Global Smart Mirror market will reach USD 5.95 billion by 2025

The global smart market was valued at USD 3.1 billion in the year 2019 and is estimated to reach USD 3.53 billion by the year 2020.

It is expected to grow at the CAGR of 11.5% within the time horizon of 2020-2025 because of rising global automotive motors market, increase in adoption of smart home, transition to digital stores in the retail industry, and large number of start-up companies and their investment.

Its market value will reach USD 5.95 billion by the end of the year 2025.

Definition / Scope
Market Overview
Market Risks
Top Market Opportunities
Market Trends
Industry Challenges
Technology Trends
Pricing Trends
Regulatory Trends
Market Size and Forecast
Market Outlook
Technology Roadmap
Distribution Chain Analysis
Competitive Factors
Key Market Players
Strategic Conclusion
References
Appendix

Definition / Scope

A smart mirror is an advanced mirror embedded with electronic components and technologies. It has self-dimming, self-cleaning and self-repairing ability with internet connectivity, sensors, cameras, touch screen, and displays equipment. It can be controlled using smartphones, computers, and tablets.

The smart mirror has multiple utilities and the functions differ as per the need of the specified sector. It can be used to learn about individuals’ habits in the residential sector, to suggest the customers about the trending outfits in the retail sector, as the real-time human body statistics in the health sector, and as the side-view and rearview mirror in the automotive sector.

Mostly, these types of mirrors are used in the sector of automotive, retail, residential, healthcare, and other sectors. The global smart mirror market is concerned with the manufacture, distribution, and sale of the smart mirrors.

Market Overview

The total market size of the global smart mirror market is valued at USD 3.1 billion in 2019, increased from USD 2.87 billion in 2018. Its market value is expected to reach USD 3.53 billion by the end of the year 2020. Its market value is expected to grow at a CAGR of 11.5% within the forecasted period of 2020-2025.

Its market value is expected to reach USD 5.95 billion by the end of the year 2025. Based on geography, the European region is leading the global market with a market share of almost 31.93% of the total global smart mirror market. The market size of this region is valued at USD 1.01 billion in the year 2019.

Based on the type of product, the interior segment is leading the market with a market share of almost 63.58% of the total global smart mirror market. The market size of this segment is valued at USD 2.02 billion in the year 2019. Based on the application, the automotive segment is leading the market with a market share of almost 37.5% of the total global smart mirror market.

The market size of this segment is valued at USD 1.19 billion in the year 2019. Rising global automotive motors market, increase in adoption of smart home, the transition to digital stores in the retail industry, and a large number of start-up companies and their investment are the factors driving the growth and development of the global smart market.

However, issues regarding the confidentiality of private information and the high cost associated with the smart mirror development might restrain the growth and development of this market. The key market players engaged in the operation of its market are Japan Display Inc, Gentex Corporation, Magna International, Samsung Electronics, Seura, Perseus Mirrors, Ficosa, Dension, and Electric Mirror.

Market Risks

Issues regarding the confidentiality of private information

The smart mirror tracks and accesses the customer’s personal information including their purchase history, preferences, and other information. There is a risk of the transmission of this information to unintended receivers and can cause a security breach. Globally, the number of data breaches has been increased by almost 50% over the past four years. More than 3,800 data breaches occurred in the year 2019 in which almost 89% of the breaches are occurred due to the outside attacks.

Because of this, cyber-attacks are considered to be one of the top five risks to global stability. The threat of the misuse of personal data might create the risk for the growth and development of the global smart mirror market.

Top Market Opportunities

Rising global automotive motors market

Globally, the market for automotive motors is in increasing trend and is expected to grow at a CAGR of almost 5.9% within the forecasted time horizon of 2020-2025. The market value of the global smart mirror market is expected to reach USD 8931 billion by the end of the year 2030, increased from USD 5315 in the year 2017.

The automotive sector is one of the major application segment of the smart mirror market. The automotive segment accounts for a market share of almost 37.5% of the total global smart mirror market. The growing global market for automotive motors will create a significant opportunity for the growth and development of the global smart mirror market.

Increase in adoption of smart home

Globally, the use of smart home appliances and investment of multinational organizations such as Apple, Google, Microsoft in the development of the smart home devices and frameworks is in increasing trend. The market value of the global smart home market is expected to grow at a CAGR of almost 16.1% within the forecasted time horizon of 2020-2025.

The market size of the global smart home market is expected to reach USD 92.74 billion in the year 2020 and will reach USD 195.74 billion by the end of the year 2025. The penetration of the household in the adoption of the smart home is expected to reach 21.3% by the year 2025, increased from 9.1% in the year 2019.

Here, the smart mirror is also a part of smart home appliances. The growing penetration of smart homes and the increasing global market for the smart mirror is creating a significant opportunity for the growth and development of the global smart mirror market.

