The global Smart Mirror market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
Smart Mirror combines mirror functionality with integrated LED displays and sensors creating a two-way interface that serves as a personal assistant by providing information like weather updates, news and traffic conditions. These mirrors are increasingly being adopted in automotive and retail sectors due to their advantages like hands-free interaction and audio-visual displays.
Market key trends: –
One of the key trends fuelling the growth of the smart mirror market is the rising adoption of smart mirrors by automakers. Major automakers are integrating smart mirrors in higher-end vehicles to offer advanced features like live traffic updates, rear-seat notifications and information about blind spots. This is driving the demand for smart automotive mirrors with advanced functionalities beyond basic rear-view visibility. Connected car capabilities of modern vehicles are also supporting the use of smart mirrors for telemetry and vehicle diagnostic data.
Segment Analysis: –
The global smart mirror market is segmented on the basis of component, technology, application and geography. Based on component, the market is segmented into hardware, software and services. The hardware segment is expected to dominate the market over the forecast period as it forms the core component of any smart mirror solution. Hardware includes displays, sensors and other electronic components embedded in the mirrors.
Key Takeaways: –
Market size: – The Global Smart Mirror Market Demand is expected to witness high growth, exhibiting CAGR of 15% over the forecast period from 2023 to 2030, due to increasing demand for advanced smart home appliances.
Regional analysis: – Regionally, North America dominated the smart mirror market in 2022 holding around 35% of the overall market share. Asia Pacific region is expected to witness fastest growth during the forecast period driven by rising disposable incomes of consumers and growing adoption of smart homes in countries like China, India.
Key players: – Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O. Gentex Corporation currently dominates the market owing to its wide product portfolio and extensive distribution network across major markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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