SMART MIRROR MARKET ANALYSIS

The global smart mirror market was valued for US$ 879.6 Mn in 2022, and is expected to exhibit a CAGR of 15.3% during the forecast period. A smart mirror refers to a highly functioning advanced mirror that is manufactured by the integration of embedded electronics such as sensors, cameras, and displays. Smart mirrors provide a number of features such as internet connectivity and touchscreen option. Memory mirror is a large display that is comprised of cameras and other devices. They are used in showrooms to try on apparel. Furthermore, smart mirrors find applications in the automotive, consumer, residential, retail, advertising, and medical & healthcare sectors.

Global Smart Mirror Market - Driver

• Favorable government regulatory policies are expected to drive growth of the global smart mirror market during the forecast period: Governments of many countries have become more vigilant towards road accidents caused up by backing up of vehicles. Thus, they are taking actions regarding the installation of the smart rear vision system for vehicles. For instance, the U.S. issued a rule requiring rear visibility technology in all new vehicles weighing under one ton manufactured on or after March 31, 2018. Furthermore, the Russian government is curiously mandating that all new cars to be equipped with rear cameras as drivers can back up easily. Thus, these factors are expected to drive the growth of the market during the forecast period.
• Growing focus on consumer demands is expected to propel the global smart mirror market growth over the forecast period: Manufacturers in the market are focused on fulfilling the consumer demand since today’s demand is to be socially active and updated at the same time. Thus, smart mirrors are integrated with social media platforms and provide an update about daily news, weather forecasting, and traffic reports. Hence, these factors are expected to propel the global smart mirror market growth over the forecast period.

Global Smart Mirror Market - Opportunity

• Growing demand for smart mirrors for major shopping outlets and malls can provide lucrative opportunities: Many high-end apparel accessory stores and outlets are increasingly replacing conventional mirrors with smart mirrors in trial rooms. This, in turn, will facilitate buyers to virtually view themselves wearing the product they wish to try without physically doing it so. These mirrors are installed with high-quality sensors with accurately scanning the buyer’s physical attributes and then replicating same dimensions onscreen in a virtual reflection, along with the selected apparel or accessory.

Figure 1: Global Smart Mirror Market Share (%), By Region, 2022

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• Product development can provide major business opportunities for market players: Many key players in the market are focused on enhancing their respective portfolios. These players are involved in research and development activities, in order to innovate novel products with additional features for use across a wide range of application areas.

Global Smart Mirror Market- Restraint

• High initial implementation cost is expected to restrain growth of the global smart mirror market during the forecast period: Initial implementation cost of smart mirrors is significantly high. Various scanners and HD cameras used in smart mirrors are relatively expensive. As a result of this, many small retail stores and small-scale businesses cannot afford smart mirrors. Thus, these factors are expected to restrain the growth of the global smart mirror market during the forecast period.
• Low awareness among end users is expected to hinder the global smart mirror market growth over the forecast period: There is a lack of awareness regarding benefits of smart mirrors among end users. Furthermore, this technology is currently at a nascent stage in many countries across the globe, typically in emerging and underdeveloped countries. Thus, these factors are expected to restrain growth of the global smart mirror market growth over the forecast period.

Global Smart Mirror Market- Impact of COVID-19

• The pandemic disrupted global supply chains, causing delays in the production and distribution of smart mirror components. This led to supply shortages and production challenges for smart mirror manufacturers. Economic uncertainty and lockdown measures in many regions resulted in reduced consumer spending. Smart mirrors, often considered luxury or non-essential items, faced decreased demand during the height of the pandemic.
• As consumers adapting to remote work and home fitness routines, there was increased interest in personal grooming and fitness technology. Smart mirrors that provide virtual fitness classes and beauty enhancements gained popularity. Smart mirrors equipped with health monitoring features, such as temperature measurement and contactless interaction, became more relevant in the context of the pandemic. With the growth of e-commerce, the demand for smart mirrors in the retail sector increased. These mirrors offer virtual try-on experiences for clothing and accessories, reducing the need for physical in-store trials. The pandemic heightened awareness of personal health and wellness which is likely to boost the growth of smart mirror market over forecast period.

Global Smart Mirror Market- Competitive Scenario

The key players operating in the global smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O.

Figure 2: Global Smart Mirror Market (US$ Mn) Analysis and Forecast, By Application, 2022

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Global Smart Mirror Market- Recent Developments

Major companies in the market are involved in mergers and acquisitions in order to gain a competitive edge in the market.

• In May 2021, Gentex Corporation, a company that designs and manufactures automatic-dimming rear-view mirrors, became a supplier to Volkswagen, a automotive manufacturer. The former supplies its Bluetooth-enabled automatic-dimming mirror with HomeLink integrated buttons capable of operating a wide range of Radio Frequency (RF) and cloud-based smart home devices.
• In May 2021, Séura Solutions, a U.S.-based designer technology company, released its latest developments in high-tech lighted mirrors for a broad range of applications from residential use for the hospitality industry

Global Smart Mirror Market- Regional Analysis

North America dominated the global smart mirror market in 2022, accounting for 37.0% shares in terms of volume, followed by Europe and North America, respectively.

• In 2022, North America held the largest share of the global smart mirror market, accounting for over 37.0%. The integration of smart speakers like Alexa into these mirrors has played a significant role in boosting their adoption in North American households. Notably, startups like Lululemon and tech giants like Google have shown interest in smart mirrors, contributing to increased awareness about Artificial Intelligence (AI) advancements in these products. As technology continues to progress, smart mirrors are expected to offer even more innovative features, becoming increasingly prevalent in daily life.
• Furthermore, the smart mirror market in U.S is poised for expansion in the coming years, driven by factors such as growing consumer interest in connected devices and a focus on personalized services. A Bloomberg survey conducted in 2020 revealed that 25% of the U.S. households already owned at least one Alexa device. This creates opportunities for smart mirror companies to market their products with compatibility for Alexa systems, further stimulating the market growth.
• Europe is predicted to lead the global smart mirror market from 2022 to 2027. This leadership is underpinned by several factors, including the increasing adoption of Electric Vehicles (EVs) across the region and a strong emphasis on automation in various industries, particularly automotive and retail. Europe's prominent position in the automotive sector, home to major manufacturers, such as Volkswagen, BMW, and Daimler, significantly contributes to the high demand for auto-dimming smart mirrors. Additionally, Europe is known for its stringent safety regulations and advanced technological capabilities, with European automotive Original Equipment Manufacturers (OEMs) actively developing innovative technologies to meet the rising demand for advanced features and comply with ever-stricter safety standards.

Global Smart Mirror Market- Segmentation

The global smart mirror market is classified into following segments based on component, application, and region.

The automotive segment dominated the global smart mirror market in 2022. This segment's growth is attributed to the growing adoption of digital rear-view mirrors in automobiles. The increasing trend toward smart camera-based display mirrors is driving the proliferation of mirrorless vehicles, further fueling the market growth. Presently, approximately 30 percent of high-end vehicles on the road feature interior mirrors equipped with built-in electrochromic technology, while around 10 to 15 percent of external mirrors possess electrochromic capabilities. The adoption of electrochromic mirrors with auto-dimming functionality is expected to witness a substantial increase in the coming years. These intelligent interior and exterior auto-dimming smart mirrors add significant value by enhancing the overall driving experience, bolstering safety, and elevating driving comfort levels.