Smart mirrors refer to advanced mirror technologies that are equipped with integrated displays and connectivity features. These mirrors provide real-time information to users through an LED or LCD display. The displays enable functionalities such as navigation, internet connectivity, video calls, and alerts. Smart mirrors are increasingly being used in automotive, retail, and healthcare sectors. In the automotive industry, smart mirrors allow drivers to check the side views, receive notifications, and access rearview camera feeds. The global smart mirror market is diversifying into new application areas as technologies advance.
The global smart mirror market is estimated to be valued at US$ 988.6 million in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the smart mirror market is the increasing demand for connected devices in the automotive industry. Vehicle manufacturers are integrating more connectivity and infotainment features to offer enhanced driving experiences. Smart mirrors that display navigation aids, rear camera feeds, alerts from blind spot detection systems and other advanced driver assistance systems are becoming common in premium and luxury vehicles. These mirrors improve safety and convenience for drivers. Furthermore, the growing popularity of autonomous vehicles is also expected to drive the demand for smart mirrors that can switch between driver-centric and passenger-centric modes based on vehicle autonomy.
In addition, the introduction of regulation mandating rearview camera installation in vehicles to avoid blind spots is also fueling the market growth. Many countries have made rearview cameras compulsory, given the safety benefits they provide. This is further propelling the replacement of traditional mirrors with advanced smart mirrors integrated with camera displays.
Segment Analysis
The global smart mirror market is segmented based on component, application and region. Based on component, the smart mirror market is divided into hardware, software and services. The hardware segment is further categorized into sensors, displays, camera and others. Under services segment maintenance and repair services are included. Based on application, the market is classified into automotive, healthcare, retail and others. The automotive segment currently dominates the global market due to growing adoption of smart mirrors in luxury and mid-segment vehicles for rear-view monitoring.
PEST Analysis
Political: Governments across the world are supporting digitization which is encouraging adoption of smart technologies including smart mirrors. Several countries have also implemented regulations mandating integration of advanced driver-assistance systems in vehicles.
Economic: Growing disposable incomes and spending on luxurious consumer electronics is fueling demand for smart mirrors. The automotive industry is also investing heavily in advanced driver-assistance systems and infotainment, boosting opportunities.
Social: Rising health consciousness and increasing self-monitoring trends are propelling adoption of smart mirrors in healthcare applications. Growing preference for tech-enabled luxury products is also a key factor.
Technological: Significant advancements in sensing, display, connectivity and AI technologies have facilitated development of innovative smart mirror solutions. Integration of technologies like augmented reality, IoT and cloud is further enhancing functionalities.
Key Takeaways
The Global Smart Mirror Market Growth is expected to witness high over the forecast period supported by wide ranging applications across industries. The global smart mirror market is estimated to be valued at US$ 988.6 million in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030.
Regionally, North America currently leads the global market owing to robust automotive industry and healthcare sector in the region. Europe and Asia Pacific are also lucrative markets and are expected to gain share aided by prospering automotive and electronics sectors respectively. The United States contributes substantially to the regional market owing to flourishing automotive industry in the country. Major automakers are integrating advanced driver assistance technologies and infotainment systems in vehicles to enhance the driving and passenger experience. Rapid technological advancements are also facilitating adoption across healthcare industry for patient monitoring and self-diagnosis.
Key players
Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O. Brands like ad notam and Evervue specialize in digital signage solutions for smart mirrors whereas Gentex, Magna and Panasonic have a foothold in automotive mirror segment. Tech2O, Pro Display and Murakami focus on smart mirror solutions for retail and other commercial applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it