Date: Jun 2022
Smart Mirror Market worth USD 6.2 billion by 2030
The Market Statsville Group (MSG) publishes the new report on the "Smart Mirror Market by Component (Hardware, Software, and Services), by End-Users (Automotive, Healthcare, Residential, and Others), by Region (North America, Europe, Asia Pacific, South America, and MEA) – Global Share and Forecast to 2030".
The global smart mirror market size is estimated to reach USD 6.6 billion by 2030 from USD 2.3 billion in 2021. The market is anticipated to grow at a CAGR of 11.2% over the forecast period. Smart mirrors are majorly used in various industry verticals such as retail, residential, healthcare, automotive, and others. Smart mirror functions can be different depending on the utility. For instance, in the residential sector, a smart mirror can be used to recognize people, talk to them, and learn an individual’s habits as part of a smart home. In addition, smart mirrors can be used as side-view and rearview mirrors for enhanced safety purposes in the automotive sector. Additionally, in retail, smart mirrors are incorporated to suggest to customers with trending outfits. For instance, Ralph Lauren, a leading fashion brand, incorporated the concept of connected fitting rooms in its Manhattan outlet for an enhanced customer experience and help retailers to make smart merchandising decisions.
Global Smart Mirror Market Segmentation
The overall smart mirror market has been segmented into component, end-users, and regions.
By Component Outlook (Sales, USD Million, 2017-2030)
- Hardware
- Sensor
- Display
- Camera
- Audio system
- Connectivity
- Software
- Services
By End-Users Outlook (Sales, USD Million, 2017-2030)
- Automotive
- Healthcare
- Residential
- Others
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
Automotive, by end-users, is estimated to hold the largest market share during the forecast period
Based on end-users, the market is fragmented into automotive, healthcare, residential, and others. In 2021, the automotive segment had the largest market share of 80.2% in the global smart mirror market. Upsurge in the adoption of autonomous vehicles and rise in demand for high-end vehicles is fueling the need for a smart mirror in the automotive segment. For instance, Nissan, a leading automobile manufacturer, developed a smart rearview mirror incorporated with an LCD screen that portrays the images or videos from a camera mounted on the vehicle's rear. In addition, this technology enables the driver to switch between the monitor view and standard view, depending on the requirement.
Europe accounts for the largest market share in the smart mirror market in 2021
Based on the regions, the global smart mirror market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Europe accounted for the highest market share of 36.1% in the global smart mirror market. The growth of the European smart mirrors market is driven due to the fact that major high-end vehicle manufacturers are based in this region. In addition, numerous retailers are incorporating smart mirrors in their stores, which is anticipated to provide lucrative growth opportunities for the European region market.
John Lewis, a high-end departmental store operating throughout the UK, piloted Cisco StyleMe, a life-sized mirror showing customer’s images with pictures of garments with the help of a gesture-based interface. This helps the customers to virtually try outfits by mixing and matching a wide range of apparel uploaded into the mirror. In addition, expert opinions on the clothing are given, which complement the selected clothing.
This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the smart mirror market. It also consists of the profiles of leading companies such as Gentex Corporation, Murakami Corporation, Magna International Inc., Seura, Dension, Japan Display Inc., Ficosa(Panasonic), Perseus Mirror, Electric Mirror, and Samsung Electronics Co. Ltd.
Browse the complete report: https://www.marketstatsville.com/smart-mirror-market
About Market Statsville Group
Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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