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Smart Mirror Market Growing at the Fastest Rate in APAC Region

APAC is expected to grow at the highest market growth in the smart mirror market during the forecast period, followed by the APAC region. The adoption of advanced technologies such as smart mirrors is projected to increase rapidly due to the increase in the production of luxury and premium cars in the Indian and Chinese automotive markets.

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Smart Mirror Market Growing at the Fastest Rate in APAC Region

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  1. MarketsandMarkets Presents Smart Mirror Market Growing at the Fastest Rate in APAC Region Smart Mirror Market by Application (Automotive, Hospitality & Retail), Automotive Smart Mirror (Type and Functionality), Hospitality & Retail Smart Mirror (Component, Technology, and Augmented Reality), and Region - Global Forecast to 2023 https://www.marketsandmarkets.com/Market-Reports/smart-mirror-market-71622395.html

  2. The overall smart mirror market was valued at USD 1,955.6 million in 2017 and is expected to reach USD 4,420.8 million by 2023, at a CAGR of 9.41% between 2018 and 2023. Key Market Players Gentex (US), Magna (Canada), Electric Mirror (US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium). Ad Notam (Germany), Dension (Hungary), and Keonn (Spain). Browse 65 market data Tables and 43 Figures spread through 139 Pages and in-depth TOC on "Smart Mirror Market - Global Forecast to 2023"

  3. By application, the hospitality and retail smart mirror market segment is expected to grow at the highest growth rate during the forecast period Among the application segment, the hospitality and retail smart mirror segment is expected to grow at the highest CAGR during the forecast period. Smart mirrors are often used in the retail sector wherein retailers try to catch the interest of potential clients and encourage them for frequent or regular visits. Additionally, they can display useful information, ranging from price and size availability to the fabric used. Smart mirrors allow shoppers to share their shopping experiences on social media. The increasing adoption rate of smart mirrors in North America and Europe for the hospitality and retail sectors is also driving the smart mirror market. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71622395 By type, the interior mirror holds the largest share of the automotive smart mirror market The interior mirror segment is expected to hold the largest market share. The automotive market for the interior smart mirror was valued at USD 1,249.7 million in 2017 and is expected to reach USD 2,432.1 million by 2023, at a CAGR of 6.05% during the forecast period. At present, the interior auto/self-dimming mirrors are more often used in cars and light commercial vehicles.

  4. APAC to account for the highest market growth during the forecast period APAC is expected to grow at the highest market growth in the smart mirror market during the forecast period, followed by the APAC region. The adoption of advanced technologies such as smart mirrors is projected to increase rapidly due to the increase in the production of luxury and premium cars in the Indian and Chinese automotive markets. Other factors contributing to the growth of the automotive smart mirror market include the falling prices of camera technology and increasing demand for advanced features in mirrors for vehicles. APAC is a cost-sensitive market as compared to other regions. Currently, auto/self-dimming mirrors are mostly used in passenger cars. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=71622395 Magna (Canada) has been ranked second in this market. The company offers interior mirrors having features such as auto-dimming, telematics, display, sensor integration, Bluetooth and hands-free connectivity, navigation, and microphone. Its exterior mirrors include features such as integrated cameras. The expansion of business in non-traditional markets is an important part of its growth strategy. The company expanded its plant in Slovakia in October 2017. Also, in September 2017, Magna opened an engineering center in China.

  5. Opportunity: Untapped market in APAC The smart mirror market in APAC has high growth potential, primarily driven by the strong economic growth, rising population, and rapid urbanization in this region. The presence of a huge customer base and growing trend of smart homes across developed and developing economies in APAC pose a huge opportunity for smart mirror manufacturers. Technological advancements in the retail sector in Japan and South Korea have uplifted the adoption of smart mirrors. China and Japan have a huge demand for the smart mirror technology for the residential application due to growth in the smart home industry. actiMirror (Hong Kong) offers smart mirrors using the Big Data analytics platform. Challenge:  High costs and lack of awareness Currently, the costs of smart mirrors are quite high. The costs increase with the integration of features such as augmented reality (AR) and RFID with these mirrors. A basic smart mirror, which can display information on the screen, costs ~USD 1,000. There are a few companies which can offer smart mirrors for higher prices, but the price depends upon the features; thus, as the number of embedded features increase, the cost also goes up. Smart mirrors is a comparatively new concept to audiences belonging to different regions, and so to the end users. With the increase in the use of these mirrors in the automobile and retail industry, the mirror providers are likely to witness a surge in popularity in the upcoming years. With the major companies worldwide working on offering more innovative smart mirrors and showcasing their products in a variety of tech events, these products may seem to have a bright future. For common people, it is still a concept.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/smart-mirror.asp

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