Global Smart Mirror Market Outlook 2021

Global Smart Mirror Market Outlook 2021

A smart mirror is an innovative technology that enables the user to access smartphone like features on a basic mirror. These smart mirrors are embedded with several electronic components such as displays, sensors, etc. which enhance the user’s experience.The global smart mirror market is anticipated to expand at a compound annual growth rate (CAGR) of 12.83%.

Regionally, Europe held the top rank in the global smart mirror market in 2015. Hiked motor vehicle production (19% of global motor vehicle production) in 2014 and a continuous rise in coming years to propel the smart mirror market in Europe. As a result, Europe’s smart mirror market is anticipated to expand at a compound annual growth rate (CAGR) of 11.14 % over the forecast period.

However, North America is expected to experience the highest growth in the smart mirror market followed by the Asia-Pacific over the forecast period. Better GDP figures, promising trade balance, flourishing economies and continuous expansion in personal disposable income in Asia-Pacific region, especially in India & China, is likely to escalate the smart mirror market in the region.

On the basis of applications, the smart mirror market is segmented into automotive, retail and advertising, consumer and residential and healthcare. Among these, automotive sector at 80% share in 2021 is forecasted to have the largest share of smart mirrors during 2015-2021.

The smart mirror market is further divided on the basis of components as displays, sensors, cameras and others. Since, smart mirror is mainly driven by the sensors and related technology therefore the global smart mirror sensors market is projected to witness the highest compound annual growth rate (CAGR) during the covered forecast period.

Increasing light vehicle productions, growth in residential construction, etc. are some of the factors that are expected to drive the global smart mirror market in coming 5-6 years.However, factors such as high cost and lack of awareness about the smart mirrors are likely to pose a major threat for the global smart mirror market growth during the forecast period i.e. 2015-2021.

“Growth in the automobile sector to thrive the global smart mirror market”: says ERC

The global smart mirror market is majorly driven by increasing production of automobile sector all over the world, according to our research report “Global Smart Mirror Market Outlook 2021”.

Regionally, the global smart mirror market is majorly segmented as North America, Latin America, Eastern and Western Europe, Asia-Pacific and MENA (Middle East and North Africa) region. Among these, North America and Asia-Pacific region is anticipated to witness the fastest growth in the global smart mirrors market during the forecast period i.e. 2015-2021.

The global production of light vehicles is anticipated to increase at a burgeoned pace in the coming 4-5 years. Backed up by this growth in production, the profits of the global automotive industry are anticipated to increase from USD 60 Billion in 2012 to USD 88 Billion in 2020. This expansion of the automotive industry is likely to propel the demand of self/auto-dimming smart mirrors, which are majorly utilized as internal and external rear view mirrors in this sector.

In addition to this, rising demand of smart mirrors from healthcare sector would further bid to boost the global smart mirror market.

The report titled “Global Smart Mirrors Market Outlook 2021” delivers detailed overview of the smart mirrors market in terms of market segmentation by regions, by components and by applications.

Further, for the in-depth analysis, the report encompasses the market trends, industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparison, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the smart mirrors industry which includes profiling of Samsung Electronics Co. Ltd, Panasonic Corporation, AGC, LG Electronics, Toshiba Corporation, Gentex Corporation, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the global smart mirror market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

“Increasing residential construction to boost the demand of smart mirrors in coming 5-6 years”: says ERCDriven by a burgeoned expansion in the residential constructional activities all around the world, the global smart mirror market is anticipated to beef up at a stupendous compound annual growth rate (CAGR) of 12.83%, according to our research report “Global Smart Mirrors Market Outlook 2021.”

The global real estate market was valued at USD 13 Trillion in 2015 and is projected to flourish at a healthy rate and reach to USD 24 Trillion by 2020. With the expansion of real estate industry, the number of newly constructed residential buildings is also expected to increase in the coming 5-6 years. This in-turn is likely to fuel the demand of smart mirrors from the residential sector over the covered forecast period.

Smart mirrors are majorly used in the dressing rooms of the retail stores as a virtual dressing platform, which enables the shopper to try multiple outfits and matching attires just by standing in-front of the mirror without actually wearing the clothes. With rising construction activities, the number of clothing retail stores is also expected to increase, which in-turn is believed to augment the growth of smart mirrors market during the forecast period.

The global smart mirror market is mainly segmented on the basis of regions, components and applications. The application segment is further subdivided into automotive, consumer and residential, healthcare, retail and advertising. The consumer and residential is projected to witness the highest growth in comparison to other sectors during 2015-2021.

For in-depth analyses, the report titled “Global Smart Mirror Market Outlook 2021” encompasses the market trends, growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, Year-on-Year (Y-O-Y) growth comparison and Porter’s five force model.

With the purpose of examining the current competitive landscape of the smart mirror market, this report covers profiling of some of the top players which include Keonn Technologies, Seura, Magna International Inc., Gentex Corporation, Toshiba Corporation, LG Electronics, Panasonic Corporation, etc. The profiling enfolds key information of the companies which includes company overview, products and services, key financials and recent news and developments. On the whole, the report encompasses detailed overview of the global smart mirror market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.