Market Trends

The factors driving the growth and development of the global smart mirror are growing usage of IoT and rise in penetration of smart technologies, the transition to digital stores in the retail industry, a large number of start-up companies & their rising investment, increasing disposable income of consumers, growing investment in research and development activities of the smart mirror, and the growth in residential construction. The major driving factors of the global smart mirror market are discussed as follows:

Transition to digital stores in the retail industry

The conventional retail industry is transforming towards digital stores through the adoption of the advanced technology sector. For instance, Neiman Marcus has included the smart mirrors to display the 360-degree view of customers wearing a particular outfit and allows them to compare with other outfits side by side.

It allows consumers to share their images with friends through social media and take their opinion before purchasing the products. Along with this, Polo Ralph Lauren Corporation also has introduced the connected fitting rooms with a smart mirror in which the customers can change the lights and select different sizes and colors of the outfits in the New York Store.

The increasing adoption of digital stores is creating a significant opportunity for the growth of the global smart mirror market.

Large number of start-up companies and their investment

Globally, the number of start-ups companies investing in the global smart mirror market is in increasing trend. In the global smart mirror market, the investment large number of start-ups are working for the development of the smart mirrors. Some of the stats up are HiMirror, MirroCool, Memomi Labs, etc.

Along with this, the market players engaged in the smart mirror market are increasing their investment for product development and expansion. For instance, Magna has invested almost USD 16 million to expand the Magna Mirror System Monterrey Plant. Gentex also has invested almost USD 6 million to expand its facility in almost 50,000 square feet.

The increasing number of start-up companies and the investment from the market players are creating a favorable environment for the growth and development of the global smart mirror market.

High cost associated with the smart mirror

The cost of the development of the smart mirror is quite high in comparison to the conventional mirrors. The installation of the high-end components such as sensors, cameras, displays, etc is increasing the manufacturing and implementation cost of the smart mirror.

The cost of the basic smart mirror with a display of information on the screen is about USD 1,000. The cost of the smart mirror differs from USD 400 to USD 3000 as per the size and features of the smart mirror.

The high-cost associated with the manufacturing and addition of the multiple technological features might restrain the growth and development of the global smart mirror market.

Industry Challenges

Lack of human interaction

In the retail industry, the use of the smart mirror assists the consumers to pull the bunch of outfits and see how they all look in the different varieties of colors, lighting, and size of the outfit. Sometimes, consumers want to interact with the associates and brand ambassadors.

However, the smart mirror doesn’t allow the customers to interact with other humans and about their opinion and experiences. It might affect the satisfaction and the shopping experience of the customers. It is quite challenging for the key market players to develop the well-advanced system to allow the customers to interact with the outfit designers, brand ambassadors, and other persons.

Technology Trends

The adoption of new and advanced technologies is creating a favorable environment for the growth and development of the global smart mirror market. Some of the key technological trends in this market are discussed as follows:

3D modeling: This technology assists to develop the mathematical representation of the surface of any object in three dimensions. It creates the models either automatically or manually.

Organic light-emitting diode: This technology is integrated with the smart mirror in which the light is emitted from an electroluminescent layer in response to the electric current.

Electrochromic self-dimming smart mirrors: This type of mirrors automatically reduces the headlight glare in the vehicles in case of the driving at night. It prevents the Troxler effect in the driving condition.

RFID: This technology uses electromagnetic fields to access and track the tags attached to any objects. It consists of radio transponder, radio receiver, and transmitter to produce the electromagnetic tracking system.

Pricing Trends

The price of the products of this market depends upon the size of the mirror, type of technology, product type, functions, and application. For instance, the price of the small smart mirror is less than USD 100 while the price of the large smart mirror is more than USD 400.

The price of the 10X magnifying rechargeable makeup mirror with 3 color temp ranges from USD 12.1 to USD 35.99 per unit while the price of the silver Taiwan glass smart makeup mirrors infrared body sensor is about USD 535 per set.

The price of the LED lighted bathroom touch screen smart mirror is about USD 69 per piece. The average price of the smart mirror ranges from USD 100 to USD 3000.

Regulatory Trends

Globally, the regulations related to the smart mirror market differs following the countries. The increasing global targets and standards for the use of energy-efficient technologies are driving the demand for the use of the smart mirror.

For instance, Energy standards and targets for passenger vehicles were developed by the Council on Fuel Efficiency Standards in the year 2019. According to it, the passengers’ vehicles should improve their fuel efficiency by almost 32.4%. Because of this, the automotive industry is shifting its use towards the smart mirrors in the place of the normal glasses.

Market Size and Forecast

Its market value is expected to grow at a CAGR of 11.5% within the forecasted period of 2020-2025. Its market value is expected to reach USD 5.95 billion by the end of the year 2025.

