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Smart Mirror Market, by Component

RA00044

Smart Mirror Market, by Component (Hardware, Software, Services), by End Use (Automotive, Hospitality, Retail, Smart Homes, Healthcare, Others) Regional Outlook (North America, Europe, Asia-Pacific, LAMEA), Global Opportunity Analysis and Industry Forecast, 2019–2026

RA00044

Pages: 180

Jan 2020

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Impact of covid-19 on Smart Mirror Market

Global Smart Mirror Market Overview 2026:

The smart mirror market forecast $2,046.4 million in 2018 and is projected to grow $ 4,415.4 Million by 2026, growing at a CAGR of 9.5% in the forecast period.

A smart mirror is a technological advanced mirror within an inbuilt display screen behind the glass. It displays anything a user wants on the mirror surface like weather forecast, upcoming appointments, news feed, current time and many more. It acts like a mobile handset on the mirror with an image of the user so that the user can check all the necessary information in the mirror itself.

Smart Mirror Market Drivers:

Increase in the smart technology and growing use of smart mirror in automobile segment is anticipated to boost the growth of smart mirror market

With the increase use of smart technologies among the population is considered driving factor for the growth of the smart mirror market. Smart mirror has the ability to display the most important information without even unlocking your smart phone. It shares all the valuable information with the one touch. Smart mirror is a product which is not only used in homes but it is also used in various other segment like Clothing shops, barber shop, beauty shops, in various malls, hospitals and many others which creates more opportunity and a wider scope for the smart mirror market. The growing automotive sector is considered to be the one of the major smart mirror market driver, It provides user the experience of riding with wide camera angle through the LCD screen connected on it which gives the 360-degree view of his car while riding and increase the safety to the driver with advanced driver assistance system (ADAS).

Market Restraints:

The high cost of the smart mirror and the confidentiality of private information are some of the major threats for the growth of smart mirror market

The biggest restrains for the smart mirror market is the cost of the smart mirror which is very high as compared to the normal mirrors. Due to the cost restrains only the premium class segment can only afford the smart mirror. The personal information that is been saved in the mirror can be considered as one of the restrains for the smart mirror market. For instance, If the smart mirror is being used in malls or any shops, then the personal data of the customer is being synced with the smart mirror and it involuntarily save the user data. The personal information that is being transmitted unintentionally can might eventually cause a high security breach.

Smart mirror market segmentation by Component:

The Hardware segment is predicted to be most profitable till the end of 2026

Smart mirror market segmentation by Component

Source: Research Dive Analysis

The smart mirror market size for software segment was $477.8 million in 2018 and is expected to grow at a CAGR of 10.7% during the anticipated period. Software are used to perform the activities which can be used in the smart mirror. Hardware segment registered a revenue of $1,301.5 million in 2018, and is further anticipated to grow at a CAGR of 8.7% in the forecast period. Hardware segment is further divided into audio system sensors, camera, and others. These hardware’s are used mainly to perform the primarily functions of mirror like image processing voice input as well as power consumptions.

Smart mirror market, by End use

Automotive segment will possess high investment opportunities in the coming future.

Smart mirror market, by End use

Source: Research Dive Analysis

Automotive segment was $442.3 million in 2018 and is further anticipated to generate a revenue of $922.0 million by 2026. The purpose of smart mirror is to provide the driver a clear view of all the objects moving aside to the vehicle. For instance, in 4 wheelers, two types of rear view mirrors are used windshield rear view mirrors and side view mirrors, so that driver can have a complete view of road and the vehicles passing nearby. Smart mirrors are also mostly used in the hospitality segment which include hotels, resorts and restaurants so that the customer can have a better experience like voice command, 2 way messaging and many others. The hospitality segment was $349.5 million in 2018 and is expected to grow at a CAGR of 9.7% during the anticipated period.

Smart Mirror Market Growth, by Region

Europe region will have enormous opportunities for the market investors to grow over the coming years

Smart Mirror Market Growth, by Region

Source: Research Dive Analysis

Europe Smart Mirror Market Forecast 2026:

Europe was the highest revenue contributor, accounting for $789.6 million in 2018, and is estimated to reach $1,558.0 million by 2026. In Europe, major automotive manufacturers like Volkswagen, BMW, Ferrari, Hummer, and Aston Martin have adopted this technology for use in automobiles to offer smart vision, 360-degree view, and alerts from potential danger situations.

