Smart mirrors offer various features such as connectivity with smartphones, access to GPS navigation, media controls, weather updates, and more without the need to check phones. They enhance visibility and safety by dimming automatically based on light intensity. The growing demand for advanced, connected safety and entertainment features in automotive and retail sectors is propelling the adoption of smart mirrors. The global Smart Mirror Market is estimated to be valued at US$6.37 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of smart mirrors in the automotive and retail sectors is one of the major trends in the smart mirror market. Automakers are incorporating smart mirrors in higher-end vehicles to offer advanced features such as camera displaying rearview, side view, turning signal indicator view, and notifications from车辆 systems. Retail stores are also installing smart mirrors equipped with features like product and price display to enhance the shopping experience of customers. It is estimated that smart mirrors adoption in automobiles would grow at over 15% annually till 2028. With continuous technological advancements, these mirrors are becoming more intelligent and capable of offering more convenience to the end-users.
Strength: Smart mirrors offer advanced features such as touch screen display, voice commands and integration with smart home devices which enhances user experience.
Weakness: High upfront cost of smart mirrors restricts their adoption. Manufacturing intricate customized features also increases the cost.
Opportunity: Rising spending on smart home devices and growing demand for advanced features provide growth opportunities. Integration of AR and VR technologies can further enhance the functionalities.
Threats: Privacy and security concerns related to storage of personal data on internet-connected devices act as threats. Short replacement cycles of technologies also poses challenges.
The global smart mirror market size is expected to witness high growth.
Regional analysis: The North America region dominates the smart mirror market currently due to fast adoption of new technologies. Asia Pacific is expected to grow at highest CAGR during the forecast period with increasing consumer electronics spending in countries like China and India.
Key players operating in the smart mirror market are Gemory, SenseMi, Seraku, OAK LABS, Murakami Kaimeido, and Dension. These players are focusing on integrating advanced technologies such as AI and IoT into their offerings to provide enhanced functionalities beyond basic requirements.