The global market for smart mirrors is expected to grow from $2.82 billion to $4.42 billion by 2023, according to a report by Markets and Markets.
The report, “Smart Mirror Market, Automotive Smart Mirror (Type and Functionality) – Global Forecast to 2023”, expects the market to grow at a compound annual growth rate (CAGR) of 9.41 percent from 2018 to 2023. The growth of the smart mirror market can be attributed to the increasing demand for smart mirrors in the automotive industry, the transition from traditional stores to digital stores in the retail industry, the presence of a large number of start-ups in the smart mirror market, and new and innovative features of smart mirrors.
The automotive application is expected to hold a major share of the smart mirror market by 2018. Smart mirrors are widely used in cars and light commercial vehicles. The smart mirrors used in automotive applications include auto-dimming mirrors and connected mirrors, with functionalities such as temperature display, Bluetooth and hands-free connectivity, navigation, turn signals and microphone. The wide adoption of auto-dimming mirrors owing to such capabilities is a major factor contributing to the largest share of the automotive application in the smart mirror market.
Exterior mirrors, or outer rearview mirrors, are mounted on the outer body of the vehicle to get rearview images of the traffic on both sides of vehicles. The major manufacturers of the exterior smart mirrors for automotive are Gentex (US), Magna (Canada), Ficosa (Spain) and Murakami Co., Ltd. (Japan). OEMs are now focusing on the addition of more features to outer mirrors, as they plan to integrate the capabilities for advanced driver assistance systems (ADAS), such as blind spot indicator and lane departure warning indicator, along with park assist.
Europe is the largest market for automotive smart mirrors. Europe is home to major automobile manufacturers such as Volkswagen (Germany), BMW (Germany) and Daimler (Germany), which are expected to create significant demand for auto-dimming smart mirrors. The region is also known for its stringent safety regulations and advanced technologies. The OEMs in Europe are focused on developing new technologies to meet the increased demand for advanced features and increasingly stringent safety norms.
To read the full report, click here.