North America Smart Mirror Market Growth:

North America held the smart mirror market size in 2018 by $613.4 million and is expected to grow at a CAGR of 9.0% in the forecast period. North America has the highest purchasing power and have the most premium class user throughout the world, Rise in adoption of smart mirror technology in retail, smart homes, and consumer sectors significantly boosts the growth of the North America smart mirror market. Asia- pacific can be considered as a largest emerging market in the future, due to increasing GDP and increasing hotels and restaurants, Asia-Pacific is considered to be the future market for the smart mirror, which is expected to grow at $1,169.5 million by 2026 at a CAGR of 10.7%.

Key participants in smart mirror market:

Smart mirror market players are Dension Inc., Electric motors, Ficosa(Panasonic), Gentex corporation, Japan display Inc., Magna international Inc., Murakami corporation., Perseus motors, Samsung Electronics, Seura among many others.

Scope of the Market Report:

Aspect

Particulars

  Historical Market Estimations

  2018-2019

  Base Year for Market Estimation

  2018

  Forecast timeline for Market Projection

  2019-2026

  Geographical Scope

  North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Component

  • Hardware
  • Software
  • Services

  Segmentation by End use  

  • Automotive
  • Hospitality
  • Retail
  • Smart homes
  • Health care
  • Others

  Key Countries covered

U.S., Canada, Germany, France, UK, Italy, Japan, China, India, South Korea, Australia, Middle west, Africa

  Key Companies Profiled

  1. Dension Inc.,
  2. Electric motors,
  3. Ficosa(Panasonic),
  4. Gentex corporation,
  5. Japan display Inc.,
  6. Magna international Inc.,
  7. Murakami corporation.,
  8. Perseus motors,
  9. Samsung Electronics,
  10. Seura

Source: Research Dive Analysis


FREQUENTLY ASKED QUESTIONS?
 

A. The global Smart mirror market size was over $2,046.4 Million in 2018, and is further anticipated to reach $ 4,415.4 million by 2026.

A. Japan display Inc., and Ficosa are some of the key players in the global smart mirror market.

A. North America possess great investment opportunities for the investors to witness the most promising growth in the coming years.

A. Europe Smart mirror market is projected to grow at 8.3% CAGR during the forecast period.

A. Product development, and joint ventures are the key strategies opted by the operating companies in this market.

A. Dension, japan display Inc. and Ficosa are the companies investing more on R&D activities for developing new products and technologies.

1. Research Methodology

1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model
1.4. Assumptions and forecast parameters

1.4.1. Assumptions
1.4.2. Forecast parameters

1.5. Data sources

1.5.1. Primary
1.5.2. Secondary

2. Executive Summary

2.1. 360° summary
2.2. Component trends
2.3. End-use trends

3. Market overview

3.1. Market segmentation & definitions
3.2. Key takeaways

3.2.1. Top investment pockets
3.2.2. Top winning strategies

3.3. Porter’s five forces analysis

3.3.1. Bargaining power of consumers
3.3.2. Bargaining power of suppliers
3.3.3. Threat of new entrants
3.3.4. Threat of substitutes
3.3.5. Competitive rivalry in the market

3.4. Market dynamics

3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunities

3.5. Technology landscape
3.6. Regulatory landscape
3.7. Patent landscape
3.8. Pricing overview

3.8.1. By component
3.8.2. By end-use
3.8.3. By region

3.9. Market value chain analysis

3.9.1. Stress point analysis
3.9.2. Raw material analysis
3.9.3. Manufacturing process
3.9.4. Distribution channel analysis
3.9.5. Operating vendors

