The global smart mirror market is anticipated to hold a market value of USD 548.21 Million in 2023 and USD 1,183.54 Million by 2033. The smart mirror manufacturing market growth rate is projected to be nearly 8% during the forecast period from 2023 to 2033.
Smart mirrors, also known as interactive mirrors, mirror TVs, and magic mirrors, are experiencing rapid growth due to the increased demand for smart mirrors in commercial places and offices.
The growing use of smart mirrors in the retail industry to improve customer experience is driving the industry's growth. This trend is expected to remain a prominent smart mirror market growth factor in augmenting product demand throughout the forecast period. Furthermore, key companies have been amplifying their product portfolios by incorporating new and innovative products, to gain maximum industry share.
| Report Attributes | Details |
|---|---|
| Estimated Market Value in 2023 | USD 548.21 Million |
| Estimated Market Value in 2033 | USD 1,183.54 Million |
| Projected CAGR from 2023 to 2033 | 8% |
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The global smart mirror market garnered USD 507.6 Million in 2022, expanding at a historical CAGR of 6%. Smart mirrors in stores are intended to improve customer shopping.
Recently, Visa and Monse approached Nobal Technologies, a company based in Calgary, to work on an innovative mirror that would let consumers examine and buy things through the touchscreen mirror.
The mirror’s underlying technology enables it to gather consumer information about shopping preferences, colors, styles, and trends to aid customers in making better purchasing decisions. Furthermore, companies like Magic Mirror are introducing new ways for retailers to make their products available. When consumers use a smart mirror to shop, it creates a hassle-free process for both consumers and retailers.
During the forecast period, the industry is also anticipated to be driven by rising expenditures on Research and Development and product development by the manufacturers. The estimation reveals that the industry is projected to secure a market value of USD 1,183.54 Million by 2033.
Growing Automation in Mirrors to Aid Market Growth
Smart mirrors allow consumers to access voice assistance and other preferred content through the apps inbuilt, which connect the mobile phone screen to the mirrored display.
These mirrors further allow users to access weather, stream entertainment, listen to music, access social media feeds, run downloadable applications, and more, which is expected to drive their demand in the residential segment. Developed countries are likely to witness tremendous growth in product adoption during the forecast period.
The industry is growing rapidly because smart mirrors combine a mirror with automation and monitoring features to show information over the home décor mirror. The combination of mirrors with intelligence and technology allows for interaction between smart mirrors and people by displaying information for carrying out daily tasks like running office programs, games, media players, and many more so that people can live an easier and more convenient life using this technology.
The demand for smart mirrors with built-in advanced technology is growing, and many manufacturers are working on product development to meet the increasing demand.
For instance, in January 2022, an Indian company named Wellnesys Inc. introduced ARIA, a smart mirror that combines AR/VR, computer vision, and smart sensing technologies to give users engaging and immersive digital experiences through smart TVs and smart mirrors. Companies are focusing on strategic acquisitions to expand their presence and reinforce their positions in the industry. In the near term, global companies are likely to acquire small- and medium-sized companies in a bid to facilitate regional expansion.
For instance, in June 2020, Lululemon, a manufacturer of women's fitness apparel, acquired the smart mirror manufacturer, Mirror, for USD 500 million as demand for at-home workout streaming surged due to the coronavirus pandemic.
The company Mirror provides smart mirrors that have an intuitive touch screen and lets consumers view & take part in exercise courses from the comfort of their own homes. In addition, the company will function as a separate division of Lululemon. Improving Lululemon’s “digital and interactive” was the primary goal behind the acquisition.
Increased Chances of Security Breach of Personal Data to Hinder Market Growth
A security breach of confidential data is one of the major restraining factors. This is due to the tracking of the personal data of users through smart mirrors. For instance, smart mirrors deployed in retail stores can easily track shoppers' buying experiences, and spending habits in the store.
Increase in the Number of Households in the Region to Increase Consumer Demand
North America emerged as the largest region in 2022 and accounted for the maximum share of more than 48% of the total revenue. The segment is expected to maintain its dominance over the forecast period owing to an increase in the number of households, coupled with the increasing number of manufacturers, and shifting preferences toward healthy drinks.
Increasing demand for a variety of smart mirrors from these regions is anticipated to drive the regional market. A growing number of product launches and investments in advanced technology are further expected to augment the region’s growth.
Increasing Investments in Product Penetration to Boost Regional Market
Europe is also expected to grow at a significant CAGR during the forecast period. Increasing product penetration in developed countries, such as the United Kingdom, Germany, and France, is likely to bode well with regional growth. Many regional and international players are launching their products in these countries where the population has a significant per-capita income to generate greater revenue and increase the customer base for their products. For instance, MirrorMedia Ltd., a United Kingdom-based smart mirror manufacturer offers a wide range of smart mirrors for residential and commercial applications.
