Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
A smart mirror refers to a highly functioning advanced mirror that is manufactured by the integration of embedded electronics such as sensors, cameras, and displays. Smart mirrors provide a number of features such as internet connectivity and touchscreen option. Memory mirror is a large display that is comprised of cameras and other devices. They are used in showrooms to try on apparel. Furthermore, smart mirrors find applications in automotive, consumer, residential, retail, advertising, and medical & healthcare sectors.
The global Smart Mirror was accounted for US$ 641.0 Mn in terms of value and 2,337 Thousand Units in terms of volume in 2019 and is expected to grow at CAGR of 12.8% for the period 2020-2027.
Market Dynamics- Drivers
- Favorable government regulatory policies are expected to drive growth of the global smart mirror market during the forecast period
Governments of many countries have become more vigilant towards road accidents caused up by backing up of vehicles. Thus, they are taking actions regarding the installation of the smart rear vision system for vehicles. For instance, the U.S. issued a rule requiring rear visibility technology in all new vehicles weighing under one ton manufactured on or after March 31, 2018. Furthermore, the Russian government curiously mandating that all new cars to be equipped with rear cameras as drivers can back up easily. Thus, these factors are expected to drive growth of the market during the forecast period.
- Growing focus on consumer demands is expected to propel the global smart mirror market growth over the forecast period
Manufacturers in the market are focused on fulfilling consumer demand since today’s demand is to be socially active and updated at the same time. Thus, smart mirrors are integrated with social media platforms and provide an update about daily news, weather forecasting, and traffic reports. Hence, these factors are expected to propel the global smart mirror market growth over the forecast period.
Europe held dominant position in the global Smart Mirror in 2019, accounting for 38.2% share in terms of value, followed by Asia Pacific and North America, respectively
Figure 1: Global Smart Mirror Share (%) in terms of Value, By Region, 2019
Market Dynamics- Restraint
- High initial implementation cost is expected to restrain growth of the global smart mirror market during the forecast period
Initial implementation cost of smart mirrors is significantly high. Various scanners and HD cameras used in smart mirrors are relatively expensive. As a result of this, many small retail stores and small-scale businesses cannot afford smart mirrors. Thus, these factors are expected to restrain growth of the global smart mirror market during the forecast period.
- Low awareness among end users is expected to hinder the global smart mirror market growth over the forecast period
There is a lack of awareness regarding benefits of smart mirrors among end users. Furthermore, this technology is currently at a nascent stage in many countries across the globe, typically in emerging and underdeveloped countries. Thus, factors are expected to restrain growth of the global smart mirror market growth over the forecast period.
- Growing demand for smart mirrors for major shopping outlets and malls can provide lucrative opportunities
Many high-end apparel accessories stores and outlets are increasingly replacing conventional mirrors with smart mirrors in trial rooms. This, in turn, will facilitate buyers to virtually view themselves wearing the product they wish to try without physically doing it so. These mirrors are installed with high-quality sensors with accurately scanning the buyer’s physical attributes and then replicating same dimensions onscreen in a virtual reflection, along with the selected apparel or accessory. For instance, in November 2015, Ralph Lauren installed a high-tech virtual fitting room, which is comprised of smart mirror from software company Labs GmbH.
- Product development can provide major business opportunities for market players
Many key players in the market are focused on enhancing their respective portfolios. These players are involved in research and development activities, in order to innovate novel products with additional features for the use across a range of application areas. For instance, in June 2015, Samsung Electronics Co., Ltd. introduced the world’s first transparent smart mirror OLED display panel for personalized shopping and informational browsing applications.
Figure 2: Global Smart Mirror Value (US$ Mn), 2017 - 2027
The global Smart Mirror was valued at US$ 641.0 Mn in 2019 and is forecast to reach a value of US$ 1,538.3 Mn by 2027 at a CAGR of 12.8% between 2020 and 2027.
- Growing use of smart mirror as a beauty tip advisor
Smart mirror manufacturers are focused on entering global consumer electronics market with a focus on the upper-middle-class demographic across the globe. Moreover, various smart mirror manufacturers are offering beauty-advising features that advice users regarding the best look that suits them such as hairstyle, beard, mustache, make-up, etc. options, and other interesting tips. For instance, Panasonic Corporation is in the process of launching its professional health and makeup advisor in the near future. This mirror will be equipped with ability to provide a virtual preview of users’ appearance.
- Rising adoption of smart mirror in healthcare sectors
Major companies in the market are focused on healthcare sector with the launch of efficient and innovative products in the near future. For instance, in January 2016, Panasonic Corporation introduced its smart mirror technology for healthcare applications, capable of analyzing skin conditions, scanning age spots and fine lines using high definition cameras and offering suggestions on methods and products to keep the skin hydrated.
Russia: Front view camera or dashboard cams are mainstays in many European countries, especially Russia, where it is used to record evidence in police corruption cases and with regard to insurance fraud, among other reasons. Russia has an entirely unique dash-cam culture, wherein vehicle accidents and mishaps are shared on social media platforms. The government is curiously mandating that all new cars be equipped with rear cameras as well so drivers can back up safely.
Major companies involved in the global smart mirror market are Panasonic Corporation, Gentex Corporation, Samsung Electronics Co., Ltd., Magna International Inc., Tech2O, Pro Display, ad notam AG, Evervue, Murakami Kaimeido, and Perseus Mirrors.
- Key players in the market are focused on partnership and collaboration, in order to enhance the market position. For instance, in January 2017, Panasonic Corporation partnered with IBM Corporation to develop cognitive personal concierge solutions, in order to enhance consumer experience while traveling.
- Major market players are involved in product launches, in order to gain a competitive edge in the market. For instance, in January 2020, Gentex Corporation introduced Full Display Mirror (FDM) with intelligent rear-vision system that uses a customer camera and mirror-integrated video display to enhance vehicle’s rearward view.