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Global Smart-Mirror Market to reach USD 1010.42 million by the end of 2030

Global Smart-Mirror Market Size study & Forecast, by Installation Type (Wall Mounted, Free-Standing), by Application (Residential, Commercial), by Distribution Channel (Online, Offline) and Regional Analysis, 2023-2030

Product Code: EESC-16298567
Publish Date: 20-01-2024
Page: 200

Global Smart-Mirror Market is valued at approximately USD 514.6 million in 2022 and is anticipated to grow with a healthy growth rate of more than 8.8% during the forecast period 2023-2030. A Smart Mirror is a two-way mirror with a display embedded into the glass. The mirror’s surface, enable features , such as weather forecast, current time, news feed, upcoming appointments, and more. The Smart-Mirror Market is expanding because of factors such as placing Smart-Mirrors in a variety of commercial settings, for example, shopping malls, Salons and spas, Fitness and dance centers helps in improving client experience, use of advanced technology such as computer vision, virtual reality, and augmented reality in modern day smart mirrors further increases its functionality, adoption of smart mirrors in the automotive sector is also expected to drive the market.

Smart mirrors are becoming more and more popular in the retail sector as they allow customers to virtually try on clothing, accessories, and makeup. This creates an immersive shopping experience for customers. In addition, smart mirrors can display product details, special offers, and customized commercials, giving customers an interactive and interesting experience that boosts acceptance and expands the market. Furthermore, people all around the world are actively seeking customized and personalized experiences in several parts of their everyday lives, such as personal grooming and home decor. Smart mirrors meet this demand by allowing users to set display preferences, illumination, and other features, as well as providing personalized wellness, fashion, and beauty recommendations. For example, In February 2022, MySize, an AI solutions company, has launched an interactive smart mirror FirstLook for integration into real commercial stores. The FirstLook Smart Mirror boasts a mirror-like touch display and advanced features such as an interactive 3D try-on experience, style recommendation system and a third-party POS. This improves the whole purchasing experience for customers. Furthermore, demand for smart mirrors is predicted to rise in developing countries as residents increasingly adopt smart home devices and commercial centers are beginning to install automated devices on their premises. In addition, the increased demand for environmentally friendly and energy-efficient smart mirrors that use less energy or electricity is expected to create considerable market opportunities in the upcoming years. However, smart mirrors are regularly linked to cameras, sensors, and connectivity features, creating concerns about user security and privacy. Smart mirrors collect and analyze personal data, which, if not managed properly and securely, can lead to unauthorized access or privacy violations. Such considerations make it vital for users to gain trust in such products, limiting consumer adoption of smart mirrors thus stifling overall market growth.

The key regions considered for the Global Smart-Mirror Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022. The region’s dominance can be ascribed to a rise in smart technology adoption, coupled with a growing customer preference. With real-time information display, seamless virtual assistant interaction, and customizable features, they appeal to North American families. As e-commerce expands, the industry is set to benefit, anticipating further growth through innovation and widespread integration of advanced technology in smart mirrors across the distribution chain. Asia Pacific is expected to grow significantly over the forecast period, the strong presence of key manufacturers and technical breakthroughs in countries such as China, Japan, and South Korea are driving the growth of the Asia Pacific Smart Mirror Market. These countries are known for their technological and electronic innovation, allowing for the development and deployment of cutting-edge smart mirror solutions.

Major market player included in this report are:
Electric Mirror, Inc.
AVIS Electronics company
Foshan Eterna Intelligent Bathroom Co., Ltd.
Reflectel
LumiDesign Inc.
Evervue USA Inc.
Magna International Inc.
Gentex Corp.
Japan Display Inc.
Ficosa International S.A

Recent Developments in the Market:
Ø In June 2023, Gentex Corp outfitted Peugeot’s all-new 9X8 Hybrid Hypercar with a sophisticated rear vision system intended to optimize the vehicle’s rearward perspective for the upcoming 24 Hours of Le Mans and the Fédération Internationale de l’Automobile (FIA) World Endurance Championship (WEC). Peugeot Sport and Gentex collaborated to implement a cutting-edge digital rearview mirror that improves the driver’s visibility and situational awareness during the race. The device is a race-ready variant of Gentex’s Full Display Mirror (FDM), a computerized rearview mirror seen in over 90 passenger vehicles worldwide. The technology uses a rear-facing camera to collect footage.
Ø In February 2022, MySize introduced the “FirstLook” smart mirror, which has a mirror-like touch display and improves the shopping experience of consumers in real locations by offering a contactless checkout procedure.
Ø In February 2023, Magna declared that it would invest about USD 470 million to expand its business activities throughout Ontario, Canada. A new battery enclosures factory in Brampton, Ontario, which supports the Ford F-150 Lightning and upcoming Original Equipment Manufacturer (OEM) programs, is compromised by the growth.