3.9.5.1. Raw material suppliers
3.9.5.2. Product manufacturers
3.9.5.3. Product distributors

3.10. Strategic overview

4. Smart mirror market, by Component

4.1. Hardware

4.1.1. Market size and forecast, by region, 2017-2028
4.1.2. Comparative market share analysis, 2018 & 2028

4.2. Software

4.2.1. Market size and forecast, by region, 2017-2028
4.2.2. Comparative market share analysis, 2018 & 2028

4.3. Services

4.3.1. Market size and forecast, by region, 2017-2028
4.3.2. Comparative market share analysis, 2018 & 2028

5. Smart mirror market, by End-use

5.1. Automotive 

5.1.1. Market size and forecast, by region, 2017-2028
5.1.2. Comparative market share analysis, 2018 & 2028

5.2. Hospitaltiy 

5.2.1. Market size and forecast, by region, 2017-2028
5.2.2. Comparative market share analysis, 2018 & 2028

5.3. Retail

5.3.1. Market size and forecast, by region, 2017-2028
5.3.2. Comparative market share analysis, 2018 & 2028

5.4. Smart Homes

5.4.1. Market size and forecast, by region, 2017-2028
5.4.2. Comparative market share analysis, 2018 & 2028

5.5. Healthcare

5.5.1. Market size and forecast, by region, 2017-2028
5.5.2. Comparative market share analysis, 2018 & 2028

5.6. Others

5.6.1. Market size and forecast, by region, 2017-2028
5.6.2. Comparative market share analysis, 2018 & 2028

6. Smart mirror market, by Region

6.1. North Region

6.1.1. Market size and forecast, by type, 2017-2028
6.1.2. Market size and forecast, by application, 2017-2028
6.1.3. Market size and forecast, by end-use, 2017-2028
6.1.4. Market size and forecast, by country, 2017-2028
6.1.5. Comparative market share analysis, 2018 & 2028

6.1.6. U.S

6.1.6.1. Market size and forecast, by type, 2017-2028
6.1.6.2. Market size and forecast, by application, 2017-2028
6.1.6.3. Market size and forecast, by end-use, 2017-2028
6.1.6.4. Comparative market share analysis, 2018 & 2028

6.1.7. Canada

6.1.7.1. Market size and forecast, by type, 2017-2028
6.1.7.2. Market size and forecast, by application, 2017-2028
6.1.7.3. Market size and forecast, by end-use, 2017-2028
6.1.7.4. Comparative market share analysis, 2018 & 2028

6.1.8. Mexico

6.1.8.1. Market size and forecast, by type, 2017-2028
6.1.8.2. Market size and forecast, by application, 2017-2028
6.1.8.3. Market size and forecast, by end-use, 2017-2028
6.1.8.4. Comparative market share analysis, 2018 & 2028

6.2. Europe

6.2.1. Market size and forecast, by type, 2017-2028
6.2.2. Market size and forecast, by application, 2017-2028
6.2.3. Market size and forecast, by end-use, 2017-2028
6.2.4. Market size and forecast, by country, 2017-2028
6.2.5. Comparative market share analysis, 2018 & 2028

6.2.6. UK

6.2.6.1. Market size and forecast, by type, 2017-2028
6.2.6.2. Market size and forecast, by application, 2017-2028
6.2.6.3. Market size and forecast, by end-use, 2017-2028
6.2.6.4. Comparative market share analysis, 2018 & 2028

6.2.7. Germany

6.2.7.1. Market size and forecast, by type, 2017-2028
6.2.7.2. Market size and forecast, by application, 2017-2028
6.2.7.3. Market size and forecast, by end-use, 2017-2028
6.2.7.4. Comparative market share analysis, 2018 & 2028

6.2.8. France

6.2.8.1. Market size and forecast, by type, 2017-2028
6.2.8.2. Market size and forecast, by application, 2017-2028
6.2.8.3. Market size and forecast, by end-use, 2017-2028
6.2.8.4. Comparative market share analysis, 2018 & 2028

6.2.9. Italy

6.2.9.1. Market size and forecast, by type, 2017-2028
6.2.9.2. Market size and forecast, by application, 2017-2028
6.2.9.3. Market size and forecast, by end-use, 2017-2028
6.2.9.4. Comparative market share analysis, 2018 & 2028

6.2.10. Rest of Europe

6.2.10.1. Market size and forecast, by type, 2017-2028
6.2.10.2. Market size and forecast, by application, 2017-2028
6.2.10.3. Market size and forecast, by end-use, 2017-2028
6.2.10.4. Comparative market share analysis, 2018 & 2028

