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. Globally, the smart mirror market is witnessing significant growth due to 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 is driving the growth of the global smart mirror market. However, the high initial cost associated with the implementation of the smart mirror, privacy concern among users are the factors impeding the growth of the global smart mirror market to a certain extent.
The global smart mirror market has been estimated to be valued at US$ 386.8 million in 2015, and is expected to witness a healthy CAGR from 2016 to 2022. The global smart mirror market is segmented on the basis of the component, application, and region. By component, the market is segmented into sensors, displays, camera and others. Of these segments, displays segment has been estimated to dominate the market in 2015, with over 40% market share in terms of revenue contribution.
By application, the global smart mirror market is segmented into automotive sector, consumer & residential, healthcare, and retail sector & advertising. Automotive sector segment has been estimated to be the dominant segment in 2015; however, consumer & residential segment is expected to expand at a highest CAGR over 2016–2022, due to increasing adoption of new & innovative technologies in the smart mirror industry by various smart mirror manufacturers across the globe.
On the basis of geography, the global smart mirror market is segmented into five major regions such as North America, Europe, Middle East & Africa, Asia Pacific and Latin America; among these, North America has been estimated to be the largest regional market for the smart mirror in 2015. In term of volume, the market in North America is expected to exhibit the fastest CAGR of over 2016-2022.
The key players operating in the global smart mirror market include Gentex Corporation, Magna International Inc., Pro Display, Evervue, Séura, Alke, ad notam AG, Tech2o, Samsung Electronics Co., Ltd., TOSHIBA CORPORATION, Panasonic Corporation.