The smart mirror market is expected to grow to USD 4.42 billion by 2023 from USD 2.82 billion by 2018, at a CAGR of 9.41% from 2018 to 2023. 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 are driving the smart mirror market.
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The market for hospitality and retail application is expected to grow at the highest CAGR during 2018–2023. 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 in the hospitality and retail applications is also driving the smart mirror market.
The market for the automotive smart mirrors for exterior mirrors is expected to grow at a higher CAGR from 2018 to 2023. OEMs are focusing on the addition of more features to outer mirrors, as they plan to integrate the capabilities for advanced driver assistance systems (ADAS), such as blind spot indicator and lane departure warning indicator, along with park assist.
The market for the hospitality and retail application for software component to grow at the highest CAGR from 2018 to 2023. Software is an essential part of any smart mirror used in hospitality and retail, and healthcare and smart home applications. The predicted highest growth of the market for software is attributed to the large adoption of AR-based mirrors in the hospitality and retail sectors. The advancement of the features such as 3D modelling is likely to result in the higher growth of the market for software during the forecast period.
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The automotive smart mirror market in APAC is expected to grow at the highest CAGR from 2018 to 2023. APAC is a cost-sensitive market compared to other regions. Currently, auto/self-dimming mirrors are mostly used in passenger cars. However, they are gradually becoming popular in the light-weight combat vehicles (LCVs) as well. South Korea, China, India, and Japan are the production hubs for the automotive industry in this 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.