6.3. Asia-Pacific

6.3.1. Market size and forecast, by type, 2017-2028
6.3.2. Market size and forecast, by application, 2017-2028
6.3.3. Market size and forecast, by end-use, 2017-2028
6.3.4. Market size and forecast, by country, 2017-2028
6.3.5. Comparative market share analysis, 2018 & 2028

6.3.6. China

6.3.6.1. Market size and forecast, by type, 2017-2028
6.3.6.2. Market size and forecast, by application, 2017-2028
6.3.6.3. Market size and forecast, by end-use, 2017-2028
6.3.6.4. Comparative market share analysis, 2018 & 2028

6.3.7. India

6.3.7.1. Market size and forecast, by type, 2017-2028
6.3.7.2. Market size and forecast, by application, 2017-2028
6.3.7.3. Market size and forecast, by end-use, 2017-2028
6.3.7.4. Comparative market share analysis, 2018 & 2028

6.3.8. Japan

6.3.8.1. Market size and forecast, by type, 2017-2028
6.3.8.2. Market size and forecast, by application, 2017-2028
6.3.8.3. Market size and forecast, by end-use, 2017-2028
6.3.8.4. Comparative market share analysis, 2018 & 2028

6.3.9. South Korea

6.3.9.1. Market size and forecast, by type, 2017-2028
6.3.9.2. Market size and forecast, by application, 2017-2028
6.3.9.3. Market size and forecast, by end-use, 2017-2028
6.3.9.4. Comparative market share analysis, 2018 & 2028

6.3.10. Rest of Asia-Pacific

6.3.10.1. Market size and forecast, by type, 2017-2028
6.3.10.2. Market size and forecast, by application, 2017-2028
6.3.10.3. Market size and forecast, by end-use, 2017-2028
6.3.10.4. Comparative market share analysis, 2018 & 2028

6.4. LAMEA

6.4.1. Market size and forecast, by type, 2017-2028
6.4.2. Market size and forecast, by application, 2017-2028
6.4.3. Market size and forecast, by end-use, 2017-2028
6.4.4. Market size and forecast, by country, 2017-2028
6.4.5. Comparative market share analysis, 2018 & 2028

6.4.6. Latin America

6.4.6.1. Market size and forecast, by type, 2017-2028
6.4.6.2. Market size and forecast, by application, 2017-2028
6.4.6.3. Market size and forecast, by end-use, 2017-2028
6.4.6.4. Comparative market share analysis, 2018 & 2028

6.4.7. Middle East

6.4.7.1. Market size and forecast, by type, 2017-2028
6.4.7.2. Market size and forecast, by application, 2017-2028
6.4.7.3. Market size and forecast, by end-use, 2017-2028
6.4.7.4. Comparative market share analysis, 2018 & 2028

6.4.8. Africa

6.4.8.1. Market size and forecast, by type, 2017-2028
6.4.8.2. Market size and forecast, by application, 2017-2028
6.4.8.3. Market size and forecast, by end-use, 2017-2028
6.4.8.4. Comparative market share analysis, 2018 & 2028

7. Company profiles

7.1. Dension

7.1.1. Business overview
7.1.2. Financial performance
7.1.3. Product portfolio
7.1.4. Recent strategic moves & developments
7.1.5. SWOT analysis

7.2. Electric Mirror

7.2.1. Business overview
7.2.2. Financial performance
7.2.3. Product portfolio
7.2.4. Recent strategic moves & developments
7.2.5. SWOT analysis

7.3. Ficosa(Panasonic)

7.3.1. Business overview
7.3.2. Financial performance
7.3.3. Product portfolio
7.3.4. Recent strategic moves & developments
7.3.5. SWOT analysis

7.4. Gentex Corporation

7.4.1. Business overview
7.4.2. Financial performance
7.4.3. Product portfolio
7.4.4. Recent strategic moves & developments
7.4.5. SWOT analysis

7.5. Japan Display Inc.

7.5.1. Business overview
7.5.2. Financial performance
7.5.3. Product portfolio
7.5.4. Recent strategic moves & developments
7.5.5. SWOT analysis

