Smart Mirror Market Size, Industry Analysis Report By Component (Hardware, Software, Services), By Technology (Self-dimming Technology), By Functionality (Connected Mirror, Non-Connected Mirror), By End User (Automotive, Healthcare, Residential) & Region - Forecasts By 2033
- PUBLISHED ON
- 2024-10-08
- NO OF PAGES
- 285
- CATEGORY
- Electronics & Communication
Market Overview
The global smart mirror market was worth USD 2920.89 million in 2022 and is expected to amplify with a CAGR of 10.55% over 2023-2033, thereby amassing USD 6516.06 million by end of the assessment timeframe.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 2920.89 Million |
Market Forecast in 2033 | USD 6516.06 Million |
CAGR % 2023-2033 | 10.55% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product type, end-user industry, company share, company heatmap, company Material Technology type capacity, growth factors and more |
Segments Covered | Component, technology, functionality, end user |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | ELECTRIC MIRROR, INC. (US), Séura (US), Murakami Corporation (Japan), PERSEUS MIRRORS (US), actiMirror (Hong Kong), GLANCE DISPLAYS (India). On The Wall, Inc. (US), ad notam AG (Germany), DENSION LTD (UK), Embrace (Australia), Gentex Corporation (US), MAGNA INTERNATIONAL INC. (Canada), Ficosa Internacional SA (Spain), Mirrocool (US), and Memomi (US) |
Smart Mirror Market: Description
A smart mirror is referred to as a type of two-way mirror that is specifically designed to feature a digital display behind the glass. These mirrors are not only integrated with equipment such as sensors and cameras but can also be connected to our phones via WIFI or Bluetooth. The display in these mirrors can feature a wide array of content including date and time, traffic reports, weather forecasts, entertainment video, pictures, along social media feed, among others. These mirrors are adopted in various sectors including residential, automotive, and healthcare among others.
The widespread technological advancements in the field coupled with rising R&D activities are primarily augmenting the outlook of this marketplace. Furthermore, growing adoption of advanced driver assistance systems to reduce the risks of road mishaps is escalating the demand for smart mirrors in the automotive sector across the globe. Alongside, elevating demand for connected devices is bolstering the industry growth.
Also, increasing disposable income of the masses along with the steep rise in the number of smart homes worldwide are creating lucrative opportunities for the business vertical to prosper. Moreover, the surging focus of industry players to develop and launch innovative products in the field is positively swaying the dynamics of this marketplace. On the contrary, high costs pertaining to smart mirrors and rising concerns regarding the security of confidential user data are hindering the remuneration scope of this business vertical.
There has been an elevating demand for advanced driver assistance systems across the globe. This is powered by the rising instances of road accidents caused by rash driving, heavy traffic, and other factors. The adoption of smart mirrors provides a safer driving experience since it displays the view of a vehicle’s surrounding atmosphere which in turn helps the driver to clearly recognize obstacles. This in turn is stimulating the dynamics of this industry.
With rapid digitalization, there has been a steep rise in the number of smart homes across the globe. These homes are comprised of three primary components, namely, next generation home appliances, security features, and infrastructure. The integration of smart mirrors in these houses helps residents to detect any change in the surroundings. Moreover, the IoT enabled mirrors also let the consumers to remotely control the cooling and heating of their homes. These factors are adding momentum to the development of this market vertical.
Smart Mirror Market- Segmental Analysis:
Component Insights
The software segment is anticipated to grow considerably over the forecast period ascribing to their affordable nature.
Technology Insights
Self-dimming Technology segment is anticipated to grow considerably over the forecast period
Functionality Insights
The connected mirror segment is expected to generate significant returns by 2030 due to the wide array of advanced features integrated in connected smart mirrors.
End User Insights
The automotive segment is poised to amassed notable gains over the estimated timeframe owing to the rising occurrence of road accidents worldwide.
Regional Insights
The primary regions influencing the growth matrix of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, Asia Pacific is projected to lead the market with a substantial revenue share over 2023-2033. This is ascribed to the rising production of luxury vehicles in the region, widespread internet penetration, and presence of potential players.
Competitive Analysis
The prominent companies characterizing the competitive terrain of this business sphere are ELECTRIC MIRROR, INC. (US), Séura (US), Murakami Corporation (Japan), PERSEUS MIRRORS (US), actiMirror (Hong Kong), GLANCE DISPLAYS (India). On The Wall, Inc. (US), ad notam AG (Germany), DENSION LTD (UK), Embrace (Australia), Gentex Corporation (US), MAGNA INTERNATIONAL INC. (Canada), Ficosa Internacional SA (Spain), Mirrocool (US), and Memomi (US).
· Notably, in August 2016, Magna announced the expansion of its Mexico based Magna Mirror Systems Monterrey plant. The company invested USD 16 million for the expansion with an aim to include an additional 55,000 ft2 to its present 80,000 ft2 unit. The firm further aims to integrate an assembly line, injection molding section, and an automated paint line in its facility.
