Smart mirrors are advanced interactive mirrors that display various digital contents such as weather, time, calendar schedules, traffic, news updates and more. They incorporate technologies such as LCD/LED display, sensors and cameras and are gaining popularity in sectors such as retail, healthcare, hospitality and advertising among others. Smart mirrors find usage in dressing rooms, hotels, malls and medical clinics as they provide additional digital conveniences to users.
The global smart mirror market is estimated to be valued at US$ 988.6 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The hospitality sector has been rapidly adopting smart mirrors to enhance customer experience in hotels. Smart mirrors allow hotels to display room information, local attractions, restaurant recommendations and other guest services. They are being installed in hotel rooms, lobbies and conference rooms. The increasing focus of hoteliers to integrate latest technologies in their properties in order to attract more customers and improve loyalty is driving the demand for smart mirrors. Additionally, smart mirror solutions help hotels in reducing operational costs by streamlining various backend tasks. Hence, the growing demand from the hospitality sector is expected to present lucrative growth opportunities for players in the smart mirror market during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the smart mirror market is moderate. Large capital investments are required to establish manufacturing facilities and supply chains. However, the growing market and new technologies provide opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers in the smart mirror market is high. Buyers have many options to choose from as the market continues to see an entry of new players. Buyers can negotiate on price and demand additional features.
Bargaining power of suppliers: Component suppliers have moderate bargaining power. While there are many suppliers for components, partnerships are important for technology integration. Suppliers of new technologies may gain bargaining power.
Threat of new substitutes: The threat of substitutes is moderate. While large format displays and smart home devices provide similar features, smart mirrors offer larger screens, interactive capabilities and are integrated into home décor aesthetically.
Competitive rivalry: The competition in the smart mirror market is high and expected to intensify further. Manufacturers compete on technology, features, design and pricing.
SWOT Analysis
Strengths: Wide range of applications across sectors like retail, advertising, and automotive. Growing demand for interactive and IoT enabled home décor items.
Weaknesses: High initial costs affect mass adoption. Technological challenges in developing seamless and responsive interfaces. Dependence on connectivity for functionality.
Opportunities: Scope for partnerships with AI and AR technology providers to enhance capabilities. Expanding installation in public premises like malls and airports. Rising consumer spending on home automation.
Threats: Vulnerable to economic slowdowns affecting discretionary spending. Competition from large screen smart displays. Short life cycles due to rapid technological advancements.
Key Takeaways
The Global Smart Mirror Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 driven by rising demand across residential and commercial sectors. Increasing consumer spending on smart home automation systems coupled with surging internet and smartphone penetration will boost adoption of smart mirrors in the coming years. Easy accessibility of affordable mirror display units is encouraging individual users to equip their homes with smart mirror technology for various applications. The global smart mirror market is estimated to be valued at US$ 988.6 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
Regionally, North America dominated the smart mirror market in 2024 with over 30% share. Early adoption of advanced technologies and presence of major players in the US and Canada are driving the regional market. However, Asia Pacific is identified as the fastest growing regional market through 2030 with China, Japan and India emerging as highly lucrative countries. Increasing investments by international companies and broadening smart city initiatives are expected to fuel huge demand from the region.
Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O. Major players are focused on partnerships, new product launches and expanding manufacturing capacities to strengthen their positions and tap the vast opportunities in this evolving market space.
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