Smart Mirror Market Is Expect To Touch USD 8.9 Billion at a 9.45% CAGR By 2030 - Report by Market Research Future (MRFR)
Smart Mirror Market Growth Drive by Transition to Digital Stores in Retail Sectors
New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Mirror Market Research Report by Component, Application, Technology, Region - Forecast till 2030”, will reach USD 8.9 billion at a 9.45% CAGR by 2030.
Smart Mirror Market Analysis
Rising Adoption as a Substitute to Convex Mirrors to Boost Market Growth
The rising adoption of smart mirrors as a substitute to convex mirrors for improved safety features in cars will boost market growth in the assessment period.
|Market Size in 2030||USD 8.9 Billion|
|CAGR||9.45% From 2022 to 2030|
|Key Market Opportunities||High development potential, principally determined by solid financial development|
|Key Market Drivers||MirroCool assembled an intelligent mirror, An individual associate with a facial acknowledgment permits clients to prepare by informing a daily schedule for them on scree|
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Smart Mirrors Market Opportunities
Transition to Digital Stores in Retail Sector to offer Robust Opportunity
The transition to digital stores from traditional stores in the retail industry will offer robust opportunities for the market over the forecast period. The retail industry is changing as physical stores and online businesses merge. Businesses are adopting cutting-edge management strategies and re-engineering customer relationships. Retail robots, smart mirrors, smart shelves, and smart carts are just a few examples of the technology that retailers are implementing. In this industry, the transition from traditional brick-and-mortar retail stores to cutting-edge digital retail stores, where technology plays a crucial role in boosting customer engagement and profitability for merchants, is happening quickly.
Security Breach to act as Market Restraint
The security breach of personal and confidential data may act as a market restraint over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness regarding smart mirrors and the wide accessibility of alternatives that serves a similar purpose like blackboards and screens may act as a market challenge over the forecast period.
Smart Mirrors Market Segmentation
The global smart mirror market is bifurcated based on technology, application, and component.
By component, hardware will lead the market over the forecast period.
By application, automotive will dominate the market over the forecast period.
By technology, the smart mirror market is segmented into self-repairing, self-cleaning, and self-diming.
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The COVID-19 epidemic possessed a detrimental effect on the market for smart mirrors because of the rigorous lockdowns and social isolation that were implemented to stop the virus's propagation. The demand for smart mirrors was hurt by the uncertain economy, the partial company shutdown, and poor consumer confidence. During the epidemic, the supply chain was impeded along with logistics operations. However, because of loosened regulations and rising demand from the retail and automotive industries, the smart mirror market is anticipated to pick up speed in the post-pandemic environment.
Smart Mirror Market Regional Analysis
Europe to Head Smart Mirror Market
Between 2022 and 2027, Europe is anticipated to dominate the smart mirror market. A few of the primary drivers of market growth in Europe are the region's growing use of electric vehicles (EVs) and the focus on automation across a range of end-use industries, including the automotive and retail sectors. The region has a high demand for rear-view mirrors as a result of the presence of numerous auto manufacturers. Major automakers including BMW (Germany), Volkswagen (Germany), and Daimler (Germany) are based in Europe, which is predicted to significantly increase demand for auto-dimming smart mirrors. The area is renowned for its strict safety laws and cutting-edge technology. European automotive OEMs concentrate on creating innovative technology to fulfill the rising demand for cutting-edge features and the stricter safety regulations. In order to get customers into their stores, a sizable number of prominent retail firms in the area have begun implementing smart mirrors. Smart mirrors are becoming increasingly popular in the smart home industry in Europe. The greatest portion of the European region is ascribed to the presence of the population's higher income group, which leads to the region's high consumption of such smart devices. Further encouraging the market expansion in the region is the increased use of smart mirror systems by retail establishments for the provision of an effective user interface to the store visitors in nations like the U.K. and Italy. For instance, a U.S.-based financial services company called Mastercard Incorporated introduced a smart mirror system for retail businesses in the U.K. in June 2018 to make it easier for customers to identify products and make payments at the stores. Major automakers have embraced this technology for use in cars in Europe so that they may provide smart vision, 360-degree views, and alarms from potentially dangerous circumstances.
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APAC to Have Favorable Growth in Smart Mirror Market
Due to increased automotive unit consumption in nations like China and India, which is driving up demand for automotive application-based smart mirrors in the region, the Asia Pacific region is predicted to expand quickly. 1.182 million electric vehicle (EV) units were sold in China in 2018, up from 0.663 million in 2017, as per the figures provided by the Electric Vehicle Institute. Changing fashion preferences for consumer electronics products are also boosting the region's market's expansion. Due to the rising use of smart mirrors by various end-users in the area, including retail, fashion, cosmetics, and healthcare, the Asia Pacific region holds the largest revenue share in the global market for smart mirrors. Manufacturers of smart mirrors benefit from the advent of online platforms like company-owned portals, e-commerce portals, and third-party portals, which are also helping the market expand in the area. The deployment of smart mirrors has increased as a result of technological developments in South Korea and Japan's retail industries. Due to the expansion of the smart home market, there is a great need for smart mirror technology in China and Japan for domestic use.
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- Leading players profiled in the global smart mirror market report include,
- Japan Display Inc. (Japan)
- Gentex (US)
- Samsung Electronics (South Korea)
- Perseus Mirrors (US)
- Electric Mirror (US)
- Magna International Inc. (Canada)
- Seura (US)
- Murakami Kaimeido (Japan)
- Ficosa (Spain)
- ALKE (Belgium)
- Ad Notam (Germany)
- Dension (Hungary)
- Keonn (Spain)
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