Global Smart-Mirror Market Report Scope:
ü Historical Data – 2021 – 2022
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Installation Type, Application, Distribution Channel, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Installation Type:
Wall Mounted
Free-Standing

By Application:
Residential
Commercial

By Distribution Channel:
Online
Offline

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2023-2030 (USD Million)
1.2.1. Smart-Mirrors Market, by Region, 2023-2030 (USD Million)
1.2.2. Smart-Mirrors Market, by Installation Type, 2023-2030 (USD Million)
1.2.3. Smart-Mirrors Market, by Application, 2023-2030 (USD Million)
1.2.4. Smart-Mirrors Market, by Distribution Channel, 2023-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart-Mirrors Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart-Mirrors Market Dynamics
3.1. Smart-Mirrors Market Impact Analysis (2023-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing use of smart mirrors in the automotive industry
3.1.1.2. Placing Smart-Mirrors in a variety of commercial settings
3.1.1.3. Use of advanced technology such as voice command, (Augmented reality) AR to improve customer experience
3.1.2. Market Challenges
3.1.2.1. High cost of installation and awareness about technology
3.1.2.2. Imperfect consequences of security breaches and personal data
3.1.3. Market Opportunities
3.1.3.1. Increasing adoption of smart-home products in developing countries
3.1.3.2. Innovation and filtration of newly developed techs by various smart solution companies
Chapter 4. Global Smart-Mirrors Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Smart-Mirrors Market, by Installation Type
5.1. Market Snapshot
5.2. Global Smart-Mirrors Market by Installation Type, Performance – Potential Analysis
5.3. Global Smart-Mirrors Market Estimates & Forecasts by Installation Type 2023-2030 (USD Million)
5.4. Smart-Mirrors Market, Sub Segment Analysis
5.4.1. Wall Mounted
5.4.2. Free-Standing
Chapter 6. Global Smart-Mirrors Market, by Application
6.1. Market Snapshot
6.2. Global Smart-Mirrors Market by Application, Performance – Potential Analysis
6.3. Global Smart-Mirrors Market Estimates & Forecasts by Application 2023-2030 (USD Million)
6.4. Smart-Mirrors Market, Sub Segment Analysis
6.4.1. Residential
6.4.2. Commercial
Chapter 7. Global Smart-Mirrors Market, by Distribution Channel
7.1. Market Snapshot
7.2. Global Smart-Mirrors Market by Distribution Channel, Performance – Potential Analysis
7.3. Global Smart-Mirrors Market Estimates & Forecasts by Distribution Channel 2023-2030 (USD Million)
7.4. Smart-Mirrors Market, Sub Segment Analysis
7.4.1. Online
7.4.2. Offline
Chapter 8. Global Smart-Mirrors Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Smart-Mirrors Market, Regional Market Snapshot
8.4. North America Smart-Mirrors Market
8.4.1. U.S. Smart-Mirrors Market
8.4.1.1. Installation Type breakdown estimates & forecasts, 2023-2030
8.4.1.2. Application breakdown estimates & forecasts, 2023-2030
8.4.1.3. Distribution Channel breakdown estimates & forecasts, 2023-2030
8.4.2. Canada Smart-Mirrors Market
8.5. Europe Smart-Mirrors Market Snapshot
8.5.1. U.K. Smart-Mirrors Market
8.5.2. Germany Smart-Mirrors Market
8.5.3. France Smart-Mirrors Market
8.5.4. Spain Smart-Mirrors Market
8.5.5. Italy Smart-Mirrors Market
8.5.6. Rest of Europe Smart-Mirrors Market
8.6. Asia-Pacific Smart-Mirrors Market Snapshot
8.6.1. China Smart-Mirrors Market
8.6.2. India Smart-Mirrors Market
8.6.3. Japan Smart-Mirrors Market
8.6.4. Australia Smart-Mirrors Market
8.6.5. South Korea Smart-Mirrors Market
8.6.6. Rest of Asia Pacific Smart-Mirrors Market
8.7. Latin America Smart-Mirrors Market Snapshot
8.7.1. Brazil Smart-Mirrors Market
8.7.2. Mexico Smart-Mirrors Market
8.8. Middle East & Africa Smart-Mirrors Market
8.8.1. Saudi Arabia Smart-Mirrors Market
8.8.2. South Africa Smart-Mirrors Market
8.8.3. Rest of Middle East & Africa Smart-Mirrors Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. Electric Mirror, Inc.
9.3.1.1. Key Information
9.3.1.2. Overview
9.3.1.3. Financial (Subject to Data Availability)
9.3.1.4. Product Summary
9.3.1.5. Recent Developments
9.3.2. AVIS Electronics company
9.3.3. Foshan Eterna Intelligent Bathroom Co., Ltd.
9.3.4. Reflectel
9.3.5. LumiDesign Inc.
9.3.6. Evervue USA Inc.
9.3.7. Magna International Inc.
9.3.8. Gentex Corp.
9.3.9. Japan Display Inc.
9.3.10. Ficosa International S.A
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

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Data Collection:
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To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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