Allied Market Research recently published a report, titled, “Smart Mirror Market by Component (Hardware, Software, and Services) and End User (Automotive, Healthcare, Residential, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2025”. According to the report, the global smart mirror market was pegged at $1.75 billion in 2017 and is estimated to reach $4.12 billion by 2025, growing at a CAGR of 11.5% from 2018 to 2025.
Rise in demand for connected devices, high adoption of smart mirrors, and transition to digital stores have propelled the growth of the global smart mirrors market. However, high initial cost and concerns regarding security of confidential information hamper the market growth. On the contrary, rise in adoption of smart home and advancements in industry 4.0 are expected to create lucrative opportunities for the market players in the near future.
The global smart mirror market report is segmented into component, end user, and geography. According to component, the report splits into hardware, software, and services. The hardware segment held the largest share, holding about two-thirds of the total market revenue in 2017, owing to various types of devices used for the assembly of smart mirrors are more expensive than software and services segment. However, the services segment is expected to register the fastest CAGR of 13.0% during the forecast period.
Based on end user, the report is bifurcated into automotive, healthcare, residential, and others. The automotive segment held the largest segment in 2017, contributing about 86% of the total revenue, owing to the widespread use of smart mirrors in vehicles. However, the residential segment is projected to register the fastest CAGR of 17.7% during the study period, owing to the increasing adoption of smart homes globally.
On the basis of geography, the report is further segmented into North America, Europe, Asia Pacific, and Latin America, Middle East and Africa (LAMEA). The Europe region held the lion’s share in 2017, contributing more than one-third of the market and is expected to continue its dominance throughout the study period. However, the LAMEA region is expected to register the fastest CAGR of 15.0% during the forecast period.
The smart mirror market in North America is expected to grow at 11.0% CAGR during the forecast period. In North America, the automotive segment held the largest share in 2017, contributing about 87% of the total share.
The global smart mirror market report includes the major market players in the market Japan Display Inc., Magna International Inc., Murakami Kaimeido, Perseus Mirrors, Dension, Gentex Corporation, Samsung Electronics, Seura, Ficosa, and Electric Mirror. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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