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.

Market Overview

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

  1. 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.

  1. 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.

Statistics:

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

Smart Mirror  | Coherent Market Insights

Market Dynamics- Restraint

  1. 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.

  1. 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.

Market Opportunities

  1. 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.

  1. 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

Smart Mirror  | Coherent Market Insights

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.

Market Trends

  1. 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.

  1. 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.

Regulations

Europe

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.

Competitive Section

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 Developments

  1. 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.
  2. 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.

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.

Market Dynamics

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. 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.

Market Taxonomy

This report segments the Global Smart Mirror Market on the basis of Component, Application and Region. On the basis of Component, Global Smart Mirror Market is segmented into Displays, Camera, Sensors and Others (Mic, Speaker, Other communication devices. On the basis of Application, the Global Smart Mirror Market is segmented into Automotive, Consumer & Residential, Healthcare and Retail Sector & advertising. On the basis of region, Global Smart Mirror Market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

Key features of the study:

  • This report provides an in-depth analysis of the Global Smart Mirror Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2020-2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Smart Mirror Market based on the following parameters – regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • Key companies covered in the Global Smart Mirror Market includes Panasonic Corporation, Gentex Corporation, Samsung Electronics Co., Ltd., Magna International Inc., Tech2O, Pro Display, ad notam AG, Evervue, Murakami Kaimeido, and Perseus Mirrors.
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
  • The global Smart Mirror market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Smart Mirror Market

Detailed Segmentation:

  • Global Smart Mirror Market, By Component:
    • Displays
    • Camera
    • Sensors
    • Others
      • Mic, Speaker, Other communication devices
  • Global Smart Mirror Market, By Application:
    • Automotive
    • Consumer & Residential
    • Healthcare
    • Retail Sector & advertising
  • Global Smart Mirror Market, By Region:
    • North America
    • Latin America
    • Europe
    • Asia Pacific
    • Middle East and Africa
  • Company Profiles
    • ad notam AG
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Evervue
    • Gentex Corporation
    • Magna International Inc.
    • Murakami Kaimeido
    • Panasonic Corporation
    • Perseus Mirrors.
    • Pro Display
    • Samsung Electronics Co., Ltd.
    • Tech2O

Browse all the market data tables and figures on “Global Smart Mirror Market - Forecast to 2027”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, BY Component
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Application Trend
    • Merger and Acquisitions
    • New system Launch/Approvals
  4. Global Smart Mirror Market, BY Component, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Component Trends
    • Displays
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Camera
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Sensors
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
        • Mic, Speaker, Other communication devices
  5. Global Smart Mirror Market, By Application, 2017-2027 (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Component Trends
    • Automotive
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Consumer & Residential
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
    • Retail Sector & advertising
      • Introduction
      • Market Size and Forecast, 2020–2027, (US$ Million)
  6. Global Smart Mirror Market, By Region, 2017-2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, Component, 2020–2027(US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, Component, 2020–2027(US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, Component, 2020–2027(US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, Component, 2020–2027(US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, Component, 2020–2027(US$ Million)
      • Market Size and Forecast, By Application, 2020–2027 (US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa
  7. Competitive Landscape
    • Company Profiles
      • ad notam AG
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Evervue
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Gentex Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Magna International Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Murakami Kaimeido
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Panasonic Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Perseus Mirrors.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Pro Display
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Samsung Electronics Co., Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Tech2O
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse market data tables and figures on “Global Smart Mirror Market -forecast to 2027”.

Frequently Asked Questions

The global market for Smart Mirror is expected to reach USD 864.3 Million by 2022.
Favorable government regulatory policies are expected to drive growth of the global smart mirror market during the forecast period
Displays sub-segment holds the largest market share among Component segment contributing 43.1% market share in terms of value in 2019.
Europe region hold the largest share in the global Smart Mirror market in 2019, accounting for 38.2% share in terms of value.
Key players operating 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.
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