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Global Smart Mirrors Market Overview
Smart Mirrors Market Size was valued at USD 4.63 Billion in 2022 and is projected to grow from USD 5.17 Billion in 2023 to USD 8.91 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.51% during the forecast period (2024 - 2032). The market for "Smart Mirrors" consists of improved mirrors that have cameras, sensors, and presenters as the main electrical components.
These state-of-the-art mirrors provide online networks, touchscreens, and energy acquisition due to many elements including strategy, comfort, and security. By enhancing auto mirror functionality, the wonderful goal of boosting street safety may be achieved, which further increases demand for sharp mirrors in the automotive industry. To increase sales and provide a better customer experience, sharp mirrors are used in many locations, including changing facilities, in the retail and advertising sector.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smart Mirrors Market Trends
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Convex mirror replacement for enhanced automotive safety features
Driving comfort and safety are significantly increased in vehicles that have smart mirrors fitted. High-end car smart mirrors include electro-chromatic auto-dimming mirrors that lessen eye strain and tiredness while enhancing vision in low light. These mirrors encourage safety by giving improved rearview pictures that support drivers in making safe choices while driving. These smart mirrors also save time by giving drivers all the information they want on the mirror screen. Smart mirrors can detect moving objects and inform users of them and automatically adjust for camera distortion.
Smart Mirrors Market Segment Insights
Smart Mirrors Component Insights
The market segmentation, based on Components, includes Hardware and Software. The Hardware segment may dominate the market. Smart mirrors typically consist of hardware components such as displays, cameras, sensors, and processors, among others. These components are crucial to the functionality of smart mirrors and therefore the demand for hardware components is expected to be high in the market. However, this will also depend on various other factors such as consumer preferences, market trends, and technological advancements.
Smart Mirrors Application Insights
Based on Application, the global market segmentation includes Healthcare, Residential, Automotive, Retail & Advertising, and Others. The Automotive segment is expected to dominate the market. Smart mirrors have found increasing applications in the automotive industry, where they are used for various purposes such as providing rear-view and side-view images, detecting blind spots, and driver assistance. The growing demand for advanced driver assistance systems (ADAS) in vehicles is expected to drive the growth of the market in the automotive segment.
Figure 2: Smart Mirrors Market, by Component, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smart Mirrors Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Europe is expected to dominate the market for bright mirrors. North America is the region with the fastest growth rate in the market for smart mirrors, owing to the widespread use of these devices in consumer electronics, retail, and automobiles. APAC is anticipated to proliferate throughout the hypothesized period due to the emergence of several small-scale start-up businesses. Similarly to this, the market in the Gulf countries will be driven by the amazing expansion in the Smart mirror industries.
Figure 3: SMART MIRRORS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smart Mirrors Key Market Players & Competitive Insights
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Smart Mirrors industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Smart Mirrors industry to benefit customers and expand the market sector. Major market players, including Ficosa, Gentex, Japan Display Inc, Magna International Inc, Seura Solutions, and others, are attempting to increase market demand by funding R&D initiatives.
Ficosa International develops, produces, and markets safety, connectivity, and efficiency technologies for the transportation and automotive industries. It offers a variety of products for commercial and industrial vehicles, including rearview systems, advanced driver assistance systems (ADAS), communication modules and integrated antennas, command and control systems, e-mobility solutions, systems for doors and seats, and more.
Gentex is a dimmable device, vision system, sensor, and bespoke electrical product developer and manufacturer for the automotive, aircraft, and commercial fire prevention industries. It provides auto-dimming and non-dimming mirrors and electronics for the automobile industry, and also dimmable aircraft windows and signaling devices for the aviation sector, and commercial smoke alarms and signaling devices for the fire protection business.
Key Companies in the Smart Mirrors market include
- Perseus Mirrors
- Samsung Electronics
- Electric Mirror
- Japan Display Inc
- Magna International Inc
- Gentex
- Seura
- Ficosa
- ALKE
- Dension
Smart Mirrors Industry Development
January 2022: Seura Solutions launched vanity mirrors for every category to match every lifestyle. Seura vanity mirrors are tailor-made and expertly crafted for an entirely personalized reflection.
September 2021: Gentex Corporation announced the acquisition of the Israeli start-up Guardian Optical Technologies, a pioneer in multimodal sensor technology designed to provide a comprehensive suite of the driver- and cabin-monitoring solutions for the automotive industry.
Smart Mirrors Market Segmentation
Smart Mirrors Component Outlook
- Hardware
- Software
Smart Mirrors Application Outlook
- Healthcare
- Residential
- Automotive
- Retail & Advertising
- Others
Smart Mirrors Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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