The global smart mirror market size is estimated to be USD 2.7 billion in 2022 and is projected to reach USD 5.9 billion by 2027, at a CAGR of 16.8% during the forecast period.
The smart mirror market comprises many market players, including large market players and small start-ups. These companies operate worldwide and are involved in developing smart mirror solutions for end markets such as smart homes, automotive, retail, hospitality, healthcare, and others; they rely on their R&D capabilities and carry out significant product launches, resulting in their market positioning. Major players operating in the smart mirror market achieved their positions by launching new and innovative products. Various companies are deploying different strategies to excel in the smart mirror market. They are trying to broaden their revenue stream by adopting inorganic business strategies such as acquisitions, collaborations, contracts, and agreements, which have helped companies enhance their products and expand their geographic reach.
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Gentex Corporation is an American company that develops, designs, and manufactures automatic-dimming rear-view mirrors, camera-based driver assistance systems, the HomeLink Wireless Control System, and advanced technological equipment for the global automotive industry. Gentex Corporation has a vast product portfolio with respect to mirrors in automotive; the company continues to be the leading producer of automatic-dimming rear-view mirrors worldwide. Currently, it is the largest supplier to the automotive industry, with an approximate 91% market share in 2021. The company has a diversified revenue stream with a strong global sales network. Gentex Corporation focused on major acquisitions to excel in its business. The company focuses on innovating its product line to maintain its market position.
Japan Display Inc. is one of the leading providers in the display market. The company has been leading the market due to its portfolio comprising a wide range of diversified display products. The company has a strong brand name and a vast distribution network worldwide. Its business segments include major product lines such as transparent displays; displays for smartphones; tablets; notebook PCs; sensors; wearables; digital cameras; and IoT products. The company predominantly operates in Japan and has a global supply chain. The company has an established brand name in the market for smart mirrors. Its global footprint, backed by strong local capabilities, helps achieve consistent growth and results throughout the economic cycle. This also positions the company to capture profitable global growth opportunities.
Magna Mirrors, a wholly owned operating unit of Magna International, offers a variety of exterior and interior mirror systems, as well as actuators, electrochromic (EC) glass (auto-dimming), and door handle systems through manufacturing divisions and engineering facilities located in North America (US and Mexico), Europe (Austria, Germany, France, Spain, Sweden, and Slovakia), and Asia (China, Japan, and India). Magna Mirrors is a global supplier to the automotive industry and one of the largest automotive mirror and vision systems producers. It focuses on developing value-added products, including complete exterior and interior mirror systems, actuators, EC glass, and door handle systems.
Murakami Kaimeido manufactures and sells mirrors, majorly for the automotive industry. It specializes in the design and production of rear-view mirrors for automobiles and has succeeded in capturing approximately 40% of the Japanese domestic market share. The company is dominant in Japan and Asia Pacific. The company also has an operational presence in the US and Europe. PT Murakami Delloyd Indonesia, Murakami Kaimeido Conform Co. Ltd., and Murakami Express Co., Ltd. are few of the subsidiaries of the company.
Smart Mirror Market by Offering (Hardware (Displays, Sensors, Cameras), Software, Services), Application (Automotive (Interior, Exterior), Hospitality, Retail), Technology, Installation Type, Sales Channel and Region - Global Forecast to 2027
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