Smart Mirrors Market by Offering (Hardware, Software, Services), Installation Type (Wall Mounted, Free-Styled), Application (Automotive, Healthcare, Residential, Retail, Media & Entertainment, Corporate) and Geography

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Global Smart Mirrors Market by Offering (Hardware, Software, Services), Installation Type (Wall Mounted, Free-Styled), Application (Automotive, Healthcare, Residential, Retail, Media & Entertainment, Corporate) and Geography-Global Forecast to 2030.

The research report titled, 'Global Smart Mirrors Market by Offering (Hardware, Software, Services), Installation Type (Wall Mounted, Free-Styled), Application (Automotive, Healthcare, Residential, Retail, Media & Entertainment, Corporate) and Geography-Global Forecast to 2030', provides an in-depth analysis of the smart mirrors market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The global smart mirrors market is projected to reach $8.85 billion by 2030, at a CAGR of 16.4% from 2024 to 2030.

The growth of this market is attributed to smart mirrors being an alternative to convex mirrors for enhanced safety features in the automobile sector, the rising need for home security, and the shift of the retail industry from traditional to digital. However, security breach of confidential and personal data restrains market growth. The growing Industry 4.0 adoption to offer lucrative opportunities and untapped potential in the Asia-Pacific region is expected to create significant opportunities for this market. However, a lack of awareness about smart mirrors and higher cost than ordinary mirrors pose challenges to market growth.

The smart mirrors market is segmented by offering (hardware {display, camera, network connectivity, sensors, and other hardware type}, software, and services), installation type (wall mounted and free-styled), application (automotive, healthcare, residential, hospitality, retail, media & entertainment, corporate, and other applications), and geography. The study also evaluates industry competitors and analyses the regional and country-level.

Based on offering, the smart mirrors market is segmented into hardware, software, and services. In 2024, the hardware segment is expected to account for the largest share of above 68.0% of the global smart mirrors market. The hardware segment includes displays, cameras, and sensors, along with connectivity and audio components, which form a major share of the cost of the complete smart mirror system. The smart mirror offers a platform for shoppers to try on new clothes, check the sizes or varieties of clothes in a store, and share information related to the tried clothes on social media platforms. Smart rear-view mirrors are being increasingly utilized to enhance safety in cars and reduce complications of camera systems. Smart rear-view mirrors for automotive applications can work normally even in the event of poor weather conditions with minimum obstructions to drivers. Unlike conventional mirrors, electric mirrors utilized in vehicles have the features of auto-adjusting their displays under different light intensities and thus provide better assistance to drivers under all weather conditions. These features make mirror technology irreplaceable. As automotive and retail continue to grow, this will create lucrative opportunities for smart mirror hardware in the coming years.

Based on installation type, the smart mirrors market is segmented into wall-mounted and free-styled. In 2024, the wall-mounted segment is expected to account for the larger share of above 66.0% of the global smart mirrors market. The growing consumer preference for wall-mounted smart mirrors over free-standing mirrors is influencing the growth of the segment. Free-standing mirrors are more likely to fall or topple over, whereas wall-mounted mirrors are significantly less likely to do so. Furthermore, as smart mirrors are more expensive than regular mirrors, buyers are more cautious about choosing wall-mounted smart mirrors. These are installed on the wall, saving space by freeing up the floor area and improving the overall appearance of a room. Such mirrors are space-saving alternatives, thereby, demand for wall-mounted smart mirrors is gaining traction.

Based on application, the smart mirrors market is segmented into automotive, healthcare, residential, hospitality, retail, media & entertainment, corporate, and other applications. In 2024, the retail segment is expected to account for the largest share of above 32.0% of the smart mirrors market. The large share of the segment is attributed to their ability to enhance customer experiences, improve engagement, and provide valuable data for businesses. These devices offer various functionalities that cater to different industries, transforming the way businesses interact with customers. In the retail sector, smart mirrors are used in stores to create interactive and immersive shopping experiences, enabling customers to virtually try on clothing, accessories, and makeup. This technology enhances customer convenience, reduces return rates, and boosts sales. Thereby, the potential growth of the retail sector is likely to create lucrative opportunities for the segment in the coming years.

Based on geography, the smart mirrors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of above 46.0% of the smart mirrors market. The large share of this market is attributed to the customers' awareness of AI developments and its application in smart mirrors. As of present, integrating smart speakers such as Alexa into these mirrors increases their popularity at residencies across North America. Moreover, growing investments, strategic developments, and increasing new entrants in the market space are driving the market growth. As technology advances, smart mirrors are likely to offer even more novel capabilities and become more widespread in people's daily lives.

Key Players:

The key players operating in the smart mirrors market include Japan Display Inc. (Japan), Gentex Corporation (U.S.), Magna International Inc. (Canada), Harman International Industries, Incorporated (U.S.), Murakami Corporation (Japan), Ficosa Internacional SA (Spain), Mirrocool, Inc. (U.S.), Electric Mirror, Inc. (U.S.), ad notam AG (Germany), Dirror (Germany), Seymour Powell Limited (U.K.), Alke (Italy), HILO Solutions, Inc. (Canada), Evervue USA Inc. (U.S.) and Seura (U.S.).

