The global smart mirror market size is estimated to be USD 2.7 billion in 2022 and is projected to reach USD 5.9 billion by 2027, at a CAGR of 16.8%
during the forecast period. Some of the major factors contributing to the growth of smart mirror market includes the surging adoption of electric vehicles (EVs) across the globe, and increasing emphasis on automation of various end-use industries, including automotive, and retail.
New York, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Mirror Market by Offering, Application, Hospitality, Retail), Technology, Installation Type, Sales Channel and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05494010/?utm_source=GNW
Some of the other major factors propelling the market growth include increasing focus towards enhanced safety features in automobiles, rising number of smart homes, surging penetration of virtual retail and smart retail stores to increase customer satisfaction.
*Sensors likely to witness highest growth among all hardware component in the global smart mirror market by 2027*
Hardware components include sensors, displays, cameras, and other devices such as audio systems and connectivity devices.A sensor is one of the most important hardware components of smart mirrors.
Sensors can perform logical functions such as decision-making and communication with various other systems as well as controlled devices.A variety of sensors are used in smart mirrors such as temperature, humidity, light, and occupancy sensors.
A light sensor is integrated into the smart mirror to measure the light in a room or the surroundings to determine if the mirror needs to be turned on/off. The humidity sensor is a vital component of the smart mirrors in bathrooms to protect the electronics in the smart mirrors from moisture.
Surging adoption of IoT devices for home automation to propel deployment of smart mirrors in residential applications
The smart mirrors used in smart homes or residential application can be integrated with IoT devices such as Alexa or smartphones to provide information such as weather updates, e-mail notifications, as well as for security and the control of home appliances in the environment in which these are deployed.Smart mirror systems deployed in the residential application or homes can accept three modes of input commands, namely, touch, mobile commands, and voice commands.
Touchscreen commands can be used whenever an administrator/owner is in front of the mirror and mobile-based controls can be used when the administrator/owner of the mirror is away from the mirror.
*Electro-chromatic smart mirrors are likely to dominate the market during the forecast period.*
Electro-chromatic smart mirrors are expected to witness robust demand in the coming years due to surging demand for auto dimming technology in electric vehicles (EVs) and mirrorless vehicles.Electro chromatic mirrors/auto dimming mirrors use a combination of optoelectronic sensors and other complex electronic devices such as sensors, circuit boards, and micro-controllers that constantly monitor ambient light and the intensity of light shining directly on the mirror surface.
As soon as sensors detect a glare, the electro chromatic surface of the mirror becomes darker to protect the driver’s eyes and their concentration. Gentex is one of the most well-known auto dimming mirror manufacturers.
*Americas likely to be the second largest market for smart mirror during the forecast period*
The Americas comprise North America and South America.North America is technologically advanced as compared to South America; hence, the acceptance of smart mirror product offerings is also higher in North America.
Countries such as the US and Canada in the North American region are promoting smart product solutions.North America is the developed market for smart mirrors along with the presence of several players such as Gentex Corporation (US), Magna International (Canada), and Séura Solutions (US), which are significantly active in this region.
Major market players have headquarters in this region.These players have also started integrating smart mirrors with other IoT devices.
The US accounted for the largest share of the smart mirror market in Americas in 2021. Growth of the market can be attributed to the rising government support towards the adoption of electric cars and autonomous vehicles. The country has undertaken significant investments in upgrading technology in EVs for future-ready new models and with upgraded technology.
A variety of executives from key organizations operating in the smart mirror market were interviewed in-depth, including CEOs, marketing directors, and innovation and technology directors.
• By Company Type:Tier 1 = 50%, Tier 2 = 30%, and Tier 3 = 20%
• By Designation:C-level Executives = 35%, Directors = 30%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 35%
• By Region: Americas = 40%, Europe= 25%, APAC=20%, and ROW=15%
Gentex Corporation (US), Ficosa (Spain), Seura Solutions (US), Magna International (Canada), Japan Display Inc. ("JDI") (Japan), Murakami Kaimeido (Japan), Harman International Industries (US), ad notam (Germany), Dension (Hungary), and Keonn Technologies (Spain) are the key players in the smart mirror market. These top players have strong portfolios of products and services and a presence in both mature and emerging markets.
The study includes an in-depth competitive analysis of these key players in the smart mirror market, with their company profiles, recent developments, and key market strategies.
*Research Coverage*
This report offers detailed insights into the smart mirror market based on offering, application, installation type, sales channel, technology, and geography.Based on technology, the market has been segmented into electro chromatic and others (semi-reflective smart mirrors, self-repairing mirrors, self-cleaning mirrors, LCD/LED display mirrors, and smart retail digital mirrors).
Furthermore, based on the sales channel, the market has been segmented into direct sales and indirect sales.The market, by application, has been segmented into automotive, retail, residential, hospitality, healthcare, and others.
Based on region, the market has been segmented into the Americas (North America, South America), Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East and Africa (MEA).
The report also provides a comprehensive review of smart mirror market drivers, restraints, opportunities, and challenges in the market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
*Key Benefits of Buying the Report*
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the smart mirror market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05494010/?utm_source=GNW
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