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Jan
19

Global smart mirrors market revenue growth expected to be driven significantly by contribution from Europe market during forecast period

Global smart mirrors market revenue growth expected to be driven significantly by contribution from Europe market during forecast period

Smart mirrors are advanced mirrors, embedded with electronics such as cameras, digital displays, sensors, internet connectivity, and touchscreen option. They are gaining popularity across developed regions and are gaining traction in developing regions as well.

Rising demand for connected devices and increasing adoption of Internet of Things(IoT) are major factors driving growth of the global smart mirrors market. In addition, increasing affluent population and changing standards of living are some other factors driving growth of the global smart mirrors market. Increasing adoption in various sectors such as automotive, retail, and advertising & media are factors further propelling growth of the global smart mirrors market. Moreover, growing investment in R&D to improve product portfolio are further expected to fuel growth of the global smart mirrors market.

High implementation cost is a major factor hampering growth of the global smart mirrors market. In addition, privacy concerns and technical drawbacks such as faulty sensors etc. are further hampering adoption of smart mirrors.

Increasing demand for smart mirrors in major shopping malls, outlets, elevators, hotels, and public restrooms is current trend in the market which is expected to drive growth of the global smart mirrors market to significant extent during the forecast period. In automobile applications, smart mirrors are replacing rear-view and side-view mirrors, and offer enhanced security and safety features compared to conventional mirrors. Increasing adoption of smart mirrors by advertising and media sector for displaying products and also to gather consumer behavioral insights are factors further expected to drive growth of the global smart mirrors market.

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The global smart mirrors market is segmented on the basis of technology, application and region. On the basis of region, the global smart mirrors market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America dominates the global smart mirrors markets and accounts for XX.X% of the global revenue share. The market in North America is expected to maintain its dominance during the forecast period owing to favorable government regulations in several countries in this region. The market in Europe is expected to witness significant growth and is expected to register a CAGR of X.X%; whereas the market in Asia Pacific is projected to witness moderate growth during the forecast period.

Key players in the global smart mirrors market are Gentex Corporation, Magna International Inc., ACEP France SA, Evervue, Panasonic Corporation, Seura Solutions, Pro Display, Samsung Electronics, Keonn Technologies, S.L., and Mirrus Corporation.

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