by Smart mirrors provide real-time information to users such as time, date, weather, and notifications from smartphone such as texts and calls to enable convenience. Growing demand for advanced feature-rich vehicle mirrors from automakers to enhance driving experience is propelling the smart mirror market. Integration with advanced driver-assistance systems and navigation assists drivers with critical information while on the move.
The global smart mirror market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The integration of smart mirrors in the automotive industry is one of the key trends driving market growth. Automakers are focused on incorporating advanced technologies to deliver premium features and improve safety. Smart mirrors enable significant functionalities such as turn-signal indicators, blind-spot detection, adaptive cruise control systems, driver monitoring, and rear-seat entertainment screens. They help reduce road accidents by alerting drivers about traffic behind and in blind spots. The real-time notification from smartphones helps drivers focus on driving and provides convenience on the go. Rising consumer preference for connected driving experience is propelling manufacturers to develop smart mirrors with enhanced capabilities.
Segment Analysis
The global smart mirror market is dominated by the automatic-dimming mirror segment. This segment accounts for over 35% of the total market share owing to its convenience in adjusting brightness and glare as per ambient light conditions. This provides drivers with greater visibility and safety on the roads. The automatic-dimming segment is followed by the self-dimming mirror and others segments including USB chargers, camera mirrors and display mirrors.
Key Takeaways
The Global Smart Mirror Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global smart mirror market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030.
Regional analysis shows that North America currently dominates the market with over 30% share owing to higher consumer spending power and adoption of cutting-edge technologies in the U.S. and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period due to rising automobile production and sales led by China, India and Southeast Asian countries.
Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O. Gentex Corporation currently leads the market with over 20% share on account of its wide product portfolio and long-standing expertise in the auto-dimming mirrors segment. Other prominent players are continuously investing in R&D to develop innovative features such as gesture recognition, notifications and integration with digital assistants to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
