Smart mirrors are highly functional advanced mirrors manufactured by integration of embedded electronics such as displays, cameras, and sensors. Smart mirrors offer an array of features such as Internet connectivity and some products offer touchscreen option. Vast scope for embedded electronics smart mirrors exists in various applications such as automotive, healthcare and medical, and retail sectors, for commercial and residential consumers, and advertising purposes. Especially in the automotive sector, the smart mirror is gaining popularity across developed regions and is gaining traction in developing regions as well. In automobile applications, smart mirrors are replacing rear-view and side-view mirrors (wing fender mirror) and offer enhanced safety and security features as compared to conventional mirrors.
This report covers the global smart mirror market performance in terms of value and volume contribution. This section also includes XMR analysis of key trends, drivers, restraints, challenges, and opportunities, which are influencing the global smart mirror market. Impact analysis of key growth drivers and restraints, based on the weighted average model, is included in this report to better equip clients with crystal clear decision-making insights.
The global smart mirror market is being driven by factors such as increasing demand for the smart mirror in major shopping outlets & malls and government regulations mandating installation of ‘camera display mirrors’ in light motor vehicles in some countries across the globe.
Also, increasing the popularity of smart mirror among individuals with highly busy work schedules, changing lifestyle, and increasing affluent population, mostly in countries in developed regions of the world. This, in turn, is fueling the growth of the smart mirror market. However, factors such as high implementation cost of the smart mirror and low and lack of awareness among people regarding smart mirror technology are expected to deter market growth.
In this report, the global smart mirror market is segmented by component, application, and region. By component, smart mirror market is segmented into sensors, display, camera and others. Displays have been estimated to be the dominant segment of the global smart mirror market in 2015.
Smart Mirror Market by Component:
- Others (Mic, Speaker, and Communication devices)
Smart Mirror Market by Application:
- Automotive Sector
- Consumer & Residential
- Retail Sector & Advertising
By application, 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.
Among all the regions, Europe has been estimated to dominate the market with over 40% market share in 2015 and is expected to remain dominant throughout the forecast period. This is mainly attributed to the introduction of favorable regulations by the government in several countries in this region. The smart mirror markets in North America is expected to expand at highest CAGR during the forecast period.
Smart Mirror Market by Region:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- The Middle East & Africa (MEA)
- South Africa
- North Africa
- Rest of MEA
Key features of this report
- Drivers, restraints, and challenges in the smart mirror market
- Latest innovations and key developments in the market
- Analysis of business strategies of major players
- Smart Mirror market estimates and forecast