Increasing energy consumption regulation to spur smart glasses, mirror demand in automotive sector
Latest report by ResearchAndMarkets.com’s has revealed that increasing energy consumption regulation will spur smart glasses, mirror demand in automotive sector.
According to the report, the global smart glass/mirror in automotive market value stood at $1,159.3 million in 2018 and projected to reach $2,752 million by 2027, witnessing a Compound annual growth rate (CAGR) of 10.2 per cent during the forecast from 2019 to 2027.
The automotive industry is one of the important sectors that has espoused several advanced technologies to transform the standard of the living, smart mirror is one of them. Its changeable light transmission property with changing voltage, heat, and light has made it more lucrative in the automotive world.
This feature also helps in achieving government standards for energy saving by reducing heating cost, lightning, and air-conditioning costs.
For instance, in June 2019, the Council on Fuel Efficiency Standards for Passenger Vehicles set new energy standards and targets for passenger vehicles under which they are required to improve their fuel efficiency by 32.4 per cent from the financial year 2016 sales performance. In the wake of the same, the automotive industry is facing a paradigm shift towards smart mirrors and glasses from normal glasses.
Leading manufacturers in the smart glass or mirror in the automotive market are mainly focused on the new technology expansion. For instance, the integration of smart glasses with embedded intelligence can open up new opportunities for market players and new entrants.
Gentex Corporation, one of the leading manufacturers of the smart glass, also believes in the embedded intelligence to boost the smart glass demand in the near future.
In December 2019, Gauzy Ltd., an Israel-based company extended its production facility in Stuttgart, Germany. The new state-of-the-art production facility is completely dedicated to the SPD smart glasses. Also in January 8, 2019, Gentex Corporation announced to demonstrate its new dimmable glass for automotive applications at Consumer Electronic Show (CES) 2019.
Globally, the smart glass/ mirror in automotive is growing at a CAGR of 10.2 per cent for the period from 2019 to 2027.
Rear-view mirror segment leads the global smart glass/ mirror in the automotive market in the year 2018 whereas the windshield segment is expected to grow at the fastest rate. The growth is attributed to the increasing OEM adoption of passenger safety and comfort systems coupled with rising technology integration in the automotive windshields.
Europe dominated the global market in 2018 on account of significant deployment of smart glasses in the passenger and commercial vehicles.
Asia Pacific registered the highest CAGR during the forecast period coupled with this is the second major contributor in the smart automotive glasses market. The prime reason behind the escalating growth of the region is the presence of a significant consumer base for luxurious and autonomous automobiles.
The smart glass or mirror in the automotive market is penetrating rapidly in the luxury and connected cars especially in the Asia Pacific region.
A connected mirror is projected to witness magnificent growth during the forecast period owing to the rapidly changing trends from traditional to IoT connected devices.
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