The 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, according to a new report by MarketsandMarkets™. Some of the Key factors propelling the market growth includes increasing adoption of advanced mirror technologies in smart retail, rising demand electric vehicles, and surging adoption of IoT devices for home automation.
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Display to account for largest market share within hardware smart mirror market between 2022 and 2027
The market for displays is expected to account for the largest share between 2022 and 2027. Displays are core parts of smart mirrors and are available at the highest prices among all other hardware components. Two major types of displays are used in smart mirrors with features such as touchscreen and non-touchscreen displays. Touchscreen interactive displays are utilized in retail stores and changing rooms. These multi-touch mirrors offer a variety of features such as choosing the product for trial, and checking its features, price, and availability. Touchscreen displays also help in adjusting lighting requirements as per the surrounding conditions in retail showrooms. Non-touchscreen displays of smart mirrors only show widgets such as weather updates, clocks, e-mails, etc. Non-touchscreen smart mirrors are only utilized for the display of products in retail stores; in hotels, they are utilized to display information to guests.
Smart mirror market for retail application likely to witness higher growth rate between 2022 and 2027.
The retail segment is projected to grow at the highest CAGR during the forecast period. The segment is expected to witness a significant surge in the adoption of smart mirrors during the post-pandemic period as the trend in virtual trials has become the new norm among customers. Smart mirrors use augmented reality and artificial intelligence to enable a virtual shopping experience in person or online. Smart mirrors, found in various retail stores across outlets, enable customers to virtually try on apparel, makeup, and accessories. The rise in online shopping and the tendency to limit product contact is fueling growth in virtual dressing rooms and makeup mirrors. Companies such as Keonn Technologies, MemoMi, ModiFace, and WANNA are expanding their digital mirror and virtual product application offerings to present consumers with more options and enable higher sales for retailers.
The indirect sales channel likely to dominate smart mirror market by 2027.
The indirect sales channel dominates the smart mirror market and is expected to continue to hold its dominance by 2027 as most smart mirror manufacturers from different application segments generate major sales revenue from the indirect sales channel. The indirect sales channel comprises a strong distribution and sales network of smart mirror manufacturers. Smart mirror manufacturers operating in the automotive vertical account for the major share, as players operating in this market have a high dependency on their sales and distribution partners. Many offline distribution channels offer warranties for a longer duration than online dealers. Besides, offline dealers are physically present to attend to every minor complaint of a customer. These brands are happy to replace the product if the need arises, and they are always easier to reach. Due to this reason, the indirect sales channel strategy is still the most dominant and is likely to witness a similar trend during the forecast period in terms of market share.
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Smart mirror market in Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period, which can be attributed to the increasing demand for the safety of passengers in automobiles and smart appliances in homes and retail outlets. Some of the major smart mirror providers in this region are Japan Display Inc. (Japan) and Murakami Kaimeido (Japan). Other factors contributing to the growth of the smart mirror market in Asia Pacific region include the falling prices of camera technology and increasing demand for advanced features in mirrors for vehicles. The Asia Pacific is a cost-sensitive market as compared to that in other regions. Currently, auto/self-dimming mirrors are majorly used in passenger cars. However, they are gradually becoming popular in the lightweight combat vehicle (LCV) market as well. South Korea, China, India, and Japan are the production hubs for the automotive industry in this region.
Some of the key players operating in the smart mirror market include 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 among the major players in the smart mirror market.
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