Growing adoption of advanced driver-assistance systems (ADAS) in the automotive sector, rise in demand for connected devices, and transition of digital stores in the retail industry are expected to drive the growth of the global smart mirror market
Allied Market Research published a report, titled, Smart Mirror Market by Component (Hardware, Software, and Services), and EndUser (Automotive, Healthcare, Residential, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market size & share, market player positioning, and competitive landscape. According to the report, the global smart mirror market garnered $1.75 billion in 2017 and is expected to reach $4.11 billion by 2025, registering a CAGR of 11.5% from 2018 to 2025.
Growing adoption of ADAS in the automotive sector, rise in demand for connected devices, and transition of digital stores in the retail industry drive the growth of the global smart mirror market. However, high cost of smart mirrors and security and privacy concerns hamper the market growth. On the other hand, increased adoption of smart homes is expected to create lucrative growth opportunities for the market players.
Hardware segment to lead the global market in terms of revenue through 2025
Among components, the hardware segment accounted for nearly two-thirds of the total market share in 2017 and would continue its dominance through 2025. This is due to the use of various types of devices for the assembly of smart mirrors such as sensors, display, camera, connectivity and audio systems, which have a higher cost as compared to the products offered under the software or services segments. However, the services segment is expected to register the fastest CAGR of 13.0% from 2018 to 2025. The software segment would witness steady growth during the forecast period.
Automotive segment to continue beingthe highest revenue contributorthrough 2025
Among end users, the automotive segment contributed 86% of the total market share in 2017 and would maintain its lion's share throughout the forecast period. This is due to the widespread integration of smart mirrors in high end vehicles. However, the residential segment is expected to grow at the fastest CAGR of 17.7% from 2018 to 2025 due to the growing adoption of smart homes worldwide. The report also explores end user industries such healthcare, among others.
Europeto remain dominant, LAMEA to grow the fastest
Europe held 39% of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. However, Latin America, Middle East, and Africa (LAMEA) would grow at the fastest CAGR of 15.0% from 2018 to 2025. The study also discusses other major regions such as North America and Asia-Pacific in details.
Leading industry players
The key market players analyzed in the report include Japan Display Inc., Gentex Corporation, Magna International Inc., Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, 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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