New York, USA, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global smart mirror market is anticipated to generate a significant revenue of $4,415.4 million at a CAGR of 9.5% during the forecast period, 2019-2026.
The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: Rising popularity of smart technologies among the new-age population is one of the major factors enhancing the growth of the global smart mirror market during the forecast period. The most attractive feature of a smart mirror is that it enables the user to display the necessary information without unlocking the smartphone. Smart mirrors can be used for both residential and commercial purposes. Apart from these, smart mirrors are also redefining the automotive industry with its many beneficial smart features. These are the factors enhancing the growth of the market during the forecast period.
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Restraint: Apart from being highly-expensive, smart mirrors save the user’s personal information automatically. These are the factors hampering the growth of the market during the forecast period.
Key Segments of the Market
The report has divided the market into different categories based on component, end-use, and regional insights.
Component: Hardware Sub-Segment Expected to be the Most Lucrative
Hardware sub-segment recorded a revenue of $1,301.5 million in 2018, and is further expected to generate the highest revenue growing at a CAGR of 8.7% in upcoming years. Hardware is used extensively to perform essential functions such as image processing, voice inputs, and power consumption. This is the main factor fueling the growth of the market segment during the analysis period.
End-Use: Hospitality Sub-Segment Expected to be the Most Profitable
The hospitality sub-segment accounted for $349.5 million in 2018 and is further predicted to grow at a CAGR of 9.7% during the analysis period. Hospitality sector including hotels, restaurants, and resorts are using smart mirrors one of their main attractions for their customers. Smart mirrors offer customers an elevated experience by enabling voice command, 2 way messaging, and other features.
Regional Insight: Europe Expected to Dominate the Market
Europe generated the highest revenue in 2018 and further estimated to continue its dominance by garnering a revenue of $1,558.0 million by the end of 2026. Major automotive manufacturers in Europe such as Volkswagen, Ferrari, BMW, Aston Martin, and Hummer have been using smart mirror in their vehicles in order to offer smart vision and 360 degree view, and ensure the safety of the passengers. This is the major reason behind the growth of the regional market.
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Key Players & Strategies
The most prominent players of the global smart mirror market include -
- Ficosa (Panasonic)
- Dension Inc.
- Murakami corporation
- Electric motors
- Gentex corporation
- Magna international Inc.
- Japan display Inc.
- Samsung Electronics
- Perseus motors
- Seura
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in March 2019, Ficosa, a foremost research, development, marketing, and manufacturing company focused on offering high-technology vision, connectivity, safety, and efficiency systems for the mobility and automotive industries, and Panasonic, the Japanese multinational electronics company, entered into an agreement with BMW to offer the electronic toll collection (ETC) 2.0 for the novel X5 model for their co-developed Interior rear-view mirror in Japan. The ETC 2.0 Interior rear-view mirror is equipped with an advanced built-in system for performing automatic payments of the motorway tolls.
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