Smart mirrors have been incorporated with advanced technologies such as LCD/LED display, sensors, and connectivity options that enhance their functionality. Smart mirrors allow users to access daily updates via integrated apps and displays. They can be used as smart home hub that provides control over other connected devices like lighting and thermostat. With rising adoption of AI and IoT technologies, smart mirrors have become an intelligent interface for various applications like healthcare, retail, hospitality, and automotive. The global smart mirror market is estimated to be valued at US$ 1.6 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technology advancements is one of the key trends fueling the growth of smart mirror market. Major smart mirror manufacturers are focusing on integrating innovative technologies like AI, IoT and cloud connectivity to enhance user experience. For instance, AI capabilities allow smart mirrors to identify users, recognize gestures and voices as commands. IoT connectivity enables remote monitoring and management of smart mirrors. Cloud-based platforms offer value-added online features and over-the-air updates. The integration of such emerging technologies is expanding functionalities of smart mirrors, thereby increasing their adoption across different sectors in the coming years.
Segment Analysis
The global smart mirror market can be segmented based on component, connectivity, application, and region. On the basis of component, the market is segmented into hardware, software, and services. The hardware segment is expected to dominate the market as key components of smart mirrors such as sensors and displays need upgrades with advancing technologies, driving the hardware demand. By connectivity, the market is bifurcated into wireless and wired. The wireless segment is anticipated to have a higher growth rate during the forecast period owing to the emergence of wireless communication technologies. Based on application, the market is divided into automotive, hospitals & clinics, retail, and others. The retail segment holds a significant share of the market due to growing deployment of smart mirrors in shopping malls and stores to provide enhanced shopping experience to customers.
Key Takeaways
The global smart mirror market size is expected to witness high growth during 2023-2030.
Regional analysis shows that Asia Pacific region is expected to grow at the fastest rate due to rapid infrastructural development and increasing adoption of new technologies in countries such as China and India. Key players in the region making significant investments in smart mirror technology include Japan Display, Gentex, Magna, and Evervue.
Key players operating in the smart mirror market are Magna International Inc, Gentex Corporation, Japan Display Inc., Samsung Electronics, Murakami Kaimeido, and Ficosa. Magna International dominates the market with wide range of advanced smart mirror offerings tailored for automotive and retail verticals. Gentex Corporation holds over 30% market share in the North America smart mirror market.
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