Smart Mirror Market by Component (Hardware and Software), Application (Automotive, Healthcare, Residential, Retail and Advertising, Others), Global Market Size Estimates and Forecast (2022–2030)

Code: BMIRE00025816 | Pages: 100 | Industry: Electronics and Semiconductor | Date: Sep 2022 | Type: Global

The market crossed US$ 2.7 billion mark in 2022 and is expected to hit US$ 8.2 billion by 2030, recording a CAGR of 15% during the forecast period.

Smart Mirror Market has been Significantly Growing with the High Adoption of Smart Mirror in Automotive Segment.

The rising demand for smart mirror for the use in automobiles, and technological shift and development of smart cars are some of the major factors driving the growth of the market. With the increasing adoption of LCD monitors by automobile manufactures in the new vehicles and growing demand of smart cars with advanced features, the market is expected to witness a significant growth during the forecast period. For instance, Xiaomi offers a smart mirror, 70mai, for automobiles.   With the rising disposable income of people, the demand for automobiles with advanced technology is increasing globally; which is subsequently influencing the market growth. Further, other segments such as retail & advertising is also expected to gain traction during the forecasted year.

Within the report, the market is segmented into component, application and geography. By component, the market is bifurcated into hardware and software. On the basis of application, the market is segmented into automotive, healthcare, residential, and retail & advertising, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Smart Mirror is a Far-Reaching Technology that Empowered the Growth of Futuristic Innovations.

A smart mirror is basically a two-way mirror that has electronic display. This mirror works as a display that provides information such as time, weather, news and entertainment. Smart mirrors work just like a normal mirror when display is off.  It makes easier for people to check information such as time and weather on smart mirror rather than using the phones while driving or operating. These mirrors can be connected by Bluetooth or WiFi. The smart mirror market is gaining traction due to its increased usage in industries such as healthcare and residentialdue to which companies are expecting to gain more market shares. For instance, in July 2022, Portl announced that company aims to sell about 5,000 units of smart mirror with AI and Sensors this year.

Rising Adoption in Various Industries is one of the Major Factors Accelerating the Market Growth.

The industries that contribute in the growth of smart mirror market are the automotive, healthcare, residential, retail & advertising, and others. Customers nowadays, look for more features in vehicles, due to which the installation of smart mirror is increasing in automobiles.. Rising adoption of smart mirrors has increased in recent years by retailers and advertisers, as smart mirrors are eye catching.  Thus, retail & advertising industry is also encouraging the use of smart mirror technology.

Recent Strategic Developments in Smart Mirror Market

The smart mirror market has undergone several significant developments, and a few of these have been mentioned below:

  • In January 2022, MySize, Inc. launched FirstLook Smart Mirror National Retail Federation (NRF)
  • In August 2020, Panasonic Corporation developed an electronic mirror for Nissan Motor Corporation’s vehicles.
  • In January 2022, Wellnesys Inc. launched Aria, a smart mirror with AR/VR.

The smart mirror market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. DENSION LTD; Electric Mirror, Inc.; Ficosa Internacional SA; GENTEX CORPORATION; Keonn Technologies, S.L.; Magna International Inc.; Murakami Corporation; Perseus Mirrors; Alke; Seura are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Mirror providers
  • Display device providers
  • Display-related service providers
  • Semiconductor component suppliers
  • Smart mirror and devices distributors and sales firms
  • End users of smart mirror
  • Software integrator/developers

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Component:
    • Hardware
    • Software
  • Application
    • Automotive
    • Healthcare
    • Residential
    • Retail & Advertising
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Electric Mirror, Inc.
    • Ficosa Internacional SA
    • Magna International Inc.
  • Electric Mirror, Inc.
  • Ficosa Internacional SA
  • Magna International Inc.
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