Global Smart Mirror Market – Industry Trends and Forecast to 2030

Smart Mirror Market Analysis and Size

The global smart mirror market is segmented on the basis of component, technology, type, functionality, augmented reality feature and application. Smart mirror generally can be controlled with the use of smartphones, computers or tablets, and are used in automotive industry and in retail shop to give better comfort to the users.. In addition to this, rising adoption of technological advancements and growing safety concerns for protecting organization data will further aggravate the growth of the global smart mirror market.

Data Bridge Market Research analyses that the global smart mirror market is expected to reach USD 6,816.06 million by 2030, from 3,020.89 in 2022 and is expected to undergo a CAGR of 10.86% during the forecast period of 2023 to 2030. “Hardware” dominates the component segment of the global smart mirror market due to robotic technology. The high demand for remote monitoring is expected to influence the growth of global smart mirror market over the forecast period of 2023 to 2030. The rise in demand for connect devices across the globe is one of the major factors driving the growth of the global smart mirror market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Smart Mirror Market Scope and Segmentation

Market Definition

The smart mirror, also called virtual mirror, refers to the type of mirror that is embedded with electronic and smart technologies such as augmented reality, IoT, and high-quality electronic displays, among others technology. These mirrors can be controlled with the use of smart phones, computers or tablets, and are used in automotive industry and in retail shop to give better comfort to the users.  

Global Smart Mirror Market Dynamics

Drivers

• High Demand for Connect Devices

The rise in demand for connect devices across the globe is one of the major factors driving the growth of the global smart mirror market. The increase in demand for smart mirrors in the retail industry due to technological advancements in artificial intelligence, gesture recognition technology, augmented reality, and connect devices drives the market further.

• Rise in Demand for Advanced Driver Assistance System (ADAS)

The rise in demand for advanced driver assistance system (ADAS) as it provides the driver a better and safer driving experience, which provides self-dimming, secure driving environment, automatic brightness adjustment and self-cleaning accelerate the market.

• Technological Advancements

The continuous technological advancements in the smart textiles along with lower power consumption further influence market growth. The surge in the popularity of the technology owing to its characteristics such as added convenience, and better reliability and quality has a positive impact on the market.

Opportunity

• High Demand for Smart Homes

Furthermore, the high demand for smart homes among the population extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, shifted focus on improving energy efficiency will also offer numerous growth opportunities within the market.

Restraints/Challenges

• High Cost Associated with the Mirrors and Security

On the other hand, high cost associated with the mirrors and security of confidential and personal data are expected to obstruct market growth. Also, lack of awareness is projected to challenge the global smart mirror market in the forecast period of 2023-2030.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In November 2020, The MULTIX Impact C is a ceiling-mounted digital radiography (DR) equipment by Siemens Healthineers. MULTIX Impact VA20, a new version of the established floor-mounted parent DR system, was also introduced
• In January 2020, In Canada, Esaote North America introduced the MyLabX8 Ultrasound System. The product broadens the MyLab Ultrasound product line's reach in Canada

Global Smart Mirror Market Scope

The global smart mirror market is segmented on the basis of component, technology, type, functionality, augmented reality feature and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software
• Services

Technology

• Smart Material
• Embedded Technologies

Type

• Exterior Mirror
• Interior Mirror

Functionality

• Connected
• Non-Connected

Augmented Reality Feature

• AR-Smart Mirror
• Non AR-Smart Mirror

Application

• Automotive
• Healthcare
• Retail and Marketing
• Consumer
• Others

Global Smart Mirror Market Region Analysis/Insights

The global smart mirror market is analyzed and market size insights and trends are provided by region, component, technology, type, functionality, augmented reality feature and application, as referenced above.

The regions covered in the global smart mirror market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global smart mirror market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of the Middle East and Africa

North America dominates the global smart mirror market because North America is home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in global smart mirror market.

Asia-Pacific is expected to be fastest-growing country in the global smart mirror market due to the Asia-Pacific region has a large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of Smart Mirror circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Smart Mirror Market Share Analysis

The global smart mirror market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global smart mirror market.

Some of the major players operating in the global smart mirror market are:

• ELECTRIC MIRROR, INC. (U.S.)
• Séura (U.S.)
• Murakami Corporation (Japan)
• PERSEUS MIRRORS (U.S.)
• actiMirror (Hong Kong)
• GLANCE DISPLAYS (India)
• On The Wall, Inc (U.S.)
• ad notam AG (Germany)
• DENSION LTD (U.K.)
• Embrace (Australia)
• Gentex Corporation (U.S.)
• MAGNA INTERNATIONAL INC (Canada)
• Ficosa Internacional SA (Spain)
• Mirrocool (U.S.)
• Memomi (U.S.)

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