USD 2.5 billion
Smart Mirror Market Size, Share, Growth Analysis, By Application(Residential, Commercial and others), By Installation type(Wall mounted, freestanding and others), By Distribution channel(Online and offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2077 |
Region:
Global |
Published Date: July, 2024
Pages:
270
|Tables:
86
|Figures:
76
Smart Mirror Market Insights
Smart Mirror Market size was valued at USD 2.5 billion in 2019 and is poised to grow from USD 2.96 billion in 2023 to USD 6.25 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).
Smart mirrors are becoming popular since they have more capabilities than traditional reflective mirror.The major use of Smart mirror is that it can display anything you want on the surface of the mirror, such as newsfeeds, upcoming appointments, weather forecast, time, calendar, pictures and many other applications including your reflection.
The hardwares used in Smart Mirror is cost effective. That includes frame, Raspberry Pi OS platform with micro SD card,mirrored security glass, slim bezel PC monitor with HDMI input.The various features which are included in smart Mirror are motion sensor, facial recognition, LED Lightning, touch screen.The trend of smart Mirror is leading the world towards increasing connectivity and shrinking the boundaries between the digital and physical.There is substantial upgrade from Smart Mirror 1.0 to Smart Mirror 2.0, the second generation mirrors fits within a growing set of technologies that integrate monitoring system with personalized information and computer vision to help individual achieve their health goals and have more significant impact role in healthcare.
US Smart Mirror Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Wall-mounted
Fastest Growth
Wall-mounted
Growth Rate
8.8% CAGR
Global Smart Mirror Market ($ Bn)
Country Share for North America Region (%)
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Smart Mirror Market Segmental Analysis
Global Smart Mirror market is segmented on the basis of application, Installation type, distribution channel, offerings.and region. By application, the market is segmented into Residential, Commercial and others. By installation type, the market is segmented into Wall-mounted, Free-standing and others. By distribution channel the market is segmented into online and offline.By offerings the market is segmented into Hardware,services and Software. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Smart Mirror Market Analysis by Application
By application, the global market is divided into many segments such as Residential, Commercial and others. Commercial segment held the largest global Smart Mirror market share due to the wide range of benefits provided by Smart Mirror in the commercial sector. The major smart mirror manufacturing companies are launching new products with innovative designs and sizes, specifically for the hospitality and commercial sector, which is driving the market.In future, this segment is expected to register the fastest growth, maintaining and establishing its dominant position too.
Smart Mirror Market Analysis by Installation type
By installation type, the Smart Mirror market is classified into Wall-mounted, Free-standing and others. The Wall-mounted segment is one of the main reasons for innovation and growth across all technology industries including the global market. It is considered a game-changer in the consumer sector of the market. Therefore, it accounted for the largest share of overall revenue.Cortana.
Global Smart Mirror Market By Installation type
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Smart Mirror Market Regional Insights
Globally, North America is estimated to hold the highest global Smart Mirror market share. Main factors during this growth period are the presence of top market players,Increasing the number of households coupled with the increasing number of manufacturers shifting preference towards healthy drinks,and others.
Above all, the same region is expected to grow fastest during the forecast period. The reason for the same is increasing acquisition of Smart Mirror technology in the region of North America.
Global Smart Mirror Market By Region
- Largest
- Fastest
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Smart Mirror Market Dynamics
Smart Mirror Market Drivers
Increased Usage of Advanced Driver Assistance System to Bolster Market Growth
- One of the key features that aid drivers a better and safer driving experience to provide self dimming, secure driving environment, automatic brightness adjustment and self cleaning is Advanced Driver assistance system. Along with the ADAS system increasing demand for smart mirrors in the retail industries due to technological advancement in artificial intelligence, Gesture recognition technology, augmented reality and connected devices.
Smart Mirror Market Restraints
Concerns about Data Loss to Hinder Market Growth
- Due to the high end components installed in smart mirrors such as sensors, camera connectivity, system display, the manufacturing and implementation cost of smart Mirror devices is relatively higher than the traditional Mirror. This integration of IoT and IT with household up plans lead to the increasing purchasing cost of smart mirrors.Therefore, along with increasing cost and loss of personal data in the smart mirror leads to the negative impact on the growth of the market.
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Smart Mirror Market Competitive Landscape
Competition in the global Smart Mirror market is expected to increase during the forecast period because new players are expected to enter the global market and the number of devices compatible with Smart Mirror will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
Smart Mirror Market Top Player’s Company Profiles
- Gentex Corporation
- Electric Mirror
- Ficosa International
- Seura
- Magna International
- Samsung Electronics
- Pro Display
- Evervue
- Dension
- Perseus Mirrors
- MirroCool
- Panasonic Corporation
- Toshiba Corporation
- Murakami Corporation
- Dension
- Memomi Labs Inc.
- ACEPOM Technology
- Mirrorme
- SmartMirror.com
- Oak Labs Inc.
Smart Mirror Market Recent Developments
- In May 2022, Swedish fashion retailer H&M Group is rolling out a host of tech-enabled shopping experiences across its Cos stores in the US, including smart mirrors that offer personalized styling recommendations and virtual try-on.
Smart Mirror Key Market Trends
- The convex mirror Is replaced with a traditional mirror to improve safety features in the car. South Korea is looking to inculcate a smart mirror that plays a vital role in comfort and safety while driving the cars. These mirrors are Electrochromic auto dimming mirrors which are used in high end vehicles that reduce driver eye strain and fatigue while improving the visibility in low light condition.The mirror supports the driver to make safe decisions while driving and provide safety in cars by offering the better rear View images.
Smart Mirror Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Smart Mirror market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it consists of such as it can display anything you want on the surface of the mirror, such as newsfeeds, upcoming appointments, weather forecast, time, calendar, pictures and many other applications including your reflection. Smart Mirrors will enable devices to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.5 billion |
| Market size value in 2031 | USD 6.25 billion |
| Growth Rate | 8.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Smart Mirror Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Smart Mirror Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Smart Mirror Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Mirror Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Mirror Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Mirror Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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