The smart mirror market was valued at USD 1.96 billion in 2017 and projected to reach USD 4.42 billion by 2023, at a CAGR of 9.41% during the forecast period.

Major drivers for the growth of market are 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 market, and new and innovative features of smart mirrors.

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The market for the automotive connected mirrors is expected to grow at a higher CAGR from 2018 to 2023. A connected smart mirror is integrated with various other features to ensure safety and convenience to the drivers while driving. Connected mirrors feature temperature display, Bluetooth and hands-free connectivity, navigation, microphone, and automatic garage openers, among others. These features enhance driver convenience and are easy to operate. Due to these features, the demand for connected mirrors is increasing rapidly.

Europe is a leading the automotive smart mirror market in terms of market share. The automotive market in APAC is expected to grow at the highest CAGR from 2018 to 2023. The projected growth of the market in APAC can be attributed to the increasing adoption of smart mirrors due to the rise in the production of luxury and premium cars in the Indian and Chinese automotive markets. Other the factors contributing to the growth of the automotive market include the falling prices of camera technology and increasing demand for advanced features in mirrors for vehicles.

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Major players in the smart mirror market are Gentex (US), Magna (Canada), Electric Mirror (US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), ad Notam (Germany), Dension (Hungary), and Keonn (Spain). These players have adopted strategies such as product launch, product developments, collaborations, agreements, and acquisitions to cater to the needs of customers.

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