Smart Mirror Market- Segmental Analysis
By Component
· Hardware
· Software
· Services
By Technology
· Self-dimming Technology
· Others
By Functionality
· Connected Mirror
· Non-Connected Mirror
By End User
· Automotive
· Healthcare
· Residential
· Others
1. Global Smart Mirror Market Introduction and Market Overview
1.1.
Objectives of the Study
1.2.
Global Smart Mirror Market
Scope and Market Estimation
1.2.1.Global Smart
Mirror Overall Market Size, Revenue (US$ Mn) and Volume (Units), Market CAGR
(%), Market forecast (2023 - 2033)
1.2.2.Global Smart
Mirror Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2033
1.3.
Market Segmentation
1.3.1.Component
of Global Smart Mirror Market
1.3.2.Technology
of Global Smart Mirror Market
1.3.3.Functionality
Mode of Global Smart Mirror Market
1.3.4.End User
of Global Smart Mirror Market
1.3.5.Region
of Global Smart Mirror Market
2. Executive Summary
3. Market Factor Analysis
3.1. Global Smart Mirror Market
Application Trends under COVID-19 Outbreak
3.1.1.Global
COVID-19 Status Overview
3.1.2.Influence
of COVID-19 Outbreak on Global Smart Mirror Market Application Development
3.2. Market Dynamics
3.2.1.Drivers
3.2.2.Limitations
3.2.3.Opportunities
3.2.4.Impact
Analysis of Drivers and Restraints
3.3. Value Chain/ Ecosystem
Analysis
3.3.1.Manufacturers
/ Vendors
3.3.2.Distributors
3.3.3.Buyers /
End-users
3.3.4.Forward
Integration & Backward Integration of Key Stakeholders
3.4. Global Smart Mirror Market
- Pricing Trends Analysis & Average Selling Prices (ASPs)
3.5. Porter’s Five Forces
Analysis
3.5.1.Bargaining
Power of Suppliers
3.5.2.Bargaining
Power of Buyers
3.5.3.Threat
of Substitutes
3.5.4.Threat
of New Entrants
3.5.5.Competitive
Rivalry
3.6. PEST Analysis
3.6.1.Political
Factors
3.6.2.Economic
Factors
3.6.3.Social
Factors
3.6.4.Technological
Factors
3.7. Impact of Russia Ukraine
War on Smart Mirror Market
3.8. Impact of Economic
Downturn on Smart Mirror Market
3.9. Smart Mirror Production Capacity,
by Major Countries
3.10. Market Investment
Opportunity Analysis (Top Investment Pockets), By Segments & By Regions
4. Global Smart Mirror Market
Estimates & Forecast Trend Analysis, by Component
4.1.
Global Smart Mirror Market
Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Component, 2019 to 2033
4.1.1. Hardware
4.1.2.Software
4.1.3.Services
5. Global Smart Mirror Market
Estimates & Forecast Trend Analysis, by Technology
5.1.
Global Smart Mirror Market
Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Technology, 2019 to 2033
5.1.1. Self-dimming
Technology
5.1.2.Others
6. Global Smart Mirror Market
Estimates & Forecast Trend Analysis, by Functionality
6.1.
Global Smart Mirror Market
Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Functionality, 2019 to 2033
6.1.1. Connected
Mirror
6.1.2.Non-Connected
Mirror
7. Global Smart Mirror Market
Estimates & Forecast Trend Analysis, by End User
7.1.
Global Smart Mirror Market
Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by End User, 2019 to 2033
7.1.1. Automotive
7.1.2.Healthcare
7.1.3.Residential
7.1.4.Others
8. Global Smart Mirror Market
Estimates & Forecast Trend Analysis, by Region
8.1.
Global Smart Mirror Market
Revenue (US$ Mn) and Volume (Units) Estimates and Forecasts, by Region, 2019 to
2033
8.1.1.North
America
8.1.2.Europe
8.1.3.Asia
Pacific
8.1.4.Middle East & Africa
8.1.5.South
America
9. North America Smart Mirror Market:
Estimates & Forecast Trend Analysis
9.1. North America Smart Mirror Market Assessments & Key Findings
9.1.1.Smart
Mirror Market Introduction
9.1.2.Smart
Mirror Market Size Estimates and Forecast (US$ Million & Units) (2019 – 2033)
9.1.2.1.
By Component
9.1.2.2.
By Technology
9.1.2.3.
By Functionality
9.1.2.4.
By End User
9.1.2.5.
By Country
9.1.2.5.1.
The U.S.
9.1.2.5.2.
Canada
9.1.2.5.3.
Mexico
10. Europe Smart Mirror Market:
Estimates & Forecast Trend Analysis
10.1. Europe Smart Mirror Market Assessments & Key Findings
10.1.1.
Smart Mirror Market
Introduction
10.1.2.
Smart Mirror Market Size
Estimates and Forecast (US$ Million & Units) (2019 – 2033)
10.1.2.1.
By Component
10.1.2.2.
By Technology
10.1.2.3.
By Functionality
10.1.2.4.
