In 2023, the global smart mirror market is projected to be valued at around USD 548.21 million, with an anticipated increase to approximately USD 1,183.54 million by 2033. During the forecast period from 2023 to 2033, the growth rate for smart mirror manufacturing is expected 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.
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
Competitive Landscape
Major players are focusing on expanding their production capacities to enhance their market share and meet rising demand. Market growth is expected to be bolstered by an increasing number of partnerships and collaborations among key players aiming to strengthen their presence in the industry.
Recent Developments
- In May 2022, H&M piloted new tech features at select COS stores in the USA 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.
- In December 2021, Capstone Connected, a brand known for creating consumer-driven products, launched a new smart mirror, Thin Cast Smart Mirror. The mirror comes with an 18.5-inch touchscreen display, Android compatibility, dual speakers, and two ways to interact with them. The company introduced its two sizes and is equipped with multiple lifestyle features.
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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
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