Global Smart Mirror Market, By Component (Displays, Camera, Sensors, and Others) By Application (Automotive, Consumer & Residential, Healthcare, and Retail) and by Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Forecast to 2030 is expected to be valued at US$ 2,684.9 million by 2030, exhibiting a CAGR of 15.3% during the forecast period (2023-2030), as highlighted in a report published by Coherent Market Insights.
The smart mirror market is propelled by the rising demand from the automotive, healthcare, and retail sectors. Smart mirrors, embedded with sensors, displays, and cameras, possess the capability to display digital content and interact with users through gestures and commands. These mirrors offer diverse functionalities, including personalized healthcare tracking, virtual clothing and cosmetic trials, and in-vehicle entertainment, and safety features. The increasing prevalence of connected devices and the widespread embrace of Internet of Things (IoT) technology stand out as pivotal factors driving the growth of the global smart mirror market.
The global smart mirror market was valued for US$ 879.6 Mn in 2022, is expected to exhibit a CAGR of 17.5% during the forecast period (2023 to 2030).
Global Smart Mirror Market - Key Developments
- In January 2020, Gentex Corporation, electronics and technology company designs and manufactures automatic-dimming rear-view mirrors, 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
- In January 2022, Seura Solutions, a vanity mirror solutions provider, launched vanity mirrors for every category to match every lifestyle. Seura Solutions vanity mirrors are tailor-made and expertly crafted for an entirely personalized reflection.
Global Smart Mirror Market - Impact of COVID-19
The COVID-19 pandemic had both short-term disruptions and long-term impacts on the smart mirror market. In the initial months of the pandemic, supply chains were disrupted due to factory shutdowns, transportation restrictions, and a shortage of components. This led to delays in production and delivery of smart mirrors. During the pandemic, consumer spending patterns shifted significantly. Many people prioritized essential items, and purchases of non-essential items like smart mirrors were deferred. Smart mirrors are often used in retail stores for virtual try-on experiences. The closure of retail stores and reduced foot traffic during lockdowns negatively affected this use case. As the pandemic emphasized health and hygiene concerns, some smart mirror manufacturers explored applications related to health monitoring, such as temperature measurement and hand hygiene reminders. The pandemic led to a surge in interest in home fitness equipment and solutions. Some smart mirrors with integrated fitness and workout features gained popularity. With more people working from home, there was a growing interest in home automation. Some smart mirrors with features like voice assistants found utility in home offices.
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Key Trends and Analysis of the Global Smart Mirror Market:
- 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, electronics manufacturer is in the process of launching its professional health and makeup advisor in the near future. This mirror will be equipped with the ability to provide a virtual preview of users’ appearance.
- The key players operating in the global smart mirror market are notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O