) in 2014 and a continuous rise in coming years to propel the smart mirror market in Europe. As a result, Europe’s smart mirror market is anticipated to expand at a compound annual growth rate (CAGR) of 11.14 % over the forecast period.

However, North America is expected to experience the highest growth in the smart mirror market followed by the Asia-Pacific over the forecast period. North America smart mirror market is forecasted to expand at a CAGR of >15% during 2015-2021. During 2015-2016, the year-on-year (Y-O-Y) growth rate of the market declined by a very nominal margin of 0.1 percentage points. The year-on-year (Y-O-Y) growth rate is further projected to increase at an average rate of 17.0% from 2017-2021. From 2016 to 2018, the North America smart mirror market is anticipated to expand at an average y-o-y % growth of 15.9%. Better GDP figures, promising trade balance, flourishing economies and continuous expansion in personal disposable income in Asia-Pacific region, especially in India & China, is likely to escalate the smart mirror market in the region. 

On the basis of applications, the smart mirror market is segmented into automotive, retail and advertising, consumer and residential and healthcare. Among these, automotive sector at 80% share in 2021 is forecasted to have the largest share of smart mirrors during 2015-2021.

The smart mirror market is further divided on the basis of components as displays, sensors, cameras and others. Since, smart mirror is mainly driven by the sensors and related technology therefore the global smart mirror sensors market is projected to witness the highest compound annual growth rate (CAGR) during the covered forecast period.

Increasing light vehicle productions, growth in residential construction, etc. are some of the factors that are expected to drive the global smart mirror market in coming 5-6 years. However, factors such as high cost and lack of awareness about the smart mirrors are likely to pose a major threat for the global smart mirror market growth during the forecast period i.e. 2015-2021. 

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Key Players
  • Ad Notam AG 
  • Alke, Evervue 
  • Gentex Corp. 
  • Magna International Inc. 
  • Panasonic 
  • Pro Display 
  • Seura, Tech2o 
  • Toshiba Corp

Scope and Context

Overview of the Parent Market

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