During the forecast period, favourable government regulatory regulations are anticipated to fuel market expansion for smart mirrors. Many governments have increased their attention to traffic incidents brought on by vehicles backing up. They are now moving forward with the installation of intelligent rear vision systems for vehicles. For instance, the U.S. mandated that all new, sub-ton vehicles built on or after March 31, 2018, must have rear visibility technology. Intriguingly, the Russian government has mandated that all new automobiles come with rear cameras so that drivers may quickly reverse. Thus, during the anticipated period, these variables are anticipated to fuel market expansion. Given that consumers today want to be both socially active and technologically updated, manufacturers are concentrating on meeting this desire. As a result, social media networks are integrated into smart mirrors, which update users on the latest news, weather, and traffic information. As a result, these elements are anticipated to fuel the expansion of the worldwide smart mirror market over the forecast period.
Coherent Market Insights projects thatIn terms of value and volume, the global market for Smart Mirrors was valued at US$ 641.0 Mn in 2019 and consisted of 2,337 thousand units. From 2020 to 2027, this market is projected to develop at a CAGR of 12.8%.
Leading Companies in the Smart Mirror Industry:
1. Panasonic Corporation
The business was started in 1918 and is located in Kadoma, Osaka, Japan. Appliances are developed, designed, produced, and distributed by Panasonic Holdings Corporation. Panasonic bought a 20% share in Blue Yonder for 86 billion yen in 2020 and announced in March 2021 that it will buy the company for US$6.45 billion.
2. Gentex Corporation
The company was started in 1974 and is based in Zeeland, Michigan, United States. Electro-optic products are designed, produced, and sold by Gentex Corporation. As of 2020, Gentex is developing sensor devices for use in automobiles and other types of vehicles to continuously sample the air for smoke, vapour from vaping, and other airborne toxins.
3. Samsung Electronics Co., Ltd.
The firm was established in 1969 and has its main office in Suwon, South Korea. The company produces a variety of electrical items and equipment for both consumers and businesses. Samsung Electronics announced the union of its mobile and consumer electronics businesses on December 7th, 2021. Samsung declared on November 24, 2021, that Taylor, Texas would become the site of a brand-new semiconductor manufacturing facility.
4. Magna International Inc.
The company was founded in 1957 and is based in Aurora, Canada. The company sells fuel systems, lights, seating, and transmissions in addition to body exteriors and chassis constructions. It was revealed in December 2022 that Magna had paid SSW Partners $1.52 billion USD to acquire the Veoneer Active Safety division, which has its headquarters in Stockholm.
5. Pro Display
The company was started in 2019 and is based in Barnsley, Gloucestershire, United Kingdom. Pro Display is a globally recognised producer of projection screens, mirror TVs, transparent OLEDs, and smart glass. Based on an LG display, Apple developed the 32-inch flat panel computer monitor known as the Pro Display XDR.
6. Evervue
The business was started in 2001 and is based in Newport, Newport, United Kingdom. Bathroom TVs, TV Mirrors, Outdoor TVs, Kitchen TVs and Lighted Bathroom Mirrors are just a few of the unique products that Evervue designs, produces and promotes. The revolutionary illuminated mirrors with Philips LED technology will be released by Grand MirrorsTM in April 2023.
7. Murakami Kaimeido
The company was founded in 1882 and has its main office in Japan. As the leading domestic manufacturer of automotive rearview mirrors, Murakami Corporation helps to ensure the safety, security, and comfort of people everywhere. The business first produced glass plates and metallic furniture accessories for use in various construction projects.
Definition: A smart mirror is a highly advanced mirror that incorporates integrated electronics including sensors, cameras, and displays into its construction. Smart mirrors are equipped with a range of features, such as touchscreen use and internet connectivity.
