Smart Mirror Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F, Segmented By Installation Type (Wall Mounted, Free Standing), By Application (Residential, Commercial), By Distribution Channel (Direct Sales, Indirect Sales), By Region, Competition
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSmart Mirror Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2024-2032F, Segmented By Installation Type (Wall Mounted, Free Standing), By Application (Residential, Commercial), By Distribution Channel (Direct Sales, Indirect Sales), By Region, Competition
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD501 Million |
| CAGR (2023-2028) | 8.41% |
| Fastest Growing Segment | Indirect Sales |
| Largest Market | North America |
Global Smart Mirror market size is anticipated to project robust growth during the forecast period. The market is being driven by increasing consumer demand for connected devices,
Smart mirrors have a digital screen behind the glass and can be connected to phone using Bluetooth or Wi-Fi. Customers can usually get information like date and time, the daily news, weather forecast, and traffic reports through this display. Most smart mirrors come with built in LED lights, so customers can adjust the color and temperature to get the best possible lighting. Some smart mirrors also play music through bluetooth and allow customers to make phone calls or access apps on their smartphones.
Global Smart Mirror Market Scope
The world is undergoing a rapid transformation, with technological advancement and wirelessly connected devices being utilized in a variety of daily activities, that are contributing to the improvement of the quality of life. This interactive computing and communication technology has led to the emergence of numerous devices/products, with multimedia intelligence providing comfortable, secure, and convenient personal services to many customers. Examples of this include Smart Appliances, Smart Phones, and Automatic Cars, etc. This rapidly changing lifestyle entails the development of Home Automation Projects all over the world. Additionally, Smart Home Designs are becoming essential to enable new, user-friendly services, such as Smart Mirror, which provides users with the ability to manage and control electrical appliances in the home by connecting devices through a network.
Global Smart Mirror Market Overview
The advancement in technology with embedded devices connected wirelessly, is revolutionizing, and enhancing the standard of living. According to a study, 78% of the people planning to buy a house in USA are willing to pay extra for a smart home. Smart Mirrors are combined with artificial intelligence, so they can offer updates on weather, news, and headlines. Smart Mirror would help in the development of smart homes. The LED monitor is used to display a single-way mirror, replicating the functionality of a traditional mirror. Additionally, the mirror also provides personalized information services, allowing users to receive minute updates of the latest news, public headlines, and weather reports, as well as reports of their interests.
Companies are offering wide range of smart mirror options to cater to different consumer preferences and needs. There are basic models that provide LED lightening, while advanced models offer additional features like motion sensor, defogging feature, and camera for live workout session.
Global Smart Mirror Market Driver
The market for electronics and appliances is expanding rapidly due to the prevalence of technology across a wide range of product segments. Consumers are increasingly choosing smart home appliances over traditional appliances, due to their increased disposable income and the desire to enhance their lifestyle. In the United States, there are an average of 8 smart devices per household. Innovation and the ever-evolving needs and
Smart mirrors can be used to track and enhance various aspects of wellness, such as tracking fitness, correcting posture, and analyzing skincare. The smart mirror can be used in monitoring fitness regime and track progress over time. The combination of health-related features makes smart mirrors a valuable tool for people who want to live a healthier lifestyle and will fuel the market in the forecast period.
Global Smart Mirror Market Trends
The global Smart Mirrors market is witnessing several trends that are shaping the industry. Smart Mirrors are becoming more popular as they offer advanced features such as display of multimedia content such as time, date, weather, and news. The smart mirrors can be interacted with through voice commands and can be connected to the user's smart phone via an Android application. For instance, INDE LLC, has announced the launch of Vyu, an innovative smart mirror that provides users with the ability to instantly try on digital garments. The wall-mounted smart mirror is designed to provide any retailer with the opportunity to render garments in a real-time format for potential customers. The primary objective of Smart Mirror is to reduce the amount of time spent in the day to do tasks, which is an essential component of home automation.
