Smart Mirror Market

Smart Mirror Market Size, Growth Rate:

The Smart Mirror market is estimated at USD 2.82 billion in 2021 and is expected to grow at a CAGR rate of 9.4% to reach USD 4.42 billion in 2026.

Smart mirrors give a variety of characteristics, such as Internet connectivity, with touchscreen options available for some goods. The smart mirror industry globally is seeing considerable development, owing to the growing demand for the smart reflector in main shopping centers and public laws requiring the assembly of light engine vehicle camera screen lenses in some nations around the world. Moreover, the development of the worldwide smart mirror industry is driven largely by the popularity of clever mirrors among people whose job schedules are extremely active, their lifestyles change and the wealthy population increase.

Product Description:

A smart mirror with sensors, cameras, screens, and connectivity facilities is a sophisticated mirror. These reflections are used primarily in multiple vertical industrial sectors, such as cars, retail, housing, and healthcare. Depending on their utility, the features of smart mirrors may vary. In the housing industry, for example, people can be recognized, spoken to, and understand the practices of an individual as a component of a smart home. Smart mirrors can also be used as side view and re-examination mirrors in the automotive industry for improved safety. In addition, smart mirrors are added to offer clients with trendy costumes in the retail sector.

In the manufacturing sector, the implementation of sophisticated driver aid systems (ADAS), increased demand for connection phones and the move to electronic shops in the retail industry have become the main driving considerations of the smart mirror market. However, some variables hindering the development of the industry include elevated costs and issues concerning the confidentiality of personal data. Instead, increasing smart home acceptance is anticipated to generate profitable business development possibilities.

Research Methodology:

Market research involves studying market trends, growth patterns, and understanding the influence of variables like macro and microeconomic conditions, geopolitical, and demographic conditions on the market value and market dynamics.

The research methodology used to calculate and forecast the Smart Mirror market began by collecting information on the market key player’s sales using multiple sources via secondary research. In order to identify market segmentation, supplier offers have been considered.

Recent developments:

Jan 11, 2018 – Gentex Corporation, a major supplier of smart glasses and car parts, has reached an arrangement to introduce iris technology to the automotive sector with Fingerprint, a world-leading biometrics firm.

Jan 3, 2018 – The latest techniques, automotive biometrics and car connectivity in consumer electronics are introduced by the Gentex Corporation.

Market value and expected growth:

In order to improve the security of drivers and travelers, the smart rearview mirror was implemented in the industry. In order to give the rider a blind view under various circumstances, the unit is fitted out with a display screen. The conductor can also change between the monitor and the standard perspective. The back of the car has a high-end camera that allows the rider to inspect the blind spots and other traffic circumstances, providing a non-obstructed perspective of the backsides. Thus the development of the worldwide smart mirrors industry is fueled by extra characteristics of the smart mirror over traditional automotive mirrors.

The smart mirror industry is divided by implementation into manufacturing, consumer, home, medical and retail industries & marketing. The automotive sector was reported as dominant in 2015; however, in the 2018-2023 maximum CAGR, consumer & housing sectors are anticipated to grow, as fresh, creative technology is increasingly being used by different smart mirror companies worldwide in the smart mirror industry.

Drivers and market limitations:

• The Smart Mirror market size is exponentially expanding owing to the following:
• Increased adoption of commercial IoT products, UAVs, and IoT apps.
• Expanding the Smart Mirror implementation base and fast technological progress.
• Adoption of the advanced automotive driver assistance (ADAS) system.
• Restraints of the Smart Mirror market can be:
• Requires a skilled workforce.
• High setup cost.
• Opportunities
• Emerging markets growth possibilities.

Detailed Segmentation of the market:

By Application

• Automotive
• Hospitality
• Retail
• Others (Smart Homes and Healthcare)

By Type

• Interior
• Exterior

By Augmented Reality Feature

• AR Smart Mirrors
• Non-AR Smart Mirrors

Europe will dominate the smart mirrors industry, followed by North America, the rapidly increasing area on the smart mirrors market because smart mirrors are widely accepted in a car, retail, and consumer products.  Due to the advent of multiple tiny start-up companies, APAC is anticipated to expand significantly during the forecast period. In the Gulf countries, the extraordinary development of the Car sector will also fuel the industry.

Key players in the market:

The leading industry suppliers Gentex (US), Magna (Canada), Electric Mirror (US), Seura (US), Murakami Kaimeido (Japan), Ficosa (Spain), ALKE (Belgium), ad Notam (Germany), Dension (Hungary), and Keonn (Spain). Those suppliers adopt multiple organic and inorganic growth approaches for the further development of their presence on the Smart Mirrors industry, such as launches of fresh items, alliances, collaborations, and mergers and acquisitions.

Key highlights of the research report:

• This report provides a detailed quantitative analysis of the current market and estimates for the years 2019-2024, which helps identify the prevailing market opportunities.
• Important changes in market dynamics.
• Report and evaluation of recent developments in the industry.
• Competitive intelligence helps to understand the competitive scenario in geographical regions.
• The key players in the market are described in detail in this report, and their strategies are analyzed in-depth to understand the competitive advantage of the market better.