By End User
10.1.2.5.
By Country
10.1.2.5.1. Italy
10.1.2.5.2. Germany
10.1.2.5.3. U.K.
10.1.2.5.4. France
10.1.2.5.5. Spain
10.1.2.5.6. Rest of Europe
11. Asia Pacific Smart Mirror Market:
Estimates & Forecast Trend Analysis
11.1. Asia Pacific Market Assessments & Key Findings
11.1.1.
Smart Mirror Market
Introduction
11.1.2.
Smart Mirror Market Size and
Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)
11.1.2.1.
By Component
11.1.2.2.
By Technology
11.1.2.3.
By Functionality
11.1.2.4.
By End User
11.1.2.5.
By Country
11.1.2.5.1. China
11.1.2.5.2. Japan
11.1.2.5.3. India
11.1.2.5.4. Australia
11.1.2.5.5. South Korea
11.1.2.5.6. ASEAN
11.1.2.5.7. Rest of Asia Pacific
12. Middle East & Africa Smart Mirror Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Market Assessments & Key Findings
12.1.1.
Smart Mirror Market
Introduction
12.1.2.
Smart Mirror Market Size and
Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)
12.1.2.1.
By Component
12.1.2.2.
By Technology
12.1.2.3.
By Functionality
12.1.2.4.
By End User
12.1.2.5.
By Country
12.1.2.5.1. U.A.E.
12.1.2.5.2. Saudi Arabia
12.1.2.5.3. Egypt
12.1.2.5.4. South Africa
12.1.2.5.5. Rest of Middle East & Africa
13. South America Smart Mirror Market:
Estimates & Forecast Trend Analysis
13.1. South America Market Assessments & Key Findings
13.1.1.
Smart Mirror Market
Introduction
13.1.2.
Smart Mirror Market Size and
Volume Estimates and Forecast (US$ Million & Units) (2019 – 2033)
13.1.2.1.
By Component
13.1.2.2.
By Technology
13.1.2.3.
By Functionality
13.1.2.4.
By End User
13.1.2.5.
By Country
13.1.2.5.1. Brazil
13.1.2.5.2. Argentina
13.1.2.5.3. Colombia
13.1.2.5.4. Rest of South America
14.
Competition Landscape
14.1. Smart Mirror Market Competition Matrix & Benchmarking, by
Leading Players / Innovators / Emerging Players / New Entrants
14.2. Smart Mirror Market Competition White Space Analysis, By End-user
14.3. Smart Mirror Market Competition Regional Intensity Map Analysis, By
Geographies Served
14.4. Smart Mirror Market Concentration & Company Market Shares (%)
Analysis, 2022
15.
Company Profiles
15.1.ELECTRIC MIRROR, INC.
15.1.1.
Company Overview & Key
Stats
15.1.2.
Financial Performance &
KPIs
15.1.3.
Product Portfolio
15.1.4.
Business Strategy & Recent
Developments
* Similar details would be provided for all the players
mentioned below
15.2.Séura
15.3.Murakami Corporatio
15.4.PERSEUS MIRRORS
15.5.actiMirror
15.6.GLANCE DISPLAYS
15.7.On The Wall, Inc.
15.8.DENSION LTD
15.9.Embrace
15.10.
Others**
16.
Research Methodology
16.1.
External Power
Outputs / Databases
16.2.
Internal
Proprietary Database
16.3.
Primary
Research
16.4.
Secondary
Research
16.5.
Assumptions
16.6.
Limitations
16.7.
Report
FAQs
17.
Research Findings & Conclusion
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Frequently Asked Questions
What is the market size and growth projections?
The global smart mirror market was worth USD 2920.89 million in 2022 and is expected to amplify with a CAGR of 10.55% over 2023-2033, thereby amassing USD 6516.06 million by end of the assessment timeframe.
What are the drivers shaping various markets?
The widespread technological advancements in the field coupled with rising R&D activities are primarily augmenting the outlook of this marketplace. Furthermore, growing adoption of advanced driver assistance systems to reduce the risks of road mishaps is escalating the demand for smart mirrors in the automotive sector across the globe. Alongside, elevating demand for connected devices is bolstering the industry growth.
Who are the key competitors of market Players?
Some of the major players operating within the market are ELECTRIC MIRROR, INC. (US), Séura (US), Murakami Corporation (Japan), PERSEUS MIRRORS (US), actiMirror (Hong Kong), GLANCE DISPLAYS (India). On The Wall, Inc. (US), ad notam AG (Germany), DENSION LTD (UK), Embrace (Australia), Gentex Corporation (US), MAGNA INTERNATIONAL INC. (Canada), Ficosa Internacional SA (Spain), Mirrocool (US), and Memomi (US)
What are the top performing segments, and countries / regions of each of the markets?
The primary regions influencing the growth matrix of this business sphere are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, Asia Pacific is projected to lead the market with a substantial revenue share over 2023-2033. This is ascribed to the rising production of luxury vehicles in the region, widespread internet penetration, and presence of potential players.
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