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Wall-Mounted Smart Mirror Segment to Boost the Growth of Outsourcing Pharma Industry
The wall-mounted smart mirror segment led the market in 2022 and accounted for the maximum share of 85.5% of the overall revenue. The segment is projected to expand further at the fastest growth rate during the forecast period. The growth of the segment can be attributed to the rising consumer preference for wall-mounted mirrors over free-standing smart mirrors. With free-standing mirrors, there is usually a higher risk of falling, which is decreased by wall-mounted mirrors. In addition, compared to ordinary mirrors, smart mirrors are quite expensive, which tends to increase consumer preference for wall-mounted installation-type smart mirrors.
A wall-mounted smart mirror may also conserve space and improve the appearance of a room. Moreover, increasing demand for smart housing facilities across the globe is driving the demand for smart bathrooms & personalized kitchen mirrors. Manufacturers are making customized smart mirrors for bathrooms and kitchens that are typically wall-mounted due to concerns about the associated risks and available space required for free-standing mirrors in bathrooms & kitchens. For instance, in January 2019, Kohler announced its new wall-mounted Verdera Voice smart mirror with Google Assistant built-in providing seamless integration of voice control for the bathroom space. All the above-mentioned factors strongly support the growth of the segment.
Commercial Application Segment to Dominate the Market
The commercial application segment dominated the global industry in 2022 and accounted for the largest share of more than 57% of the overall revenue. The segment is expected to register the fastest growth rate maintaining its dominant position throughout the forecast years. Furthermore, smart mirrors for commercial applications are expected to grow at the fastest CAGR during the forecast period. The key companies are launching new products with innovative designs and sizes specifically for the hospitality and commercial sectors. For instance, Prestop company, Electric Mirror, Inc., and ProDisplay have separate sets of product portfolios of smart mirrors for commercial applications.
The residential application segment is also expected to witness significant growth over the forecast period. This is attributed to the growth of the residential sector in most of the developed countries. For instance, governments of various countries, including Australia, the United States, and Canada, have planned strategies like concessions for first-time buyers, subsidies for veterans, the golden visa, low-cost affordable housing schemes, and reductions in transactional taxes, which are anticipated to spur the growth of the residential sector during the forecast period.
Offline Channel Segment is Estimated to Hold the Largest Share
The offline channels segment dominated the global industry in 2022 and accounted for the maximum share of 73.5% of the total revenue. The growth of the segment is driven by the increasing consumer preference for shopping in person. According to 2020 Raydiant's second annual State of Consumer Behavior Report, 33% of respondents prefer shopping at physical stores because they like to view, touch, and interact with actual products. In addition, 26% of respondents enjoy the overall shopping experience that a physical location offers, and 13% appreciate the immediate satisfaction that in-store shopping offers as opposed to waiting for delivery.
In the near future, this is anticipated to drive the segment growth and will maintain its dominant position in the market. However, the online channels segment is expected to grow at the fastest CAGR during the forecast period. The popularity of e-commerce channels is expected to increase over the projected period, compared to offline distribution channels, given the increasing number of market players marking their presence online.
Industry players have been offering customers the ability to place and track orders online on their own platforms, e-commerce sites, or third-party platforms like Shopify. In this regard, the emergence of high-end online shopping platforms is expected to act as a driver for the market in the forecast period.
Some of the key start-ups working towards smart mirror key trends for 2033 in the market are-
The smart mirror top manufacturers are focusing to increase their global influence and adopt strategies such as; acquisition, collaboration, and partnerships. Some of the recent key developments among leading companies of smart mirrors are:
| Report Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data | 2018 to 2022 |
| Expected Market Value in 2023 | USD 548.21 Million |
| Projected Value in 2033 | USD 1,183.54 Million |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East & Africa; Oceania |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Segments Covered | Installation Type, Application, Distribution Channel, Region |
| Pricing | Available upon Request |
North America will account for 48% of global smart mirror demand
From 2023 to 2033, the market is projected to expand at an 8% value CAGR, as per FMI
By 2033, smart mirror market demand is expected to reach USD 1183.54 Million
By 2023, demand for smart mirrors is forecast to be valued at USD 548.21 Million
As of 2022, the market for smart mirrors was valued at USD 507.6 Million
| Base Year Market Value (2022) | USD 13,122.3 million |
|---|---|
| Projected Year Market Value (2033) | USD 46,934.8 million |
| CAGR (2023 to 2033) | 12.4% |
| Estimated Size, 2021 (E) | USD 674.0 million |
|---|---|
| Projected Size, 2031 (F) | USD 1,363.5 million |
| Value-based CAGR (2021 to 2031) | 7.3% |
| Estimated Size, 2021 (E) | USD 400.6 million |
|---|---|
| Projected Size, 2031 (F) | USD 671.4 million |
| Value-based CAGR (2021 to 2031) | 5.3% |
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