What is Smart Mirror Market?
Rapid Increasing Demand of smart mirrors in automotive industry due to New and Innovative Features. A smart mirror is referred as advanced mirror combined with technologies including cameras, displays, sensors and connectivity equipment. It offer an array of features including Internet connectivity as well as touchscreen option. Smart mirrors are mainly used in different industries including automotive, retail, residential, healthcare, and others. Moreover, growing the popularity of smart mirror amongst people with extremely busy work agendas, changing lifestyle, and growing affluent population, typically in nations in developed provinces of the globe is driving the development of the global smart mirror market in forecasted period.
The market study is being classified by Type (Hardware, Software and Services), by Application (Automotive, Healthcare, Residential and Others) and major geographies with country level break-up. According to AMA, the Global Smart Mirror market is expected to see growth rate of 11.38% and may see market size of USD4.01 Billion by 2026.
Gentex Corporation (United States), Japan Display Inc. (Japan), Magna International (Canada), Electric Mirror (United States), Samsung Electronics Co., Ltd. (South Korea), Seura (United States), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium) and Ad Notam (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Dension (Hungary) and Keonn (Spain).
The Players having a strong hold in the market are Gentex Corporation, Japan Display Inc., Magna International and Electric Mirror. Research Analyst at AMA predicts that European, North American Players will contribute to the maximum growth of Global Smart Mirror market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Mirror market by Type, Application and Region.
On the basis of geography, the market of Smart Mirror has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Upsurging Demand for Smart Mirrors in Automotive Sector especially Rear Mirrors
- Growing Adoption of Smart Mirrors in Fashion Stores and Beauty Saloons
Market Trend
- Inclusion of Number Smart Mirror Manufacturing Startups across the Globe
- Introduction to technologically advanced and Fully Automated Smart Mirrors
Restraints
- Comparatively Higher Prices than the Conventional Mirrors
- Rising Security Issues and Risks of Data Theft
Opportunities
- Robust Technological Advancements in Household Construction Industry
- Upsurging Demand from APAC Region
Challenges
- Complex Initial Installments
- Maximum Post Purchase Maintenance and Repairing Charges
Market Leaders and some development strategies
On December 18, 2018, Magna has acquired VIZA Geca to bolster its Seating Capabilities in addition to this acquisition will support growth opportunities, strengthen competitive position. After the agreement, Magna will add VIZA's two facilities in Europe (Spain and Czech Republic), as well as one in each of Morocco and Mexico, and will welcome over 1,100 employees.
On January 11th, 2018, a world-leading biometrics company, Fingerprint and a leader in digital vision and connected car technology Gentex has former strategic partnership agreement to bring iris-scanning technology to the automotive industry. Automakers are keen to integrate biometric-based driver authentication into vehicles in order to improve vehicle security, cabin personalization, and securely authorize in-vehicle payments, home automation control, and additional cloud-based services.
Key Target Audience
Smart Mirror Manufacturers, Smart Mirror Distributors and Traders, Household Construction Industry, Automobile Industry Associations, Research and Development Organizations and Others