In 2023, the global smart mirror market is expected to be valued at approximately $548.21 million, with a projected increase to about $1,183.54 million by 2033. Over the forecast period from 2023 to 2033, the growth rate of the smart mirror manufacturing market is estimated to be nearly 8%.
Growth Drivers of Smart Mirror Market
- Smart mirrors offer users the convenience of accessing voice assistance and preferred content through built-in apps, connecting their mobile phone screens to the mirrored display.
- Users can access a variety of features through smart mirrors, including weather updates, streaming entertainment, music playback, social media feeds, downloadable applications, and more, enhancing their functionality and appeal.
- The demand for smart mirrors is expected to increase significantly in the residential segment as consumers seek innovative solutions to enhance their homes’ technology and convenience.
- Developed countries are poised to experience substantial growth in the adoption of smart mirror products during the forecast period, driven by the increasing trend towards smart home technology and the desire for interconnected devices.
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Key Takeaways from the Market Study
- The wall-mounted segment is expected to grow at the fastest CAGR from 2023 to 2033 due to the growing demand for wall-mounted smart mirrors from the residential and commercial sectors
- The commercial segment is expected to grow at the fastest CAGR from 2023 to 2033.
- Key companies in the industry are launching new products with innovative designs and sizes, specifically for the hospitality and commercial sectors. This drives the segment growth
- The offline distribution channel segment held the maximum revenue share in 2022. However, the online distribution channel segment is expected to register the fastest CAGR during the forecast period
- North America was the largest region in 2022 and is projected to expand further at a higher CAGR from 2023 to 2033
- This can be attributed to the rising disposable income and increasing consumers’ inclination toward smart homes in the U.S.
“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” says an analyst at Future Market Insights.
Key Market Players
Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market
Key players in the Smart Mirrors market are Electric Mirror, Inc.; Séura; ad notam USA LLC; Majestic Mirror & Frame; Avis Electronics; Foshan Eterna Intelligent Bathroom Co., Ltd.; MirrorMedia Ltd.; LumiDesign; Evervue USA Inc.; and Videotree.
- In May 2022, H&M piloted new tech features at select COS stores in the U.S. The stores feature smart mirrors in fitting rooms that can identify customers’ products, including the size & color, and provide personalized product or styling recommendations.
- In January 2022, MySize launched a new smart mirror that allows shoppers to virtually try on a garment and provide fit recommendations.
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Key Market Segments Covered in the Global Smart Mirror Market
By Installation Type:
- Wall-Mounted
- Free-Standing
By Application:
- Residential
- Commercial
By Distribution Channel:
- Online
- Offline
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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