The smart mirror market is expected to reach 8.9 billion US dollars at a price

NEW YORK, US, September 21, 2022 (GLOBE NEWSWIRE) – According to a comprehensive research report by Market Research Future (MRFR), “Smart Mirror Market Research Report by Component, Application, Technology, and Region – Forecast to 2030”, will reach $8.9 billion At a compound annual growth rate of 9.45% by 2030.

smart mirror market analysis

Increased adoption as an alternative to convex mirrors to boost market growth

The increasing adoption of smart mirrors as an alternative to convex mirrors to improve automobile safety features will boost the market growth in the evaluation period.

Scope of the report:

Report metrics details
Market size in 2030 8.9 billion US dollars
compound annual growth rate 9.45% from 2022 to 2030
Key market opportunities High development potential, mainly determined by strong financial development
Main market drivers MirroCool has put together a smart mirror, in which an individual associated with a face recognition allows customers to get ready by informing them of their daily schedule on the screen

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smart mirror market chances

Moving to digital stores in the retail sector to present a powerful opportunity

The transition to digital stores from traditional stores in the retail industry will provide strong market opportunities during the forecast period. The retail industry is changing as physical stores and online businesses merge. Companies are adopting advanced management strategies and re-engineering customer relationships. Retail robots, smart mirrors, smart shelves and smart carts are just a few examples of the technology that retailers are applying. In this industry, there is a rapid transition from traditional to high-end digital retail stores, with technology playing a critical role in enhancing customer engagement and merchant profitability.

limitations

A security breach to act as a market restriction

A security breach of personal and confidential data may be a limitation of the market during the forecast period.

Challenges

Lack of awareness to be a challenge to the market

The lack of awareness regarding smart mirrors and the wide accessibility of alternatives that serve a similar purpose such as whiteboards and screens may be a challenge to the market during the forecast period.

Smart Mirror Market Segmentation

The global Smart Mirror market is segmented on the basis of technology, application, and components.

By component, devices will lead the market during the forecast period.

By application, cars will dominate the market during the forecast period.

By technology, the smart mirror market is divided into self-repairing, self-cleaning, and self-dimming.

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COVID-19 Analysis

The COVID-19 pandemic has had a detrimental effect on the smart mirror market due to the strict lockdowns and social isolation that have been implemented to stop the spread of the virus. Demand for smart mirrors has been hit by the unstable economy, partial company shutdown, and weak consumer confidence. During the pandemic, the supply chain has been hampered along with logistics operations. However, due to loosened regulations and increasing demand from the retail and automotive industries, the smart mirror market is expected to increase in speed in the post-pandemic environment.

Smart Mirror Market Regional Analysis

Europe leads the smart mirror market

Between 2022 and 2027, the smart mirror market is expected to be dominated by Europe. A few key drivers of market growth in Europe are the region’s growing use of electric vehicles (EVs) and focus on automation across a range of end-use industries, including the automotive and retail sectors. The region is witnessing a huge demand for rear view mirrors due to the presence of many car manufacturers. Major automakers including BMW (Germany), Volkswagen (Germany), and Daimler (Germany) are based in Europe, and the demand for smart auto-dimming mirrors is expected to increase dramatically. The region is known for its strict safety laws and cutting edge technology. European automotive OEMs focus on creating innovative technology to meet the growing demand for advanced features and stricter safety regulations. In order to attract customers to their stores, a large number of prominent retail companies in the region have started implementing smart mirrors. Smart mirrors are becoming increasingly popular in the smart home industry in Europe. The bulk of the European region is attributed to the presence of the high-income population category, which leads to a high consumption of such smart devices in the region. The expansion of the market in the region is encouraged by the increased use of smart mirror systems by retail establishments to provide an efficient user interface for store visitors in countries such as the UK and Italy. For example, a US-based financial services company called Mastercard Incorporated introduced a smart mirror system to UK retail businesses in June 2018 to make it easier for customers to select products and make in-store payments. The technology has been adopted by major automakers for use in cars in Europe so that it can provide intelligent vision, 360-degree visibility, and alerts of potentially hazardous conditions.

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Asia Pacific has positive growth in smart mirrors market

As the consumption of automobile units increases in countries such as China and India, leading to increased demand for smart mirrors based on automotive applications in the region, the Asia Pacific region is expected to expand rapidly. 1.182 million units of electric vehicles were sold in China in 2018, up from 0.663 million in 2017, according to figures provided by the Electric Vehicle Institute. Changing fashion preferences for consumer electronics products are fueling the region’s market expansion. Due to the increasing use of smart mirrors by many end users in the region, including retail, fashion, cosmetics and healthcare, the Asia Pacific region has the largest revenue share in the global smart mirror market. Smart mirror manufacturers are taking advantage of the emergence of online platforms such as company-owned portals, e-commerce portals, and third-party portals, which are also helping the market expand in the region. The prevalence of smart mirrors has increased as a result of technological developments in South Korea and the retail industries in Japan. As the smart home market expands, there is a great need for smart mirror technology in China and Japan for home use.

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The main players

  • The major players profiled in the Global Smart Mirror Market report include:
  • Japan Display Inc. (Japan)
  • Genetics (USA)
  • Samsung Electronics (South Korea)
  • Mirrors of Perseus (USA)
  • electric mirror (US)
  • Magna International Inc. (Canada)
  • Ciora (USA)
  • Murakami Kaimedo (Japan)
  • Vicosa (Spain)
  • ALKE (Belgium)
  • Ad Notam (Germany)
  • Dension (Hungary)
  • Quion (Spain)

Related reports:

Automotive Mirror Dimming Market Report By Fuel Type, By Application, By Vehicle Type, By Function And Region – Global Outlook To 2030

Automotive rearview mirror market information by mounting position, by location, by technology, by features, by vehicle type, by region – global outlook to 2030

On the future of market research:

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