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Smart mirrors are technology-enabled mirror devices containing various components such as a mirror screen, display system, and computer system. These new-generation products have revolutionized the overall mirror industry. Smart mirrors with face & speech recognition systems embedded in it are widely popular among the supermarkets & retail stores as they can capture the consumer attention towards the various products kept in the stores.
Nowadays, companies are keenly focusing on developing innovative smart mirror systems for the growing consumer’s smart home requirements. For instance, In January 2020, Kohler Co., a global leader in the area of innovative kitchen and bath products launched a wide variety of innovative bathroom products such as Moxie showerhead, smart grooming mirror, new touchless toilet technology system, smart speaker & shower mode system and many other products at CES Innovation 2020.
Smart mirrors are essentially used in the various driver assistance systems to enable drivers to see a rear view on the mirror display. Hence, the rising adoption of such driver assistance system-based vehicles by the consumers is expected to drive the market growth. Additionally, increasing demand for smart housing facilities across the globe is further driving the demand for smart bathroom & personalized kitchen mirrors. According to the data presented by the Housewares Organisation, in 2018, smart home adoption among the U.S. population reached 32% of the total households.
Moreover, smarts mirrors are essentially used in the detection of individual health status at hospitals and clinics with the help of facial recognition techniques. Therefore, the evolving healthcare industry is propelling the demand for such products. Growing penetration of smart consumer electronic devices such as smartphones, tablets, digital watches, and others is further fuelling the growth of the market.
However, the higher cost of the smart mirror is anticipated to restrain its demand among the low-income group of the population. Additionally, the wide availability of the other products, which can serve the same purpose such as projector screens, blackboards, etc., is expected to limit the smart mirror’s demand among the educational institutes and corporate offices.
Key Market Driver -
Rising adoption of the driver assistance system-based vehicles by the consumers is expected to drive the market growth
Key Market Restraint -
Higher cost of the smart mirrors is anticipated to restrain the market growth.
The prominent players associated with the global smart mirror market are, Archello, ELECTRIC MIRROR INC., Ficosa International SA, Magna International Inc., GENTEX CORPORATION, Japan Display Inc., DENSION LTD., Seura, Murakami Corporation, Samsung Electronics Co. Ltd., Videotree, Michael Teeuw, and others.
The global smart mirror market is segmented based on product type, application, distribution channel, and geography.
Based on the product type, the market is segmented into a touch screen, and without a touch screen. The touch screen segment is expected to hold a significant share of the market owing to its greater utility as well as higher prices of the smart touch-screen based mirrors, results in larger revenues from such a segment. Additionally, the rising adoption of smart electronic devices among the global population is further driving segmental growth.
By application, the global market is segmented into automotive, residential, healthcare, and others. The automotive segment is anticipated to exhibit a significant share of the market owing to the large consumer necessities of using driver assistance-based vehicles to avoid the incidences of road accidents which thereby drive the segmental growth. Additionally, the rising demand for electric vehicles is further supporting the demand for automotive application based smart mirrors.
Based on the distribution channel, the global market is segmented into offline and online. The offline segment is expected to hold a major share of the market as users can choose a smart mirror in person from the set of a variety of other highly functioned mirrors at such stores. Additionally, consumers largely decide to buy such devices from the physical stores as they can get necessary product knowledge from the sales representatives at such stores.
By geography, the global smart mirror market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The largest share of the European region is attributed to the presence of the higher income group of the population, which results in the large consumption of such smart devices in the region. Additionally, rising adoption of the smart mirror systems by the retail stores for the provision of an efficient user interface to the store visitors in the countries such as the U.K., and Italy is further boosting the market growth in the region. For instance, in June 2018, Mastercard Incorporated, a U.S. based financial services provider, launched a smart mirror system for the retail stores across the U.K. to enable retail visitors to identify the product and make easy payment with the help of such systems at the stores.
Asia Pacific region is expected to grow at a rapid rate owing to the rising consumption volume of the automotive units in the countries such as India and China which give rise to the demand for the automotive application-based smart mirrors in the region. According to the data presented by the Electric Vehicle Institute, in 2018, EV sales volume in China reached 1.182 million units compared to that of 0.663 million in 2017. Additionally, changing fashion trends related to consumer electronic goods. is further fuelling the market growth in the region.
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