Key questions answered in the report-

What are the high-growth market segments in terms of offering, installation type, application, and geography?
What is the historical market size for smart mirrors across the globe?
What are the market forecasts and estimates for the period 2024-2030?
What are the major drivers, opportunities, and challenges in the smart mirrors market?
Who are the major players in the market, and what are their market shares?
What is the competitive landscape like for the smart mirrors market?
What are the recent developments in the smart mirrors market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the smart mirrors market, and how do they compete with other players?

Scope of the report:

Smart Mirrors Market, by Offering

Hardware
- Display
- Camera
- Network Connectivity
- Sensors
- Other Hardware Type
Software
Services

Smart Mirrors Market, by Installation Type

Wall Mounted
Free-styled

Smart Mirrors Market, by Application

Automotive
Healthcare
Residential
Hospitality
Retail
Media & Entertainment
Corporate
Other Applications

Smart Mirrors Market, by Geography

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Rest of Asia-Pacific
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Latin America
Middle East & Africa

Product Code: MRICT - 1041064

1. Introduction

1.1 Market Definition & Scope
1.2 Currency & Limitations
- 1.2.1 Currency
- 1.2.2 Limitations

2. Research Methodology

2.1 Research Approach
2.2 Process of Data Collection & Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3 Market Sizing and Forecast
- 2.3.1 Market Size Estimation Approach
- 2.3.2 Growth Forecast Approach
2.4 Assumption for the Study

3. Executive Summary

3.1 Overview
3.2 Market Analysis, by Offering
3.3 Market Analysis, by Installation Type
3.4 Market Analysis, by Application
3.5 Market Analysis, by Geography

4. Market Insights

4.1 Overview
4.2 Factors Affecting Market Growth
- 4.2.1 Drivers
  - 4.2.1.1 Alternative to Convex Mirrors for Enhanced Safety Features in Automobile Sector
  - 4.2.1.2 Rising Need for Home Security
  - 4.2.1.3 Shift of Retail Industry from Traditional to Digital
- 4.2.2 Restraints
  - 4.2.2.1 Security Breach of Confidential and Personal Data
- 4.2.3 Opportunities
  - 4.2.3.1 Growing Industry 4.0 Adoption to Offer Lucrative Opportunities
  - 4.2.3.2 Untapped Potential in Asia-Pacific Region
- 4.2.4 Challenges
  - 4.2.4.1 Lack of Awareness About Smart Mirrors
  - 4.2.4.2 Higher Cost than Ordinary Mirrors
4.3 Evolution of Smart Mirrors
- 4.3.1 Face Recognition
- 4.3.2 Motion Detection
- 4.3.3 Voice Control
4.4 Value Chain Analysis
4.5 Case Study
4.6 Porters Five Forces Model

5. Global Smart Mirrors Market Assessment-by Offering

5.1 Overview
5.2 Hardware
- 5.2.1 Display
- 5.2.2 Camera
- 5.2.3 Network Connectivity
- 5.2.4 Sensors
- 5.2.5 Other Hardware Type
5.3 Software
5.4 Services

6. Global Smart Mirrors Market Assessment-by Installation Type

6.1 Overview
6.2 Wall Mounted
6.3 Free-styled

7. Global Smart Mirrors Market Assessment-by Application

7.1 Overview
7.2 Automotive
7.3 Healthcare
7.4 Residential
7.5 Hospitality
7.6 Retail
7.7 Media & Entertainment
7.8 Corporate
7.9 Other Applications

8. Smart Mirrors Market Assessment-by Geography

8.1 Overview
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
8.3 Asia-Pacific
- 8.3.1 China
- 8.3.2 Japan
- 8.3.3 India
- 8.3.4 South Korea
- 8.3.5 Taiwan
- 8.3.6 Rest of Asia-Pacific
8.4 Europe
- 8.4.1 Germany
- 8.4.2 U.K.
- 8.4.3 France
- 8.4.4 Italy
- 8.4.5 Spain
- 8.4.6 Rest of Europe
8.5 Latin America
8.6 Middle East & Africa

9. Competition Analysis

9.1 Overview
9.2 Key Growth Strategies
9.3 Competitive Benchmarking
9.4 Competitive Dashboard
- 9.4.1 Industry Leaders
- 9.4.2 Market Differentiators
- 9.4.3 Vanguards
- 9.4.4 Emerging Companies
9.5 Market Share Analysis, by the Key Player, 2022

10. Company Profiles

10.1 Key Players (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
- 10.1.1 Japan Display Inc.
- 10.1.2 Gentex Corporation
- 10.1.3 Magna International Inc.
- 10.1.4 Harman International Industries, Incorporated
- 10.1.5 Murakami Corporation
- 10.1.6 Ficosa Internacional SA
- 10.1.7 Mirrocool, Inc.
- 10.1.8 Electric Mirror, Inc.
- 10.1.9 ad notam AG
- 10.1.10 Dirror

(Note: SWOT Analysis of Top 5 Companies Will Be Provided)

10.2 Other Players (Business Overview and Product Portfolio)
- 10.2.1 Seymour Powell Limited
- 10.2.2 Alke
- 10.2.3 HILO Solutions, Inc.
- 10.2.4 Evervue USA Inc.
- 10.2.5 Seura

11. Appendix

11.1 Available Customization
11.2 Related Reports