Smart Mirror Market

Market Leadership - Smart Mirror Market

The smart mirror market is expected to grow from USD 2.82 billion in 2018 to USD 4.42 billion by 2023, at a CAGR of 9.41% during 2018–2023. 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.

The key players in the smart mirror market are increasingly adopting the product launch strategy to grow in the market. As per the present scenario, major companies in the smart mirror market are significantly investing in R&D. Gentex (US), Magna (Canada), Electric Mirror (US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), Ad Notam (Germany), Dension (Hungary), and Keonn (Spain) provides smart mirror worldwide.

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Gentex (US) ranked first in the smart mirror market in 2017. Gentex is a global electronics company that designs, develops, manufactures, and markets electro-optical products for the automotive, commercial building, and aircraft industries. Gentex offers interior and exterior electrochromic automatic-dimming rearview mirrors and automotive electronics under the Automotive Products segment. Gentex is constantly working to identify new opportunities within as well as around its traditional markets. The company has adopted both organic as well as inorganic growth strategies such as expansion, product development, acquisitions, partnerships, and collaborations to stay ahead of its competitors. For instance, in January 2017, Gentex launched biometric authentication system for the automotive use. The entire system is discretely integrated into a Gentex automatic-dimming rearview mirror and related windscreen mount. Also, in January 2016, the company expanded its facility in Erlenbach, Germany, by 50,000 ft2; the expansion was worth ~USD 6 million.

Magna (Canada) 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 company engages in the design, engineering, and manufacturing of vision systems, and electronic components and subsystems. Magna strives to grow in smart mirror market with expansion and product developments. 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. Moreover, in September 2015, 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.

Related Reports:

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

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Report Code
SE 6557
RI Published ON
8/27/2018
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