July 25, 2024
Smart Mirror Market

Smart Mirror Market is estimated to Witness High Growth Owing To Rise in Demand

The Smart Mirror Market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

Smart mirrors integrate advanced technologies such as cameras, sensors, displays and connectivity capabilities into mirrors. They offer various smart functionalities beyond basic reflection and come in various form factors for different applications. Smart mirrors find major usage in automotive sector for applications such as driver assistance, rear view mirror and gesture controls. In residential sector, smart mirrors are gaining traction as customizable connected mirrors that can display information along with time.

Market key trends: –

Rise in demand for customizable and connected mirrors is a key trend spurring growth of smart mirrors market. Customers today prefer mirrors that can be personalized as per their needs and also offer additional functionalities. Smart mirror vendors are focusing on developing mirrors with customizable home screens, notification feeds and integration with voice assistants. This allows users to get information on weather, traffic, reminders and more directly on their mirrors. Additionally, connectivity capabilities in smart mirrors are enabling new IoT integrated applications and remote access features. This is expanding scope of smart mirrors beyond automotive and households to other commercial settings like retail stores, hotels and public restrooms.

Porter’s Analysis: –

  • Threat of new entrants: – The smart mirror industry requires high investments in R&D and manufacturing facilities to produce highly advanced technologies. This poses significant barrier for new companies.
  • Bargaining power of buyers: – Individual buyers have low bargaining power due to availability of multiple brands offering similar smart mirror products. However, large corporate buyers can negotiate on price and demand additional services.
  • Bargaining power of suppliers: – The suppliers of components like sensors, electronics and glass used in smart mirrors have moderate bargaining power due to availability of substitute suppliers globally.
  • Threat of new substitutes: – Technological advancements bring new interactive displays and mirrors with additional features posing threat to substitutes to smart mirrors.
  • Competitive rivalry: – Intense as major players compete on the basis of technology, features, pricing and quality.

SWOT Analysis: –

  • Strengths: – Smart mirrors offer convenience, usefulness and integrations with other smart home devices. Growing demand from automotive and retail sectors also strengthens growth.
  • Weaknesses: – High initial costs, compatibility issues and lack of standardization limits mass adoption of smart mirror technology. Concerns over data privacy and security too pose weaknesses.
  • Opportunities: – Growing auto industry, adoption in healthcare and augmented reality integrations present opportunities over the forecast period.
  • Threats: – Competition from alternative digital interactive displays, economic slowdowns impacting discretionary spending pose threats.

Key Takeaways: –

The Global Smart Mirror Market Size is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing adoption of smart home devices and digital technologies. North America dominates the market currently owing to high disposable incomes and technology adoption.

Regional analysis – Asia Pacific is anticipated to be the fastest growing regional market for smart mirrors between 2023 and 2030 due to growing automotive production in India and China along with rising expenditure power. Countries like Japan, China and South Korea are also anticipated to drive significant demand.

Key players – 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 integrating latest technologies like AI and augmented reality into their smart mirror offerings.

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