A smart mirror is a high-tech mirror that includes sensors, cameras, displays, and communication devices. These mirrors are widely utilised in a variety of industries, including automotive, retail, residential, healthcare, and others.
Smart mirrors’ functionalities might vary based on their utility. In the residential sector, for example, it may be used to recognise individuals, converse with them, and learn an individual’s routines as part of a smart home.
Furthermore, smart mirrors may be employed as side-view and rear view mirrors in the vehicle industry to improve safety. Furthermore, smart mirrors are being used in retail to propose fashionable clothing to shoppers. For example, Ralph Lauren, a famous fashion brand, introduced the notion of linked fitting rooms at their Manhattan store to improve the customer experience and assist merchants in making smart merchandising decisions.
Among other technologies, the smart mirror, also known as virtual mirror, is a form of mirror that is incorporated with electronic and smart technologies such as augmented reality, the Internet of Things, and high-quality electronic displays, among other technologies. This type of mirror may be operated by smart phones, laptops, or tablets, and it is commonly seen in the automobile sector and retail stores to provide more comfort for the customers that use them.
Insights and Analysis of the Smart Mirror Market
The global smart mirrors market is expected to grow at an 11 percent CAGR between 2022 and 2028. The market value is expected to reach USD 7300 billion by the end of 2028. This study will provide a complete examination of the worldwide market’s growth factors, hurdles, and problems for the projected period of 2022 – 2028. In this smart mirror market research report, you’ll get analysis and insights into the numerous aspects that are predicted to be present during the forecast period, as well as their influence on the market. Increasing global demand for the product in numerous industrial applications is driving the smart mirror market to new heights.
During the forecast period, the hospitality and retail smart mirror market sector is predicted to develop at the fastest rate.
The hotel and retail smart mirror category is predicted to expand at the fastest CAGR over the projection period among the application segments. Smart mirrors are frequently utilised in the retail industry, as businesses attempt to pique the attention of potential customers and entice them to return on a regular basis. They can also display relevant information, such as pricing and size availability, as well as the cloth used. Shoppers may use smart mirrors to post their shopping experiences on social media. The growing use of smart mirrors in the hotel and retail sectors in North America and Europe is also propelling the smart mirror industry.
The inside mirror has the highest proportion of the car smart mirror market by type
The interior mirror sector is predicted to account for the lion’s share of the market. The vehicle interior smart mirror market was valued at USD 1,249.7 million in 2017 and is estimated to reach USD 2,432.1 million by 2023, growing at a CAGR of 6.05 percent during the forecast period. Interior auto/self-dimming mirrors are now increasingly commonly found in automobiles and light commercial vehicles.
During the projection period, APAC will account for the most market growth
During the projection period, APAC is predicted to have the largest market growth in the smart mirror market, followed by the APAC region. Because of the increased production of luxury and premium automobiles in the Indian and Chinese automotive industries, the use of innovative technology such as smart mirrors is expected to expand fast. Other factors driving the growth of the automotive smart mirror market include lowering camera technology prices and rising demand for enhanced features in car mirrors. In comparison to other areas, APAC is a cost-sensitive market. At the moment, auto/self-dimming mirrors are largely seen in passenger vehicles.
Japan Display Inc., Gentex Corporation, Magna International Inc., Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, and Electric Mirror are the leading participants in the smart mirror market.