Smart Mirror Industry Growth Analysis - Market Dynamics 2027

Global smart mirror market in terms of revenue was estimated to be worth USD 2.7 billion in 2022 and is poised to reach USD 5.9 billion by 2027, growing at a CAGR of 16.8% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.

The market is driven by the increasing demand for smart mirrors in the automotive, healthcare, and retail industries. Smart mirrors are interactive mirrors that are equipped with sensors, displays, and cameras, enabling them to display digital information and respond to user gestures and commands. These mirrors offer a range of features such as personalized healthcare monitoring, virtual try-on of clothes and cosmetics, and in-vehicle entertainment and safety. The growing trend of connected devices and the increasing adoption of IoT technology are some of the key drivers of the smart mirror market.

Download PDF:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71622395

Drivers: Alternative to convex mirrors for enhanced safety features in automobiles

Smart mirrors equipped in automobiles play a key role in ensuring driving comfort and safety. The smart mirrors integrated into high-end vehicles are equipped with electro chromatic auto dimming mirror, which improves visibility in low light and decreases eye strain and tiredness in drivers.

These mirrors ensure safety by displaying improved rear-view images, which help the drivers make correct decisions while driving. Additionally, these smart mirrors save time by displaying all the necessary information for drivers on the mirror screen. Smart mirrors can automatically correct camera distortion with added ability to detect and warn of moving objects. The increasing focus on improved road safety is driving the demand for integrated new electronic functionalities, including smart mirrors in automobiles.

Opportunities: Transition from traditional stores to digital stores in retail industry

The retail industry is undergoing a transformation with digital retailers merging with physical stores. Companies are embracing new ways of managing businesses and re-engineering their ways of connecting with customers.

The retailers are integrating various technologies such as smart carts, smart mirrors, smart shelves, and retail robots. This industry is currently experiencing a rapid transition from traditional retail stores to advanced digital retail stores where technology plays a crucial role in customer engagement and increasing sales for retailers.

Challenges: Lack of awareness about smart mirrors

Smart mirrors are a new concept in the display segment and to the end users. With the increase in the use of these mirrors in the automobile and retail industries, the mirror providers are likely to witness a surge in popularity in the upcoming years.

With the major companies worldwide working on offering more innovative smart mirrors and showcasing their products in a variety of tech events, these products are likely to witness growth in the future. Currently, the adoption of smart mirrors is limited to the high-end segment due to their high cost. For common people, it is still a concept that they might not be ready to invest in. Thus, the lack of awareness among customers and the high cost of these mirrors poses a major challenge to the smart mirror industry growth.