Smart Mirror Market Share, Analysis, Size, Prominent Players, and Forecast to 2024 to 2030

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.

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.

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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Smart mirror hardware segment likely to account for largest market share during the forecasting period

The hardware market is projected to account for the largest share during the forecast period as hardware components such as displays, cameras, and sensors, along with connectivity and audio components, form a major share of the cost of the complete smart mirror system. The smart mirror offers a platform for shoppers to try on new clothes, check the sizes or varieties of clothes in a store, and share information related to the tried clothes on social media platforms. Smart rear-view mirrors are being increasingly utilized to enhance safety in cars and reduce complications of camera systems. Smart rear-view mirrors for automotive applications can work normally even in the event of poor weather conditions with minimum obstructions to drivers. Unlike conventional mirrors, electric mirrors utilized in vehicles have the features of auto-adjusting their displays under different light intensities and thus provide better assistance to drivers under all weather conditions.

Automotive segment likely to dominate the smart mirror market by 2027 due to the increasing deployment of digital rear-view mirrors in vehicles

The automotive segment dominated the smart mirror market in 2021 and is expected to lead the smart mirror market through 2027. The dominance of the segment is attributed to the increasing deployment of digital rear-view mirrors in vehicles. The rising number of mirrorless vehicles due to the rising trend in the adoption of smart camera-based display mirrors is propelling the growth of the market. Currently, approximately 30 percent high-end vehicles on roads have inside mirrors with inbuilt electrochromic technology while approximately 10 to 15 percent outside mirrors have inbuilt electrochromic features. The penetration of electrochromic mirrors with the auto-dimming feature is expected to witness significant rise in the years to come. Intelligent interior and exterior auto-dimming smart mirrors provide added value by enhancing the driving experience and increasing safety and driving comfort.

Europe likely to dominate the market during the forecast period due to increasing adoption of smart mirrors in the automotive, retail, and smart homes application

Europe is expected to lead the smart mirror market between 2022 and 2027. Some of the major factors propelling market growth in Europe include increasing adoption of Electric Vehicles (EVs) in the region, and emphasis on automation of various end-use industries including automotive and retail. The presence of a significant number of automotive manufacturers leads to the high demand for rear-view electric mirrors in the region. Europe is home to major automobile manufacturers such as Volkswagen (Germany), BMW (Germany), and Daimler (Germany) which are expected to create significant demand for auto-dimming smart mirrors. The region is also known for its stringent safety regulations and advanced technologies. Automotive OEMs in Europe focus on developing new technologies to meet the increasing demand for advanced features and increasingly stringent safety norms.