The global smart mirror market size is expected to gain momentum owing to the rising adoption of the driver assistance vehicles during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Smart Mirror Market, 2024-2032.” The increase in penetration of advanced driver assistance systems (ADAS) in the automotive sector, increases in production for connected devices, and shift to digital shops in the retail sector are the key driving drivers of the market. However, exorbitant costs and worries about the security of personal information are some of the reasons impeding market expansion. Furthermore, it may be utilized as side-view and rear-view mirrors in the car industry to improve safety. Moreover, they are being used in retail to recommend fashionable clothes to clients. For example, Ralph Lauren, a prominent fashion brand, implemented the notion of linked fitting rooms at their Manhattan store to improve the customer experience and assist merchants in making smart marketing decisions.
Information Source: https://www.fortunebusinessinsights.com/smart-mirror-market-104616
Top Company Covered in the Smart Mirror Market
- Archello
- ELECTRIC MIRROR INC.
- Ficosa International SA
- Manga International Inc.
- GENTEX CORPORATION
- Japan Display Inc.
- DENSION LTD
- Seura Murakami Corporation
- Samsung Electronics Co.
- Videotree
- Michael Teeuw
Segments-
By product type, the market is segmented into touch screens and without touch screens. On the basis of application, the market is segregated into automotive, residential, healthcare, and others. On the basis of distribution channels, the market is fragmented into online and offline. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What does the Report Offer?
The market's demand and supply circumstances. Factors influencing the industry in the short and long term Drivers, constraints, and opportunities, political, social, and technical variables are all part of the dynamics.
Drivers & Restraints-
Increasing Adoption in Automotive Industry to Stimulate Growth
The global smart mirror market growth is expected to grow due to the rising application in automotive during the projected period. The smart rear-view mirror was brought to the market to improve the road safety and riders. The gadget has a display panel that allows the driver to see blind spots in a variety of situations. Furthermore, the driver may flip between the monitor and the conventional perspective. A high-end camera is installed on the vehicle's back sides to provide an uninterrupted view of the rear flanks, allowing the driver to assess blind spots and other traffic situations. As a result, the extra advantages over standard mirrors in the automotive sector propel the market forward.
REGIONAL INSIGHTS
Presence of Key Players to Promote Growth in Europe
Europe is expected to hold the largest global smart mirror market share during the forecast period. When it comes to equipment, firms in the area focus on providing customer-centric goods by developing and integrating these mirrors with technology such as virtual reality, machine learning, and voice and touch recognition. This will enable suppliers to serve a broader range of clients with varied demands.
Asia Pacific is expected to have a sizable share of the market. Because of the increased production of unique luxury automobiles in the Indian and Chinese automotive industries, the use of sophisticated technology is expected to rise significantly. Other factors driving the growth of the automotive industry include dropping video technology costs and increasing demand for sophisticated features in car mirrors.
Competitive Landscape-
Manufacturers Focus on R&D Investments to Strengthen their Position
Because of the presence of big firms with a global reach, the market is relatively consolidated. Because of the changing factors that are driving this growth, firms in this area need to stay on top of the market's pulse. AI-based and virtual reality advances are drawing OEMs and final to more efficient and novel uses of smart mirrors.
Industry Development-
- October 2019: HiMirror, a manufacturer of smart mirrors, has collaborated with Smartech, a reseller of technology-based products, to extend its presence in the European market.
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