Global smart mirror market is going to experience a massive growth during the forecast period. Hardware segment will become the most profitable. Automotive segment will be the most lucrative. North America will continue its lead.
According to a recent report published by Research Dive, the global smart mirror market is expected to garner a revenue of $ 4,415.4 million at a CAGR of 9.5% increasing from $2,046.4 million in 2018, during the forecast period. The exclusive report offers a brief outlook on the prevalent scenario of the market including significant facets of the market such as growth factors, market dynamics, challenges, restraints and numerous opportunities during the forecast period. The report also features all the market figures making it easier and helpful for the new participants to understand the market.
Market Dynamics
The increasing use of smart technologies among the urban population is considered to be the major growth driving factor of the smart mirror market. Smart mirrors offer add-ons to the smart devices with latest technologies. Another driving factor of the market is the developments in the automotive sector. Smart mirrors provide user the experience of riding with wide camera angle through the LCD screen connected on it. In this way, the driver can get a 360-degree view of his car while riding. These factors are contributing to the growth of the global smart mirror market.
Smart mirrors are too expensive which is expected to be the major restraint behind the growth of the market.
The report has divided the market based on component, end-use, and regional analysis.
Hardware segment will become the most profitable
Hardware segment accounted for $1,301.5 million in 2018, and is further expected to grow at a CAGR of 8.7% during the forecast period. Hardware is used mainly to perform the primary functions of a smart mirror such as image processing voice input as well as power consumptions. This is the main reason behind the growth of the sector.
Automotive segment will become the most lucrative
Automotive segment was $442.3 million in 2018 and is further anticipated to generate a revenue of $922.0 million by 2026. The purpose of smart mirror is to provide the driver a clear view of all the objects moving aside to the vehicle. In cars, two types of rear view mirrors are used: windshield rear view mirrors and side view mirrors. This way the driver can have a full view of road and the vehicles passing nearby.
North America to dominate the market
North America generated a revenue of $613.4 million in 2018 and is further expected to grow at a CAGR of 9.0% in the forecast period. North America has the highest purchasing power and have the most premium class user throughout the world. Rise in adoption of smart mirror technology in retail, smart homes, and consumer sectors will significantly boost the growth of the North America smart mirror market.
Key players of the market
The report enlists the most significant players of the global smart mirror market. They include –
- Ficosa (Panasonic)
- Dension Inc.
- Murakami Corporation
- Electric motors
- Gentex Corporation
- Japan display Inc.
- Magna international Inc.
- Samsung Electronics
- Seura
- Perseus motors
Gentex Corporation recently made an announcement about the acquisition of Vaporsens, a Utah-based technology company specializing in nanofiber chemical sensing research and development. This is one of the recent developments in the market.
The report also summarizes other important aspects of the key players including financial performance, product portfolio, SWOT analysis, and recent strategic moves and developments.
Reference: https://www.researchdive.com/press-release/smart-mirror-market.html
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