Smart Mirror Market is Anticipated to Witness High Growth Owing to Increased Adoption for Automotive
The Global smart mirror market is estimated to be valued at US$ 1138.87 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O.
The growing consumer spending on Smart Mirror Market Demand home gadgets along with increasing production of self-driving electric vehicles provides lucrative growth opportunities for smart mirror manufacturers. Several automakers have started incorporating advanced driver-assistance features in cars which is anticipated to drive the demand for smart mirrors.
Global expansion of key players such as partnerships, mergers, and acquisitions allows companies to strengthen their presence across different regions. For instance, in 2021, Korean automaker Hyundai partnered with Gentex to develop and manufacture smart mirrors for future electric vehicles.
Market drivers: Growing demand for passenger vehicles equipped with advanced driver-assistance systems and rising focus on smart homes automation are expected to propel the global smart mirror market growth over the forecast period.
Market restraints: High installation and maintenance costs associated with smart mirrors may limit their adoption, especially in the emerging economies. Significant technical challenges in product development also restrain market growth.
Segment Analysis
Smart Mirrors are classified based on the type as conventional and smart mirrors. Among these, smart mirrors dominate the market with over 60% share owing to increasing demand for advanced and smart features in automotive and residential sector. In terms of technology, self-dimming and remote monitored are the dominating smart mirror sub-segments due to enhanced safety and monitoring capabilities offered.
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