Smart mirrors have multiple functions, such as maps, clocks, music, weather, etc. With the Android system, third-party software can install in the market, and various applications can expand. It can support interactive methods such as voice recognition, gesture recognition, and multi-touch, and can provide multiple users with rich functions of smart terminal devices.
The global smart mirror market expected to increase market value by USD 8.2 billion with boosting CAGR in the forecast period from 2020-2027. The rapid growth of the smart mirror market can attribute to the growing demand for stylish mirrors in the automotive industry and the shift of the retail sector from traditional stores to digital stores.
Smart mirrors aggregate many functions and add many high-tech devices. Simultaneously, some stylish mirrors use more advanced flat screen displays, which has led to prohibitive product prices for users. The features of the current smart mirror include the push of weather, date, news, and application software such as WeChat, video, music, map navigation, etc. These functions seem to be copied directly from the mobile phone and tablet terminal to the mirror.
Moreover, the smart mirror will become a new smart terminal with a screen behind mobile phones, tablets, and smart TVs, and become a new traffic entrance for Internet applications. At present, there are many conceptual products in the smart mirror market, and they have also made attempts in the fields of home life, hotels, medical treatment, clothing, beauty, and so on.
Furthermore, the main factor driving the market is the rise in vehicle production, residential door construction activity is increasing; technology has been steadily progressing. The fueling popularity of the Internet of Things and the rising penetration of smart technologies will derive the growth of the smart mirror market.
Besides, the growing popularity of smart home technology, organic light-emitting diode tubes in the smart mirror in the hotel, as well as the integration of public health and the use of intelligent mirror of increase, is driving growth in the global smart mirror market.
Economic development and changes in consumers’ living standards, coupled with emerging disposable income, have allowed the consumer to purchase new technology. Moreover, the rising smart home market has contributed to deriving the market share for smart mirror market. Besides, the increasing popularity of smart mirrors in hotels and restaurants, shopping centers, and the automotive industry has driven market growth.
The rising concern for safety in the automobile industry is driving the market share for the smart mirror. The smart mirror has all the functions of the driving recorder, such as driving record shooting monitoring, electronic dog function, GPS navigation function, reversing visual function, and smart cloud mirror based on customized Android system. Thus, these functions help in improving the market demand of the smart mirror.
Based on the application, the global smart mirror market segmented into Automotive, Hospitality & Retail, Others. The automotive segment estimated to dominate the maximum share of the global smart mirror market. It is mainly due to smart mirrors widely used in automobiles and light commercial vehicles. Smart rearview mirrors used in automotive applications include automatic dimming mirrors and connecting mirrors, with functions such as temperature display, Bluetooth and hands-free connection, navigation, turn signal, and microphone. The widespread adoption of automatic-dimming mirrors due to these functions is the main factor affecting the largest share of automotive applications in the smart mirror market.
Based on the functionality, the global smart mirror market classified into Connected Mirror, Non-Connected Mirror. The non-connected mirror segment contributes the largest share in the global smart mirror market. It is mainly owing to the use of a non-connected mirror that has the highest share. Moreover, with emerging technology, the market demand for the connected mirror will fuel the market share of smart mirrors in the global market. It is due to the connected mirror used as a beauty mirror that can bring the function of virtual makeup through the application, and at the same time, match the LED of different scene modes, etc. Also, it can use in bathroom mirrors that can connect to a variety of health equipment, such as body scales, skin meters, electric toothbrushes, sleep belts, etc., to track the user’s health in real-time.
Based on the technology, the global smart mirror market categorized into Self-dimming Technology, Other Technologies. The self-dimming segment dominates the market share for the global smart mirror market. It is mainly owing to the technology that, with the help of sensors in automobiles, detects low ambient light from headlights behind the car and directs the rearview sensor for glare.
Based on components, the smart mirror market classified into hardware, software, and services. The software segment will escalate with the highest share in the forecast period from 2020-2027. The software application is an essential part of any smart mirror used in hotels and retail, healthcare, and smart homes, and is used to display any information on the mirror screen. The information displayed varies according to the purpose of the mirror. The advancement of 3D modeling and other functions may promote the rapid growth of the software market.
Based on geography, the global smart mirror market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing global smart mirror market, accounting for the largest share. The demand for advanced technology and advanced feature in the automotive smart mirror is rising and reducing camera technology applications will fuel the Asia Pacific region’s market share.
Companies such as Japan Display Inc., Gentex Corporation, Magna International Inc., Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, Electric Mirror and others are key players in the global smart mirror market.