Smart mirrors are the mirrors with different features and functions with the purpose of assimilating capability that can be done physically or in a system other than mirror. Smart technologies has powerful impact on mirrors, this technology can be executed on any kind of mirror by adding certain functions in one of the two ways that includes adding layer of smart coatings or inserting electronics into the mirror. Smart mirrors offer many features such as Internet connectivity and touchscreen option. It can act as a substitute for the traditional mirrors which are used in shopping malls, automobile industry and in homes for household purpose.
Market size and Forecast
The Global smart mirror market is anticipated to grow from USD 2.85 billion by 2017 to USD 4.52 billion by 2027, at a CAGR of 9.8% from 2017 to 2027. The growth in the smart mirror market can be account on the factors such as increasing demand for smart mirrors from automotive industry, the evolution from outdated stores to new transformed digital stores, the existence of a large number of public owned startups and surface of new technology.
The market is segmented on the basis of component type, technology and end-user. By technology it is segmented into electro chromic technology, self-dimming technology, self-cleaning mirrors and self-repairing mirrors. The technology of self-dimming in mirrors plays a key role in safe driving accessory. It is accessories which provide safety to driver while driving. By end user the market is segmented on the basis of retail, consumer and household, healthcare and Automotive. Automotive sector segment has been projected to be the leading segment in 2016, however, consumer & residential segment is also expected to grow at a highest CAGR over 2017–2027, fueled by increasing adoption of new & inventive technologies in the smart mirror industry.CLICK TO DOWNLOAD FREE SAMPLE
By region, global smart (digital) mirror market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. North America region is dominating the smart mirrors market followed by Europe region. North America region retain highest market share on the account of various innovations in smart technology , increased adoption of smart mirrors in commercial shopping malls, hotels and automotive. Asia-Pacific region is anticipated to be the fastest growing market on the basis of growing retail and healthcare sector coupled with increased adoption of smart home technology.
Our in-depth analysis segmented the Global Smart (digital) Mirror Market in the following segments:
By Component type:
By End User:
Global Smart (digital) Mirror market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Increase in production of light vehicle and rising construction activities are some of the factors that are anticipated to boost the global smart mirror market in upcoming years. Globally, the smart mirror market is expected to achieve significant growth on account of increasing demand from commercial shopping outlets and malls, Furthermore government in developed countries has set policies and regulations to install camera display mirrors in light motor vehicles. The growth in smart digital market is fueled by changing lifestyle, increasing population and rising middle class population. There are also some restraining factors to the smart digital market such as high initial cost and lack of awareness. Such factors are prominent threat for the global smart mirror market growth during the forecast period i.e. 2017-2027.
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