Global Smart Mirror Market Challenges
The high prices and manufacturing cost is one of the major issues in the smart mirrors market. The high cost of manufacturing is the biggest challenge of the smart mirror market since it consists of smart technology which is expensive. Smart mirrors include camera, touchscreen displays, sensors, voice recognition system, etc., that increases the cost of manufacturing. Therefore, the cost of manufacturing smart mirrors is usually higher than that of traditional mirrors. Thus, there is less availability of smart mirrors in the market. The maintenance cost of smart mirrors is quite high, which makes it less affordable for users. The market players can focus on product quality (e.g., sensitivity of sensors) and customer privacy. The lack of consumer awareness about smart mirrors is another big challenge for smart mirror market. Smart mirrors are still in their stages of early development because of which consumers are unaware of its features and benefits. Thus, the growth of smart mirror market is being held back by the high implementation costs associated with the technology, as well as less awareness on the technology among consumers.
Recent Developments
- Portl, a fitness technology company, launched its innovative Smart Mirror-based Personalized Fitness & Wellness Device in 2022. The life-sized interactive fitness mirror is equipped with biometrics, high-definition cameras, edge AI processing, Wi-Fi, and Bluetooth connectivity.
- In 2022, A new smart mirror was introduced by MySize, that enables customers to virtually try on garments and receive fit recommendations.
- In 2022, Wellnesys, an Indian start-up company, announced the launch of ARIA, a smart mirror, which combines augmented reality/virtual reality (AR/VR), computer vision, and smart sensing to deliver immersive and interactive digital experiences through Smart TVs and smart mirrors.
Global Smart Mirror Market Opportunities
The retail industry is undergoing a rapid transformation due to digitalization of appliances. Smart mirrors can transform the retail and fashion industry by providing virtual fitting rooms and personalized shopping experiences. Customers can virtually try on clothing and accessories, try on different styles and colors of clothing and accessories, and receive recommendations based on body type and preferences. Smart mirrors have the potential to improve the shopping experience, minimize returns, and drive sales, online and offline. As a result, retailers are adopting a variety of technologies, such as, smart retail robots, and smart mirrors, as well as smart carts. The retail industry is going through a rapid transformation as traditional retailers become digital retailers. Smart mirrors play a key role in driving customer engagement and increasing revenue for retailers, thus creating many opportunities for the smart mirror market.
There has been a significant increase in the number of connected gadgets found at to consumers, ranging from connected home appliances such as television, kettle, washing machine, microwave, and refrigerator, etc. Furthermore, consumers can choose from a wide range of connected devices, including tablet, laptops, smartphones, and smart watches, resulting in a prominent increase in number of active users. Additionally, smart mirrors may find use cases in smart homes, providing the market with huge opportunity for growth.
Global Smart Mirror Market Segmentation
The global Smart Mirror market is segmented based on installation type, application, distribution channel, and region. Based on installation type, the market is segmented into wall mounted and free standing. Based on application, the market is segmented into residential and commercial. Based on distribution channel, the market is segmented into direct sales and indirect sales. Based on region, the market is segmented into North America, Asia-Pacific, Europe, Middle East & Africa, and South America.
Global Smart Mirror Company Profiles
| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion, Volume in Million and CAGR for 2018-2022 and 2023-2028 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | Installation Type Application Distribution Channel Region |
| Regional Scope | North America, Asia-Pacific, Europe, Middle East & Africa, and South America |
| Country Scope | United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, France, United Kingdom; Italy, Spain, Saudi Arabia, UAE, South Africa, Turkey; Brazil; Argentina, Colombia |
| Key Companies Profiled | Electric Mirror, Inc., Séura, Inc., AVIS Electronics Company, Foshan Eterna Intelligent Bathroom Co., Ltd., Majestic Mirror & Frames, Inc., Lumidesign Inc., Evervue USA Inc., Videotree Limited, HILO Solutions, Inc., and Guangzhou Hansong Electric Technology Co., Ltd (FENCHILIN) |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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