Smart Mirror Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Smart Mirror Market is Segmented by Component( Hardware, Software, Services), End-User Application( Healthcare, Automotive, Retail, and Marketing), and Geography.

Smart Mirror Market Snapshot

smart mirror market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: 12.25 %

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Market Overview

The smart mirror market is expected to grow at a CAGR of 12.25% from 2019 to 2025. Smart mirror finds its applications in many end-user verticals, due to its unique properties. However, only the applications found in the automotive and retail industries stand to be an excellent source of demand for smart mirrors in the current market scenario.

  • The surge in the adoption of advanced driver assistance systems (ADAS) in the automotive sector, rise in demand for connect devices, and transition to digital stores in the retail industry are the major driving factors of the smart mirror market. However, high costs and concerns surrounding the confidentiality of private information are some of the factors that hamper the growth of the market.
  • According to the US Department of Commerce, global retail sales in 2020 are estimated to be USD 27.7 trillion, with an increase of USD 1.4 trillion compare to the previous year. With increasing sales, and other factors, such as rapidly changing demographics, increasing disposable income, changing lifestyles leading to an increase in the adoption of smart homes will create lucrative growth for the smart mirrors market.
  • Due to the recent shut down of businesses on a global scale, owing to the influence of Coronavirus is expected to influence the smart mirror market negatively, as prices of the components used may increase over time due to no production and incurred loss by the manufacturers in few months. ​

Scope of the Report

A smart mirror is a digital mirror incorporated with advanced technologies such as sensors, cameras, displays, and connectivity equipment. These mirrors are majorly used in various industry verticals such as automotive, retail, residential, healthcare, and others. 

By Component
Hardware
Software
Services
By End-User Application
Healthcare
Automotive
Retail and Marketing
Residential
By Geography
North America
Latin America
Europe
Asia-Pacific
Middle East and Africa

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Key Market Trends

Automotive Sector is Expected to Witness Significant Growth

  • The major driving factors of the smart mirror market are comfort and safety. It provides safety by tracking the vehicle whenever required. The biggest benefit of the smart mirror in the automotive sector is the reduced rate of road accidents as a result of the secure driving environment. This smart mirror technology possesses features such as self-dimming, self-cleaning, self-repairing, etc. The key restraints for this technology are its technical drawbacks such as memory loss and faulty sensors etc.
  • The assembly of smart mirrors such as sensors, display, camera, connectivity, and audio systems, which have a higher cost as compared to the products offered under the software or services segments and with the increasing growth of these hardware components the growth of smart mirrors will also increase in the future.
  • The smart mirror demand in the automotive sector will increase with the Increasing energy consumption regulations. Its changeable light transmission property along with changing voltage, heat, and light has made it more lucrative in the automotive sector. This feature also helps in achieving government standards for energy saving by reducing heating cost, lightning, and air-conditioning costs.
  • For instance, in June 2019, the Council on Fuel Efficiency Standards for Passenger Vehicles has set new energy standards and targets for passenger vehicles under which they are required to improve their fuel efficiency by 32.4% from the financial year 2016 sales performance. In the wake of the same, the automotive industry is facing a paradigm shift towards smart mirrors and glasses from normal glasses.
Smart Mirror Market

Europe is Expected to Hold Largest Market Share

  • The extensive reception of smart mirrors in automobiles, retail and consumer segments is the foremost driver for the growth of the market in these regions. The increasing emphasis on enjoyable and seamless shopping experience to customers in the retail sector in order to increase customer retention is one of the major factors driving the growth of the smart mirror market in this region. However, the continuous dynamic growth of online retail might dampen the growth of brick and mortar retail shops negatively affecting the smart mirror market.
  • The increasing availability of various voice assistants, the implementation of AI in multiple smart home devices, and the rapidly increasing demand for the IoT-enabled smart appliances are the factors that are expected to drive the growth of the smart mirror market in the region.
  • The companies in the region are focused to provide customer-centric products when it comes to appliances such as smart mirrors by innovating and embedding these mirrors with technologies such as augmented reality, machine learning as well as voice and touch recognition. This will allow the smart mirror vendors to cater to a larger set of customers with varying needs.
  • For instance, Europe-based CareOS’s Artemis smart mirror has cameras that can recognize faces. The mirror can be controlled with voice and uses augmented reality to let users virtually try on different hairstyle or makeup. It also offers tutorials on different ways to apply beauty products.

Smart Mirror Market

Competitive Landscape

The market is moderately concentrated, owing to the presence of major companies that have a global presence. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market.

  • February 2020 - Samsung Electronics published a design patent that was filed in October 2018 with the United States Patent and Trademark Office (USPTO). The patent clearly indicates that Samsung is working on a smart mirror. However, not taking the conventional approach, Samsung’s newly patented idea shows a TV that can convert into a smart mirror.
  • January 2019 - Gentex Corporation announced to demonstrate its new dimmable glass for automotive applications at Consumer Electronic Show (CES) 2019.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Market Drivers

      1. 4.4.1 Growing adoption of smart mirrors in the automotive sector

      2. 4.4.2 Growing investment in R&D to improve product portfolio

    5. 4.5 Market Restraints

      1. 4.5.1 Hight Cost and Lack of Awareness

    6. 4.6 Assessment of Impact of Covid-19 on the Industry

  5. 5.

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Component

      1. 6.1.1 Hardware

      2. 6.1.2 Software

      3. 6.1.3 Services

    2. 6.2 By End-User Application

      1. 6.2.1 Healthcare

      2. 6.2.2 Automotive

      3. 6.2.3 Retail and Marketing

      4. 6.2.4 Residential

    3. 6.3 By Geography

      1. 6.3.1 North America

      2. 6.3.2 Latin America

      3. 6.3.3 Europe

      4. 6.3.4 Asia-Pacific

      5. 6.3.5 Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Gentex Corp.

      2. 7.1.2 Ficosa (Panasonic)

      3. 7.1.3 Magna International Inc.

      4. 7.1.4 Samsung Electronics Co., Ltd.

      5. 7.1.5 Japan Display Inc.

      6. 7.1.6 Murakami Corporation

      7. 7.1.7 Dension Ltd.

      8. 7.1.8 Electric Mirror Inc.

      9. 7.1.9 Perseus Mirror

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Smart Mirror Market market is studied from 2016 - 2026.

The Smart Mirror Market is growing at a CAGR of 12.25% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Europe holds highest share in 2020.

Gentex Corp., Ficosa (Panasonic), Samsung Electronics, Seura, Dension are the major companies operating in Smart Mirror Market.

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