The Global Smart Mirror Market, By Component (Displays, Camera, Sensors and Others (Mic, Speaker, Other communication devices)), By Application (Automotive, Consumer & Residential, Healthcare and Retail Sector & advertising) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 1,578.3 Million by 2027, exhibiting a CAGR of 12.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Smart mirrors are high functioning advanced mirrors manufactured with incorporation of embedded electronics such as sensors, cameras, and displays. Camera display mirrors in automobiles provide a clear and broad view of the sides of the vehicle on a 4.3” LCD display in all types of weather conditions. Smart mirrors are used in kitchen TVs and bathroom TVs are interactive mirror TVs that simultaneously doubles as a mirror and television with Internet connectivity. There are numerous applications of smart mirrors including automotive, healthcare and medical, and retail sectors, for commercial and residential consumers, and advertising purposes.
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.
Growing demand for smart mirrors from key sectors is expected to boost the global smart mirror market during the forecast period
Advancements and new product addition are expanding application area for smart mirrors. For instance, it is currently used in the embryonic stage is modern trade. Many online platforms are incorporating smart mirrors, in order to remain competitive in the market. Moreover, modern trade operators are installing smart mirrors in stores to attract customers and improve their sales. A number of automotive manufacturers are adopting smart mirrors in their vehicles, in order to provide safe and easy driving experience to their customers. Apart from automobile and retail sector, smart mirror is being adopted in healthcare sector also and in the near future. Hence, these factors are expected to propel the global smart mirror market growth over the forecast period.
Constantly changing lifestyle and increasingly busy work schedule can provide lucrative business opportunities
Bathroom TV and kitchen TV products offer features such as Internet connectivity, HD picture quality, and better sound quality as compared to conventional TVs, apart from being waterproof and more durable. These products are witnessing increasing demand from individuals owing to changing lifestyle, highly bust work schedules, and increasing affluent population. Furthermore, working personnel are finding challenging to remain up-to-date with regular news and entertainment, which results in adoption of products that enable multi-tasking. Advancements in technology are expected to result in price reduction and further rise in demands for products across the globe.
Concerns regarding privacy issues are expected to hamper the global smart mirror market growth over the forecast period
There are many privacy concerns regarding smart mirrors, especially related to privacy of home. Since smart mirrors are equipped with camera and internet connectivity and used in washrooms and bathrooms, there are concerns regarding data breach, hacking, and unauthorized access. Thus, these factors are expected to hinder the global smart mirror market growth over the forecast period.
Growing support from government to install rearview smart mirrors
According to the National Highway Traffic Safety Administration (NHTSA), around 55–60 lives in the U.S. could be saved each year, if on-road vehicles in the country are equipped with rear-view smart vision systems. Furthermore, in March 2014, NHTSA passed a rule mandating vehicles weighing under one ton in the U.S. be fitted with a rear-view smart vision system with a standard field of view being 10-foot by 20-foot, directly behind the vehicle. This rule would be effective by May 1, 2018.
Growing consumer inclination towards residential smart mirror application
Consumers in North America are techno-savvy and are increasingly adopting smart mirrors for various applications including kitchen TV, bathroom TV, smart interactive mirror, etc. in healthcare and other sectors. Mirror TV with Internet connectivity ensures that consumers can conveniently follow or catch up with global news and live sport events
Increasing demand from retail sector
Smart mirror virtual dressing rooms are resulting in increased sales in clothing and accessories retail stores in countries in various regions across the globe. Consumer preferences are constantly changing with majority of consumers shifting towards virtual dressing rooms instead of conventional ones to explore shopping options. Furthermore, upscale retailers are adopting smart mirror technology to catch to drive brand image and gain a competitive advantage. For instance, in 2011, Billabong, a Brazil-based sportswear store adopted a smart mirror dressing room, resulting in attracting a large number of visitors.
Smart mirror for intelligent home environment
Rising preference for intelligent homes in Latin American countries is boosting the demand for smart mirrors. Smart mirrors are being adopted in various applications such as smart homes and the trend is expected to continue during the forecast period. Ambient homes with smart mirrors allow residents to interact with or control household smart appliances and also to safely access personalized services using facial recognition technology, which identifies and authenticates the identity of the user before allowing access.
Korea: The Korean regulation on rearview mirrors, Article 50 outlines rearview mirror requirements for a range of vehicles. Article 50 requires a flat or convex exterior mirror mounted on the driver’s side for passenger vehicles and buses with less than 10 passengers. For buses, cargo vehicles, and special motor vehicles, flat or convex rear-view mirrors are required on both sides of the vehicle. Article 50 does not address rear-mounted convex mirrors and rearview video systems, therefore these devices are allowed, but not required under the standard.
JAPAN: As per Japanese regulation, Article 44, provides a performance-based requirement of rearview mirrors. For light vehicles, rearview mirrors must be present that enable drivers to check the traffic situation around the left-hand lane edge and behind the vehicle from the driver’s seat. The regulation requires that the driver be able to visually confirm the presence of a cylindrical object 1 m high and 0.3 m in diameter (equivalent to a 6-year-old child) adjacent to the front of the left-hand side of the vehicle (or the right-hand side in the case of a left-hand drive vehicle), either directly or indirectly via mirrors, screens, or similar devices.”
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 involved in product launches, in order to enhance the product portfolio. For instance, in January 2019, Gentex Corporation introduced dimmable glass in a vehicle-like setting.