7.6. Magna International Inc.

7.6.1. Business overview
7.6.2. Financial performance
7.6.3. Product portfolio
7.6.4. Recent strategic moves & developments
7.6.5. SWOT analysis

7.7. Murakami corporation

7.7.1. Business overview
7.7.2. Financial performance
7.7.3. Product portfolio
7.7.4. Recent strategic moves & developments
7.7.5. SWOT analysis

7.8. Perseus Mirror

7.8.1. Business overview
7.8.2. Financial performance
7.8.3. Product portfolio
7.8.4. Recent strategic moves & developments
7.8.5. SWOT analysis

7.9. Samsung Electronics Co. Ltd.

7.9.1. Business overview
7.9.2. Financial performance
7.9.3. Product portfolio
7.9.4. Recent strategic moves & developments
7.9.5. SWOT analysis

7.10. SEURA

7.10.1. Business overview
7.10.2. Financial performance
7.10.3. Product portfolio
7.10.4. Recent strategic moves & developments
7.10.5. SWOT analysis

The world today is highly fascinated about smart devices. With the growing digitalization and advancement in technologies, every device has been upgraded to a smarter version of its basic model. And now, not just the devices, but technology has shown its wonders in the ‘world of mirrors’ as well. According to a research, the mirror industry is expected to flourish due to the rising popularity and demand for smart mirrors from all across the globe.

What is a smart mirror?

A smart mirror is a technologically advanced mirror that is equipped with a display screen which is integrated behind its glass. This mirror is able to display everything from news feeds, weather predictions, upcoming appointments to current time on the surface of the mirror. Basically, this is a high-tech device which is similar to a smartphone. With this device, a user can view anything he/she wishes to know about, without the need to unlock one’s mobile phone. 

Growing demand for smart mirrors

Smart mirrors can be used in homes as well as in various other areas such as beauty salons, shopping malls, clothing stores, hospitals, and vehicles. The rising demand for smart mirrors from numerous sectors is creating more growth opportunities for the smart mirror market. Major automotive manufacturers such as BMW, Volkswagen, Hummer, Ferrari, and Aston Martin have implemented this technology in automobiles to offer 360-degree view, smart vision, and signals for notifying potential threats. The application of smart mirrors in automotive industry is expected to be one of the major driving factors for the growth of smart mirror market. 

New developments in the smart mirror industry

Recently, Capstone Companies, Inc., a designer, manufacturer, and marketer of consumer inspired products which is well-known for integrating technological innovations with today’s lifestyle has launched a magical Capstone Connected smart mirror. This product enables you to do all your grooming activities and simultaneously gain insights such as local news, weather forecasts, check the traffic conditions before leaving, and many more interesting things. 

Look wise, the device is exactly like a mirror, with an advanced design which makes it perfect for a bedroom, bathroom, entryway or even for commercial stores. Along with basic functionality of a normal mirror, the device also has features similar to a tablet, for instance, touchscreen and voice interfaces for internet access. The device is built using an Android operating system which can be used for downloading apps, browsing social media platforms, and all the activities that can be done using internet. In case of multiple users using the device, each user can change and customize the smart mirror according to their personal needs.

Apart from Capstone there are many other companies trying to contribute to the growth of smart mirror industry. Some of the top companies are Perseus motors, Dension Inc., Electric motors, Japan display Inc., Gentex corporation, Magna international Inc., Murakami corporation., Samsung Electronics, Ficosa (Panasonic), Seura, and many others. These companies are greatly involved in several activities such as merges and collaborations, partnerships, new product launches, and geographical expansions.

Smart mirror industry to have more growth opportunities in coming years

At present, smart mirrors are mostly in demand in the luxury markets owing to their high costs. As per a survey, these days people are showing increased interest in purchasing smart devices such as smart mirrors due to the advantages they offer. The growing popularity and demand for smart devices is giving a boost of motivation for companies active in this market to launch upgraded versions of smart mirrors. Also, a report by Research Dive states that the Europe is one of the highly potential market for smart mirrors . On the other hand, Asia- pacific is expected to be the largest emerging market in coming years, owing to growing GDP and increased number of hotels and restaurants in this region. Hence, considering all these factors it is clear that one can definitely invest in the smart mirror industry in the upcoming years.

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