Smart Mirror Market Growing at the Fastest Rate in APAC Region

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MarketsandMarkets Presents

Smart Mirror Market Growing at the Fastest Rate
in APAC Region 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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The overall smart mirror market was valued at
USD 1,955.6 million in 2017 and is expected to
reach USD 4,420.8 million by 2023, at a CAGR of
9.41 between 2018 and 2023. Key Market
Players Gentex (US), Magna (Canada), Electric
Mirror (US), Seura (US), Murakami Kaimeido
(Japan), Ficosa (Spain), ALKE (Belgium). Ad Notam
(Germany), Dension (Hungary), and Keonn
(Spain). 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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By application, the hospitality and retail smart
mirror market segment is expected to grow at the
highest growth rate during the forecast
period Among the application segment, the
hospitality and retail smart mirror segment is
expected to grow at the highest CAGR during the
forecast period. Smart mirrors are often used in
the retail sector wherein retailers try to catch
the interest of potential clients and encourage
them for frequent or regular visits.
Additionally, they can display useful
information, ranging from price and size
availability to the fabric used. Smart mirrors
allow shoppers to share their shopping
experiences on social media. The increasing
adoption rate of smart mirrors in North America
and Europe for the hospitality and retail sectors
is also driving the smart mirror market. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id71622395 By type, the interior
mirror holds the largest share of the automotive
smart mirror market The interior mirror segment
is expected to hold the largest market share. The
automotive market for the interior smart mirror
was valued at USD 1,249.7 million in 2017 and is
expected to reach USD 2,432.1 million by 2023, at
a CAGR of 6.05 during the forecast period. At
present, the interior auto/self-dimming mirrors
are more often used in cars and light commercial
vehicles.
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APAC to account for the highest market growth
during the forecast period APAC is expected to
grow at the highest market growth in the smart
mirror market during the forecast period,
followed by the APAC region. The adoption of
advanced technologies such as smart mirrors is
projected to increase rapidly due to the increase
in the production of luxury and premium cars in
the Indian and Chinese automotive markets. Other
factors contributing to the growth of the
automotive smart mirror market include the
falling prices of camera technology and
increasing demand for advanced features in
mirrors for vehicles. APAC is a cost-sensitive
market as compared to other regions. Currently,
auto/self-dimming mirrors are mostly used in
passenger cars. Request Free Sample
Pages https//www.marketsandmarkets.com/requestsa
mpleNew.asp?id71622395 Magna (Canada) has been
ranked second in this market. The company offers
interior mirrors having features such as
auto-dimming, telematics, display, sensor
integration, Bluetooth and hands-free
connectivity, navigation, and microphone. Its
exterior mirrors include features such as
integrated cameras. The expansion of business in
non-traditional markets is an important part of
its growth strategy. The company expanded its
plant in Slovakia in October 2017. Also, in
September 2017, Magna opened an engineering
center in China.
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Opportunity Untapped market in APAC The smart
mirror market in APAC has high growth potential,
primarily driven by the strong economic growth,
rising population, and rapid urbanization in this
region. The presence of a huge customer base and
growing trend of smart homes across developed and
developing economies in APAC pose a huge
opportunity for smart mirror manufacturers.
Technological advancements in the retail sector
in Japan and South Korea have uplifted the
adoption of smart mirrors. China and Japan have a
huge demand for the smart mirror technology for
the residential application due to growth in the
smart home industry. actiMirror (Hong Kong)
offers smart mirrors using the Big Data analytics
platform. Challenge  High costs and lack of
awareness Currently, the costs of smart mirrors
are quite high. The costs increase with the
integration of features such as augmented reality
(AR) and RFID with these mirrors. A basic smart
mirror, which can display information on the
screen, costs USD 1,000. There are a few
companies which can offer smart mirrors for
higher prices, but the price depends upon the
features thus, as the number of embedded
features increase, the cost also goes up. Smart
mirrors is a comparatively new concept to
audiences belonging to different regions, and so
to the end users. With the increase in the use of
these mirrors in the automobile and retail
industry, the mirror providers are likely to
witness a surge in popularity in the upcoming
years. With the major companies worldwide working
on offering more innovative smart mirrors and
showcasing their products in a variety of tech
events, these products may seem to have a bright
future. For common people, it is still a concept.
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