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The smart mirrors market size is estimated to grow at a CAGR of 16.08% between 2022 and 2027. The market size is forecast to increase by USD 3,296.94 million. The growth of the market depends on several factors, including growing demand for smart mirrors from apparel shopping outlets, increasing demand for smart mirrors from online channels, and growing demand for smart home products. A smart mirror is a two-way mirror that has an electronic display behind the glass. The built-in smart display provides important information such as time, date, day, weather conditions, and other real-time information.
This smart mirrors market report extensively covers market segmentation by type (wall-mounted and free-standing), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Growing demand for smart mirrors from apparel shopping outlets is the key driver for the growth of the market. Many high-end clothing accessories stores and retailers are increasingly replacing traditional mirrors in fitting rooms with smart mirrors. This allows shoppers to actually see wearing the products they want to try. These mirrors are equipped with high-quality sensors that accurately detect the physical characteristics of the buyer before they are reflected on the screen in the same dimensions as the virtual reflection, as well as clothing and accessories.
In addition, customers using smart mirrors can enjoy fast shopping because they don't have to choose from endless options or try on clothes. Smart mirrors are also beneficial for retailers as they save consultation time, create new channels for marketing communication, and increase conversions. Thus, such factors will drive the growth of the global smart mirror market during the forecast period.
High adoption of advanced technologies in the automotive sector is the primary trend shaping the growth of the market. The global smart mirror market is expected to grow due to the increasing use of smart technology by the population. Smart mirrors provide the user with the ability to drive with a wide camera angle via a connected LCD screen, enabling a 360-degree view of the vehicle while driving and allowing the driver's view through advanced driver assistance systems (ADAS) and increase safety.
Moreover, smart mirrors are one of the cutting-edge technologies that have caught the attention of automakers. Therefore, the automotive industry is one of the fastest growing industries in the introduction of innovative technologies, resulting in increased demand for smart mirrors in the automotive sector and is expected to promote the growth of the global smart mirror market during the forecast period.
The high cost associated with smart mirrors is a challenge that affects the growth of the market. Smart mirrors incorporate advanced technologies such as networking capabilities, sensors, and built-in displays, which increase the price of smart mirrors. For example, large smart mirrors range in price from USD 400 to over USD 3,000. In addition, the smart mirror manufacturing process requires a large capital investment, which affects the mirror price.
Moreover, end-users in developing and underdeveloped countries prefer conventional mirrors because they are significantly cheaper than smart mirrors as they do not incorporate sensors, displays, or other technologies. Smaller shopping malls and retailers prefer traditional mirrors due to lower product costs, which is likely to impede the growth of the global smart mirror market during the forecast period.
The market share growth by the wall mounted segment will be significant during the forecast period. The wall mounted smart mirror helps to save space by freeing up floor space and enhancing the overall look of the room. With most homes tending to have smaller bathrooms, space-saving solutions such as wall-mounted smart mirrors are in high demand among residential consumers.
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The wall mounted segment showed a gradual increase in the market share of USD 1,498.92 million in 2017 and continued to grow by 2021. The prevalence of smart home devices is influencing the global smart mirror market and smart mirror plays an important role in the ecosystem. These mirrors integrate seamlessly with other smart home devices and systems and offer a wide range of functions. Therefore, as more and more consumers adopt smart home technology, the global smart mirror market is expected to grow significantly during the forecast period.
The offline sales channels held the largest market share in the global smart mirror market. Offline channels are usually staffed with knowledgeable sales representatives who can provide the customer with one-on-one support and advice, further enhancing the customer's shopping experience. Consumers are reluctant to buy expensive things online, usually products without prior idea or information, so by evaluating different types of smart mirrors according to their needs in offline stores, they can attract more consumers. Hence, due to high consumer preference, the offline segment is expected to drive the growth of the global smart mirror market during the forecast period.
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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The European region is the largest auto production hub due to the countries such as Germany, Italy, and the UK. Many automakers are working to integrate smart mirror technology into their new models.
Moreover, one of the smart mirror market trends in the region is the increasing adoption of smart mirrors in the automotive industry. It gives users the ability to drive with a wide camera angle due to the built-in liquid crystal display (LCD) that provides a 360-degree view of the vehicle while driving and improves driver safety thanks to the assistance system. Advanced Driving Assistant (ADAS). In addition, the popularity of smart mirror technology in the retail sector will drive the regional smart mirror market during the forecast period.
In 2020, the outbreak of COVID-19 slowed down the growth of the smart mirrors market in Europe. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. The growing adoption of smart mirrors in shopping malls has seen significant growth, which in turn is expected to drive the growth of the smart mirror market in the region during the forecast period.
The Smart Mirrors Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Mirrors Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The smart mirrors market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Smart Mirrors Market Scope |
|
Report Coverage |
Details |
Page number |
149 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 16.08% |
Market growth 2023-2027 |
USD 3,296.94 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.05 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 35% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
actiMirror Corp. Ltd., Parallel AV Inc., DE KEYZER, ELECTRIC MIRROR INC, Evervue USA Inc., FOSHAN ETERNA INTELLIGENT BATHROOM CO. LTD., Gentex Corp., Keonn Technologies, Kohler Co., LumiDesign, Magna International Inc., Mira, Modern Lighting by Lumens Light and Living, Murakami Corp., Panasonic Holdings Corp., Pro Display, Reflectel, Seura Inc., Videotree, and Walmart Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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