Smart Mirror Market

Smart Mirror Market Outlook (2023-2033)

The smart mirror market is estimated to be valued at US$ 3,580.8 Mn in 2023, and by the end of 2033, it is projected to have grown to US$ 23,243.3 Mn. The smart mirror market is predicted to grow at a CAGR of 20.6% from 2023 to 2033.

Due to the rising need for smart mirrors in offices and commercial spaces, smart mirrors-also referred to as interactive mirrors, mirror TVs, and magic mirrors-are expanding quickly. The retail sector's increasing usage of smart mirrors to enhance the consumer experience is propelling the expansion of the sector. Throughout the projected period, it is anticipated that this trend will continue to play a significant role in boosting product demand.

Smart rear view mirrors are being used more and more to improve safety in cars and simplify camera systems. They provide a platform for customers to sample new garments, verify the sizes or varieties of clothes in a store, and post information about worn clothes on social networking platforms. Intelligent rear view mirrors for automobile use can function regularly.

Smart mirror technology is costly in both manufacturing and installation compared to the conventional mirrors. This is because the device has expensive parts installed, like sensors, cameras, a networking system, and a display, which raises the cost of buying smart mirrors and limits the size of the worldwide market.

The smart mirror market was valued at US$ 3,014.2 Mn in 2022. In terms of the regional market landscape, the market in North America held a leading market share of 26.2% in the global landscape in 2022 and is expected to retain its leading position throughout the forecast period. Meanwhile, demand for smart mirror in the Europe region will hold around 19.1% of the market in 2022.

What Challenges will Restrict Growth of Smart Mirror Market?

“Lack of Awareness About Smart Mirrors”

The smart mirror is a new idea for both the market and the end customers. In the next years, mirrors are projected to experience a rise in popularity due to the rising use of these mirrors in the automotive industries. Because smart mirrors are so expensive and the main corporations are providing fresh developments and innovations in this field, their adoption is only available to high-end consumers. They might not be prepared to invest. A significant obstacle to the growth of the smart mirror industry is the lack of consumer awareness and the high cost of these mirrors.

• In January 2022, Séura solutions launched vanity mirrors for every category to match every lifestyle. Séura vanity mirrors are tailor made and expertly crafted for a entirely personalized reflection.
• In May 2021, Gentex Corporation teamed up with Volkswagen, a motor vehicle manufacturer. Under this collaboration, Gentex would provide its bluetooth-enabled automatic-dimming mirror with home link integrated buttons with the capability to operate a wide range of radio frequency (rf) and cloud-based smart home devices.

In U.S. What Trends Are Influencing the Smart Mirror Market?

“Increasing adoption of smart mirrors”

The U.S. is the most lucrative market for smart mirror in the North American region and is expected to maintain this position across the forecast period as well. The demand for smart mirror in this country is witnessing significant development in the market in retail sector; the main trends that influence the market for smart mirrors are the prominence of fashion, makeup, and eyewear in the retail sector.

In 2022, the U.S. smart mirror market helped the country to account for a dominant share of 12.4% in the global marketplace.

What safety features within cars will drive demand across South Korea?

“Convex Mirror Replacement for Improved Safety Features in Cars”

Demand for smart mirror market in Korea is also anticipated to rise due to the influence of similar prospects. The autos with smart mirrors fitted plays a very important role in comfort and safety while driving the cars. The electro chromatic auto dimming mirror found in high end vehicle smart mirrors reduces driver eye strain and fatigue while improving the visibility in low light condition. By offering better rear view images that support drivers to make safe decisions while driving, these mirrors provide safety in cars. The Smart mirrors have the competency to detect & alert users to move the objects in automatically correcting camera distortion in them.

Why Germany is a Lucrative market for Smart Mirrors?

“Germany Can Act as A Strong Market Place for Smart Mirrors Because of Economic Prosperity and Strong Presence of Automotive Industry”

Germany is one of the most economically prosperous countries in the Europe well as one of the most populated due to this, the presence of high end consumers that could afford smart mirror technology are in good numbers in this country. The use of smart mirrors in automobile and retail sector is estimated to be in promising numbers because of the technological advancement in this nation.

Due to these reasons smart mirror market in Germany held the market share of 8.9% in 2022.

Category-wise Insights

Why Camera Show Lucrative Growth in Smart Mirror Market?

Based on component, the market is segmented into the Sensors, Displays, Camera, Others (Mic, Speaker, and Communication devices) segment as well. In 2022, camera accounted for 29.70% of the global market share and are expected to maintain their position over the next ten years. The camera deliver interactive care with real time video. It is capable of investigating skin conditions, scanning age spots and fine lines using high definition cameras and proposing offers methods and products to keep the skin hydrated.

Thus, this would improve the overall quality of smart mirror products, enabling the market share to be held by this industry by a wide margin.

In Application Segment Retail Sector and Advertising holds the largest market share?

The market is divided into automotive sector, consumer & residential, healthcare, retail sector and advertising. The retail sector and advertising accounted for 29.8% of the global market share and is expected to hold that position over the next ten years. The high-end apparel accessories stores and focusing on conventional mirrors with smart mirrors in trial rooms. It enable the buyers to virtually see themselves wearing the product to see without physically doing. These mirrors are fitted with high-quality sensors with accurate scanning the buyer’s physical attributes and then duplicating the same dimensions on the screen in a virtual reflection. So the retail and advertising sector hold the largest market share.

Competitive Landscape

Major smart mirror companies are collaborating and partnering with other organizations to provide more efficient component.

• In September 2021, Gentex Corporation acquired Israeli start-up Guardian Optical Technologies a pioneer in multimodal sensor technology designed to provide a comprehensive suite of driver and cabin monitoring solutions.
• In June 2020, Lulu lemon Athletica, a Canadian apparel company acquired in home fitness company Mirror to provide wall mounted mirror technology based on demand fitness training sessions to the household users.

Recent developments related to key players providing smart mirror market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Business Transcription Industry Report Scope

Key Segments of Smart Mirror Market Industry Research

By Component:

• Sensors
• Displays
• Camera
• Others (Mic, Speaker, and Communication devices)

By Application:

• Automotive Sector
• Consumer & Residential
• Healthcare
• Retail Sector & Advertising

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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