May 22, 2024
Smart Mirror Market
Ict

The Smart Mirror Market is Driven by Rising Demand for Smart Connected Devices

The smart mirror market has witnessed significant growth in recent years owing to the growing adoption of smart home devices and rising emphasis on the integration of Internet of Things (IoT) enabled products across households and commercial sectors. Smart mirrors incorporate technologies such as sensors, cameras, and integrated devices to deliver a wide range of functionalities to the users. They provide real-time information to users through an interactive display and have applications in retail stores, shopping malls, hotels, salons and other commercial areas. The global smart mirror market offers significant advantages associated with convenience, safety, style and personalization. With smart mirrors gaining popularity as a connected device, users can access useful information, carry out tasks, and manage smart home devices seamlessly through voice and touch enabled interfaces. The global Smart Mirror Market is estimated to be valued at US$ 1,622 million in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One of the key trends gaining traction in the smart mirror market size is the growing emphasis on enhanced safety and security features. Smart mirrors are being integrated with advanced camera systems, sensors and analytics tools to deliver safety alerts, detect falls, monitor home during absence and improve overall security. Furthermore, continuous technology upgrades focusing on larger interactive displays, artificial intelligence(AI) enabled assistance, augmented reality interfaces and multi-purpose applications are expanding the functional scope of smart mirrors. As connectivity and interoperability become more imperative, manufacturers are also integrating smart mirrors with other smart home devices, virtual assistants and apps to provide seamless experience. These evolving capabilities are expected to drive wider adoption of smart mirrors across commercial and residential segments.

Porter’s Analysis
Threat of new entrants: Smart Mirror market has moderate threat of new entrants as it requires high initial investment for AI and sensor technology.
Bargaining power of buyers: Buyers have low bargaining power in the Smart Mirror market as there are many established manufacturers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative component suppliers in the market.
Threat of new substitutes: Threat of substitutes is low as smart mirrors provide unique features like touch, motion, voice control and integration capabilities.
Competitive rivalry: The competitive rivalry in the market is high as the major brands continuously invest in new technologies to gain market share.

Key Takeaways

The global Smart Mirror market is expected to witness high growth.

North America dominated the market in 2020 due to high adoption of new technologies and presence of major manufacturers in the region. Growing demand for smart homes and smart cities is driving the market in countries like the US and Canada.
In Europe, countries like Germany, UK and France are major markets. Presence of established automotive industry and integration of smart mirrors in luxury vehicles is a key factor augmenting growth. Asia Pacific is projected to be the fastest growing region during the forecast period. Rising living standards, growth of smart cities project and manufacturing hub for major automotive players in countries like China, India and Japan will boost the demand.

Key players operating in the Smart Mirror market are Magna International, Electric Mirror, Perseus Mirrors, Gentex Corporation, Ficosa, Seura, Murakami Kaimeido, Memomi, Dension and Samsung Electronics. Major players are focusing on developing advanced features like touchless control, facial recognition and integration with smart home devices to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraaged AI tools to mine information and compile it