Report: Smart Mirrors to Witness High Adoption By 2022
Dec. 19, 2016—Smart mirrors, advanced mirrors manufactured by integration of embedded electronics such as displays, cameras and sensors, are expected to see high adoption by 2022, according to a recent report by Reportbuyer.
In the automotive sector, the smart mirror is gaining popularity across developed regions. Smart mirrors are starting to replace rear-view and side-view mirrors, providing perceived safety measures when compared to conventional mirrors. Key players identified in the global smart-mirror market include Gentex Corporation, Magna International Inc., Pro Display, Evervue, among others.
The global smart-mirror market is being driven by factors such as increasing demand in areas such as government regulations mandating installation of camera-display mirrors in light vehicles.
By application, the consumer and residential segment of this product is expected to expand at the highest compound annual growth rate (CAGR) of 12.9 percent over 2016-2022, due to increasing adoption of new technologies in the smart-mirror industry. Among all global regions, Europe has been estimated to boast over 40-percent market share in 2015; This is mainly attributed to the introduction of favorable governmental regulations in several countries on that continent. The smart-mirror markets in North America are expected to expand at highest CAGR during the forecast period.