Growing Demand in Smart Mirror Market by 2023

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MarketsandMarkets Presents

Growing Demand in Smart Mirror Market by
2023 Smart Mirror Market by Application
(Automotive, Hospitality Retail), Automotive
Smart Mirror (Type and Functionality),
Hospitality Retail Smart Mirror (Component,
Technology, and Augmented Reality), and Region -
Global Forecast to 2023 https//www.marketsandmar
kets.com/Market-Reports/smart-mirror-market-716223
95.html
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According to the new market research
report "Smart Mirror Market by Application
(Automotive, Hospitality Retail), Automotive
Smart Mirror (Type and Functionality),
Hospitality Retail Smart Mirror (Component,
Technology, and Augmented Reality), and Region -
Global Forecast to 2023", The smart mirror market
is expected to grow from USD 2.82 billion by 2018
to USD 4.42 billion by 2023, at a CAGR of 9.41
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. Browse 65 market data
Tables and 43 Figures spread through 139 Pages
and in-depth TOC on "Smart Mirror Market - Global
Forecast to 2023"
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Automotive application to hold largest size of
smart mirror market by 2018 The smart mirror
market is segmented on the basis of application
into automotive, hospitality and retail, and
others others include smart homes and healthcare
applications. 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. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id71622395 Automotive smart mirror
market for exterior mirror to grow at higher CAGR
during 20182023 Exterior mirrors, or outer
rear-view mirrors, are mounted on the outer body
of the vehicle to get rear-view images of the
traffic on both sides of vehicles. Generally, the
passenger cars are installed with 2 outer mirrors
one on each side of the vehicle. 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.
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Market for software component to grow at highest
CAGR from 2018 to 2023 Software is an essential
part of any smart mirror used in hospitality and
retail, and healthcare and smart home
applications. The software is used to display any
information on the mirror screen. The information
to be displayed varies according to the use of
the mirror. The data required for displaying this
information is sourced from various data sources.
The predicted highest growth of the market for
software for the said applications is attributed
to the large adoption of AR-based mirrors in the
hospitality and retail sectors. The advancement
of the features such as 3D modeling is likely to
result in the higher growth of the market for
software during the forecast period. Request
Free Sample Pages https//www.marketsandmarkets.c
om/requestsampleNew.asp?id71622395 Europe to
hold largest share of automotive smart mirror
market by 2018 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 automotive OEMs in
Europe are focused on developing new technologies
to meet the increased demand for advanced
features and increasingly stringent safety norms.
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• Major players in the smart mirror market are
  Gentex (US), Magna (Canada), Electric Mirror
  (US), Seura (US), Murakami Kaimeido (Japan),
  Ficosa (Spain), ALKE (Belgium), Ad Notam
  (Germany), Dension (Hungary), and Keonn (Spain).
• Recent Developments
• In September 2017, Magna opened an engineering
  center in China. The new center is expected to
  generate up to 100 new jobs, employing several
  highly skilled engineers. The facility is also
  expected to feature an innovation showroom where
  customers will be able to see and interact with
  Magnas latest technologies.
• In October 2016, Ficosa opened a plant in
  Tennessee (US). The new plant is equipped with
  the latest technology-based equipment, becoming
  the groups most advanced production center.
• In August 2016, Murakami in cooperation with
  Foshan Murakami (China) established a new plant
  in Guangdong, China. The production of rear-view
  mirrors is expected to begin at the new
  manufacturing facility by early 2018. With the
  new establishment, the company is expected to
  increase its production capacity by 50.
• In January 2016, Gentex expanded its facility in
  Erlenbach, Germany, by 50,000 ft2. The expansion
  was worth USD 6 million.
• In August 2016, Magna announced the investment of
  USD 16 million to expand its Magna Mirror Systems
  Monterrey plant (Mexico). The expansion will add
  an additional 55,000 ft2 to its existing 80,000
  ft2 facility and introduce an automated paint
  line, an assembly line, and an injection molding
  section.

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