Based on geography

The European region is leading the global market with a market share of almost 31.93% of the total global smart mirror market. The market size of this region is valued at USD 1.01 billion in the year 2019.
The North American region accounts for a market share of almost 27.22% of the total global smart mirror market. The market size of this region is valued at USD 0.86 billion in the year 2019.
The Asian Pacific region accounts for a market share of almost 23.03% of the total global smart mirror market. The market size of this region is valued at USD 0.73 billion in the year 2019.
ROW stands for the rest of the world, which includes Middle East Africa and South America. The segment accounts for a market share of almost 17.8% of the total global smart mirror market. The market size of this segment is valued at USD 0.56 billion in the year 2019.

Based on the type of mirror

The interior segment is leading the market with a market share of almost 63.58% of the total global smart mirror market. The market size of this segment is valued at USD 2.02 billion in the year 2019.
The exterior segment accounts for a market share of almost 36.41% of the total global smart mirror market. The market size of this segment is valued at USD 1.15 billion in the year 2019.

Based on the application

The automotive segment is leading the market with a market share of almost 37.5% of the total global smart mirror market. The market size of this segment is valued at USD 1.19 billion in the year 2019.
The healthcare segment accounts for a market share of almost 28.12% of the total global smart mirror market. The market size of this segment is valued at USD 0.89 billion in the year 2019.
The residential segment accounts for a market share of almost 21.87% of the total global smart mirror market. The market size of this segment is valued at USD 0.69 billion in the year 2019.

Market Outlook

The global smart mirror market is expected to grow at the CAGR of 11.5% within the forecasted period of 2020-2025 because of rising global automotive motors market, increase in adoption of smart home, the transition to digital stores in the retail industry, and a large number of start-up companies and their investment. Its market value will reach USD 5.95 billion by the year 2025.

Technology Roadmap

The use of the technologically advanced electrical components, sensors, and cameras are enhancing the functionality of the smart mirror. Along with this, the introduction of the 3D modeling technology, organic light-emitting diode, electrochromic self-dimming smart mirrors, and radio-frequency identification technology in the development and manufacture of the smart mirror are driving the growth and development of the global smart mirror market.

Distribution Chain Analysis

The key stakeholders involved in the operation of this global smart mirror market are smart mirror system integrators & developers, hardware providers, smart mirror software vendors, and end-users.

At first, the technologies embedded in the mirror are developed by the smart mirror system integrators and developers. The software system to control the smart mirror is developed by the smart mirror software vendors. The major end-users of this smart mirror market are automotive, residential, healthcare, and others.

Competitive Factors

The key market players engaged in this global smart mirror market are competing for the product portfolio expansion, high investment in research and development activities, mergers & acquisitions, geographical expansion, and collaborations.

For instance, Clear Channel Airports has collaborated with Mirrus Corporation to deploy smart mirrors with advertising displays in all restrooms in Chicago O’Hare airport. In terms of product innovation, Panasonic Corporation has developed an Interactive mirror with multi-functional features in October 2015 and Gentex Corporation has launched Full Display Mirror as an intelligent rear vision system in December 2014.

Key Market Players

The key market players engaged in the operation of its market are Japan Display Inc, Gentex Corporation, Magna International, Samsung Electronics, Murakami Kaimeido, Seura, Perseus Mirrors, Ficosa, Dension, and Electric Mirror. Short profile of the key market players engaged in the global smart mirror market are discussed as follows:

Japan Display Inc: It is the Japan-based electronics company engaged in the production and sale of display devices and other related products. The revenue of this company is valued at USD 6.76 billion.

Gentex Corporation: It is the US-based company engaged in the manufacture of automatic dimming rear-view mirrors, camera-based driver assistance systems, and wireless control systems. It has its headquarter in Zeeland, Michigan.

Magna International: It is one of the largest companies engaged in the manufacture of the automotive systems, assemblies, modules, and components in North America. It has almost 338 manufacturing operations and 89 product development centers with its headquarter in Aurora, Canada.

Samsung Electronics: It is the South Korea-based company engaged in the sector of electronics, semiconductors, and home appliances. The revenue of this company is valued at USD 221.6 billion.

Seura: It is the US-based company engaged in the development of vanity mirrors, TV mirrors, lighted mirrors, indoor TV, and outdoor TV for hospitality and other sectors.

Ficosa: It is the Spain-based company engaged in the development of the digital rear vision system on the smart mirror market. Its major products are command & control, advanced communication systems, mobility, under the hood, systems for door & seats, and industrial vehicles.

Electric Mirror: It is the US-based leader in the sector of mirror technology. It manufactures smart mirrors, lighted mirrors, TV mirrors, and framed mirrors in the sector of the healthcare system.

Strategic Conclusion

The global smart mirror market is growing at the CAGR of 11.5% within the forecasted period of 2020-2025 because of the rising global automotive motors market, increase in adoption of smart home, the transition to digital stores in the retail industry, and a large number of start-up companies and their investment.

However, issues regarding the confidentiality of private information and the high cost associated with the smart mirror development might restrain the growth and development of this market.

References

Appendix

RFID= Radio-frequency identification
USD= United States Dollar
CAGR= Compound Annual Growth Rate