Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Mirrors Market by Offering (Hardware, Software, Services), Installation Type (Wall Mounted, Free-Styled), Application (Automotive, Healthcare, Residential, Retail, Media & Entertainment, Corporate) and Geography - Global Forecast to 2030.’
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The global smart mirrors market is projected to reach $8.85 billion by 2030, at a CAGR of 16.4% from 2023 to 2030. The growth of this market is attributed to smart mirrors being an alternative to convex mirrors for enhanced safety features in the automobile sector, the rising need for home security, and the shift of the retail industry from traditional to digital. However, security breach of confidential and personal data restrains market growth. The growing Industry 4.0 adoption to offer lucrative opportunities and untapped potential in the Asia-Pacific region is expected to create significant opportunities for this market. However, a lack of awareness about smart mirrors and higher cost than ordinary mirrors pose challenges to market growth.
The global smart mirrors market is segmented by offering, installation type, application, and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Players
The key players profiled in the global smart mirrors market study include Japan Display Inc. (Japan), Gentex Corporation (U.S.), Magna International Inc. (Canada), Harman International Industries, Incorporated (U.S.), Murakami Corporation (Japan), Ficosa Internacional SA (Spain), Mirrocool, Inc. (U.S.), Electric Mirror, Inc. (U.S.), ad notam AG (Germany), Dirror (Germany), Seymour Powell Limited (U.K.), Alke (Italy), HILO Solutions, Inc. (Canada), Evervue USA Inc. (U.S.) and Séura (U.S.).
Based on offering, the global smart mirrors market is segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global smart mirrors market. The hardware segment includes displays, cameras, and sensors, along with connectivity and audio components, which form a major share of the cost of the complete smart mirror system. The smart mirror offers a platform for shoppers to try on new clothes, check the sizes or varieties of clothes in a store, and share information related to the tried clothes on social media platforms. Smart rear-view mirrors are being increasingly utilized to enhance safety in cars and reduce complications of camera systems. Smart rear-view mirrors for automotive applications can work normally even in the event of poor weather conditions with minimum obstructions to drivers. Unlike conventional mirrors, electric mirrors utilized in vehicles have the features of auto-adjusting their displays under different light intensities and thus provide better assistance to drivers under all weather conditions. These features make mirror technology irreplaceable. As automotive and retail continue to grow, this will create lucrative opportunities for smart mirror hardware in the coming years.
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Based on installation type, the global smart mirrors market is segmented into wall-mounted and free-styled. In 2023, the wall-mounted segment is expected to account for the larger share of the global smart mirrors market. The growing consumer preference for wall-mounted smart mirrors over free-standing mirrors is influencing the growth of the segment. Free-standing mirrors are more likely to fall or topple over, whereas wall-mounted mirrors are significantly less likely to do so. Furthermore, as smart mirrors are more expensive than regular mirrors, buyers are more cautious about choosing wall-mounted smart mirrors. These are installed on the wall, saving space by freeing up the floor area and improving the overall appearance of a room. Such mirrors are space-saving alternatives, thereby, demand for wall-mounted smart mirrors is gaining traction.
Based on application, the global smart mirrors market is segmented into automotive, healthcare, residential, hospitality, retail, media & entertainment, corporate, and other applications. In 2023, the retail segment is expected to account for the largest share of the smart mirrors market. The large share of the segment is attributed to their ability to enhance customer experiences, improve engagement, and provide valuable data for businesses. These devices offer various functionalities that cater to different industries, transforming the way businesses interact with customers. In the retail sector, smart mirrors are used in stores to create interactive and immersive shopping experiences, enabling customers to virtually try on clothing, accessories, and makeup. This technology enhances customer convenience, reduces return rates, and boosts sales. Thereby, the potential growth of the retail sector is likely to create lucrative opportunities for the segment in the coming years.
Based on geography, the global smart mirrors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the smart mirrors market. The large share of this market is attributed to the customers' awareness of AI developments and its application in smart mirrors. As of present, integrating smart speakers such as Alexa into these mirrors increases their popularity at residencies across North America. Moreover, growing investments, strategic developments, and increasing new entrants in the market space are driving the market growth. As technology advances, smart mirrors are likely to offer even more novel capabilities and become more widespread in people's daily lives.
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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of offering, installation type, application, and geography?
• What is the historical market size for smart mirrors across the globe?
• What are the market forecasts and estimates for the period 2023–2030?
• What are the major drivers, opportunities, and challenges in the global smart mirrors market?
• Who are the major players in the market, and what are their market shares?
• What is the competitive landscape like for the global smart mirrors market?
• What are the recent developments in the global smart mirrors market?
• What are the different strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global smart mirrors market, and how do they compete with other players?
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