According to IMARC Group’s latest report, titled “Smart Mirror Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global smart mirror market size reached US$ 2.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.2 Billion by 2028, exhibiting a growth rate (CAGR) of 11.7% during 2023-2028.
A smart mirror refers to a two-way digital mirror equipped with advanced sensors, cameras, electronic displays, connectivity systems, etc. It has internet, Bluetooth, and Wi-Fi connectivity to receive phone calls, access smartphone applications, provide the user with an interactive experience, etc. The display unit can show dates, time, weather forecasts, a news feed, and upcoming events and appointments on the mirror surface. In line with this, it has self-dimming, self-cleaning, and self-repairing capabilities, is waterproof and scratch-resistant, can be used for both informational and entertainment purposes, etc. Consequently, a smart mirror finds extensive applications in several industries, including advertising, retail, automotive, residential, healthcare, etc.
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Smart Mirror Market Trends:
The expanding automotive sector across countries is primarily augmenting the smart mirror market. Furthermore, the widespread product adoption in light-commercial and passenger vehicles with advanced driver assistance systems (ADAS) to offer blind spot vision and improve the safety of the driver and passengers is positively influencing the global market. Apart from this, the inflating digitization levels in the retail sector are acting as significant growth-inducing factors.
Moreover, the rising utilization of smart mirrors by fashion brands in fitting rooms to provide a 360-degree view of the outfit and give an enhanced shopping experience to consumers, as they can interact with the mirror to adjust the lighting and get styling recommendations, is also bolstering the market growth. Besides this, the growing technological advancements, such as the development of smart mirrors integrated with the Internet of Things (IoT) and artificial intelligence (AI) solutions, are further catalyzing the global market. Additionally, the increasing expenditure capacities of individuals and extensive R&D activities are expected to fuel the smart mirror market in the coming years.
Who are the key players operating in the industry?
The report covers the major market players including:
- Archello
- Dension Ltd
- Electric Mirror Inc.
- Ficosa International SA
- Panasonic Corporation
- Gentex Corporation
- Japan Display Inc.
- Magna International Inc.
- Murakami Corporation
- Samsung Electronics Co. Ltd
- Seura
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Hardware
- Software
Breakup by Type:
- Interior Mirrors
- Exterior Mirrors
Breakup by Functionality:
- Connected Mirror
- Non-Connected Mirror
Breakup by Technology:
- Self-Dimming
- Self-Cleaning
- Self-Repairing
Breakup by End User:
- Automotive
- Healthcare
- Residential
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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