Global Smart Mirror Market to Witness Elevated Demand in Europe till 2022

The global smart mirror market is currently at it’s a nascent stage, but is projected to witness significant growth in the near future. According to Persistence Market Research (PMR) analysis, the global smart mirror market is projected to expand at a healthy CAGR of 10.70% in terms of volume during forecast period 2016–2022. In 2014, the global smart mirror market was valued at US$ 358.0 Mn and has been estimated to account for US$ 386.8 Mn in 2015.

Read Full Report: http://www.persistencemarketresearch.com/market-research/smart-mirror-market.asp

The global smart mirror market is primarily driven by growing demand for smart mirrors for various applications. Companies operating in the global smart mirror market are focusing on enhancing their respective product portfolios by introducing smart mirror products with new and innovative features. Another key trend driving growth of the global smart mirror market is growing popularity of these mirrors among consumers that have hectic work schedules. Moreover, trends such as changing lifestyle and increasing affluent population is expected to further drive popularity of smart mirrors in the near future. Provided below are some of the segments expected to witness significant growth in the global smart mirror market during the forecast period.

Key Segments of Global Smart Mirror Market

  • Growing Demand from Consumer and Residential Segment: According to application, the global smart mirror market is segmented into retail and advertising, healthcare, consumer and residential, and automotive. The consumer and residential application segment in the global smart mirror market is anticipated to witness the highest CAGR of 12.90% during the forecasting horizon. This high demand for smart mirrors in the consumer and residential segment will significantly fuel the global smart mirror market.

  • High Demand from Automotive Segment: Although revenue from the consumer and residential segment is expected to expand at the highest CAGR during the forecast period, the automotive application segment is projected to remain dominant over the forecast period. According to PMR analysis, the automotive sector is witnessing elevated demand to replace rearview and side-view mirrors with smart mirrors.

  • Elevated Demand in Europe: On the basis of region, the global smart mirror market is classified into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa (MEA). The growing demand for smart mirrors in the European market is expected to drive the overall global market substantially. In 2015, Europe was estimated to lead the global smart mirror market and held a value share of 40% in the global smart mirror market. Europe is projected to expand at a notable 11.10% CAGR in the global smart mirrors market during the forecast period.

Even though the global smart mirrors market will benefit from the aforesaid key trends, the market will be suppressed by the high implementation cost of smart mirrors. Further to this, the global smart mirrors market will also be challenged by the lack of awareness of this technology among people regarding.

Get Sample Report: http://www.persistencemarketresearch.com/samples/3733

Nevertheless, the increasing R&D initiatives by various players in the global smart mirrors market is expected to significantly drive growth of the global smart mirrors market. Key players in the global smart mirrors market are increasingly adopting mergers and acquisitions as a strategy to drive their research capabilities. Some key players operating in the global smart mirrors market are Toshiba Corporation, Panasonic Corporation, Samsung Electronics, Evervue, Pro Display, and Magna International.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s