Smart Mirror Market
Global Market Study on Smart Mirrors: Automotive and Lifestyle Industry to Drive Demand Growth
Smart Mirror Market Segmented By Sensors, Displays, Camera Component in Automotive Sector, Consumer and Residential, Healthcare, Retail Sector and Advertising
The global smart mirror market is expected to be valued at US$ 2.5 Bn in 2021, according to industry analysis by Persistence Market Research. The overall market is expected to reach US$ 6.5 Bn by the end of 2031.
This smart mirror research predicts expansion at a healthy CAGR close to 10% for 2021- 2031. Market expansion in South Korea is predicted at a higher-than-global-average at CAGR of 10.5% over the next ten years.
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- Gentex Corporation.
- Magna International Inc.
- Pro Display.
- ad notam AG.
- Samsung Electronics Co., Ltd.
Key Points Covered in Smart Mirror Industry Survey:
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, country-wise, and region-wise analysis
- Competition mapping and benchmarking
- Brand share and market share analysis
- Key product innovations and regulatory climate
- COVID-19 Impact on smart mirrors and how to navigate
- Recommendation on key winning strategies
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Tech and Trends in Smart Mirrors
Increasing influence of technology on all walks of life has led to an era where everything is turning digital, and smart mirrors are one of those magical pieces of technology that is still in its nascent stage. But this is changing rapidly as many industries are now implementing smart mirrors; prime example of this is the automotive industry.
Apart from automotive, smart mirrors have now made their way in the home and lifestyle industry as well, and they are all the buzz these days.
- Portl, a startup in India established in March 2021, has developed two smart mirror products that will improve wellness and fitness programs. The startup has also received a seed funding by Kalaari. Portl Mirror and Portl Pro are both intelligent mirrors with 43-inch and 32-inch screens, respectively.
- A similar startup called Mirror has also launched its line of smart mirrors for wellness and fitness, headquartered in New York, and currently has sales only limited to the United States.
With increasing interest by manufacturers of such mirrors, demand and availability of these mirrors will definitely change the growth outlook of the market over the coming years.
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Industry Research on Smart Mirrors
Smart mirrors are highly functional advanced mirrors manufactured by integration of embedded electronics such as displays, cameras, and sensors. Smart mirrors offer an array of features such as Internet connectivity and some products offer touchscreen option.
Globally, the smart mirror market is witnessing significant growth due to increasing demand for the smart mirror in major shopping outlets & malls and government regulations mandating installation of ‘camera display mirrors’ in light motor vehicles in some countries across the globe.
Also, increasing the popularity of smart mirror among individuals with highly busy work schedules, changing lifestyle, and increasing affluent population, mostly in countries in developed regions of the world is driving the growth of the global smart mirror market.
However, the high initial cost associated with the implementation of the smart mirror, privacy concern among users are the factors impeding the growth of the global smart mirror market to a certain extent.
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Glancing through the Figures and Segmentation
The global smart mirror market has been estimated to be valued at US$ 2.5 Bn in 2021, and is expected to witness a healthy CAGR from 2021 to 2031. The global smart mirror market is segmented on the basis of the component, application, and region.
By component, the market is segmented into sensors, displays, camera and others. Of these segments, displays segment has been estimated to dominate the market in 2021, with a substantial amount of market share in terms of revenue contribution.
By application, the global smart mirror market is segmented into automotive sector, consumer & residential, healthcare, and retail sector & advertising. Automotive sector segment has been estimated to be the dominant segment in 2021; however, consumer & residential segment is expected to expand at a highest CAGR over 2021–2031, due to increasing adoption of new & innovative technologies in the smart mirror industry by various smart mirror manufacturers across the globe.
On the basis of geography, the global smart mirror market is segmented into five major regions such as North America, Europe, Middle East & Africa, Asia Pacific and Latin America. Among these, North America has been estimated to be the largest regional market for smart mirrors in 2021. In term of volume, the market in North America is expected to account for 25.5% of the global market in 2021.
Key Market Players as per Smart Mirror Market Report
Key players operating in the global smart mirror market include Gentex Corporation, Magna International Inc., Pro Display, Evervue, Séura, Alke, ad notam AG, Tech2o, Samsung Electronics Co., Ltd., TOSHIBA CORPORATION, and Panasonic Corporation.