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Smart Mirror Global Market Report 2023
Major players in the smart mirror market are Perseus Mirrors, Samsung Electronics, Electric mirror Inc., Japan Dsiplay Inc., Magna International Inc., Gentex Corporation, Seura, Ficosa, ALKE, Murakami Corporation, Desnion Ltd.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Mirror Global Market Report 2023" - https://www.reportlinker.com/p06426349/?utm_source=GNW
, Ad Notam, Keonn, Archello, Videotree and Michael Teeuw.
The global smart mirror market grew from $2.82 billion in 2022 to $3.28 billion in 2023 at a compound annual growth rate (CAGR) of 16.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The smart mirror market is expected to grow to $5.58 billion in 2027 at a CAGR of 14.2%.
The smart mirror market consists of sales of smart mirrors with and without a touchscreen .Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Smart mirrors are two-way mirrors, having an electronic display behind the glass.The time, weather, calendar events, and the day’s news can all be displayed.
These mirrors can show information, include touch input, and include speakers, cameras, microphones, and other sensors. It is used to access different types of information in the form of widgets, such as the current weather, and time, date, and news updates.
Asia-Pacific was the largest region in the smart mirror market in 2022. The regions covered in the smart mirror market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of smart mirrors include hardware, software and services.Hardware is used for manufacturing the mirror with different kinds of components such as displays, cameras, sensors and others.
The smart mirror types are exterior mirrors and interior mirrors having functionalities including connected and non-connected.The smart mirror features include AR-smart mirrors and non-AR-smart mirrors.
The applications of smart mirrors include automotive, healthcare, retail and marketing, consumer and other applications.
The high demand for connected devices is expected to propel the growth of the smart mirrors market.Consumers have been keen to investigate the advantages of adding additional devices to the internet and how that may enhance their lives as technology has developed.
The increasing demand for connected devices will increase the demand for smart mirrors and also improve functionality and features. According to IoT Analytics, a German-based Internet of Things (IoT) market insights and strategic business intelligence, in 2022, the internet of things is expected to grow to 14.4 billion active connections from 12.3 billion in 2021. Therefore, the high demand for connected devices drives the growth of smart mirrors.
Technological advancement is a key trend gaining popularity in the smart mirror market.Major companies in the smart mirror market are advancing in their new technologies and integrating options such as fitness into their products.
For instance, in July 2022, Portl, an India-based intelligent home mirror company, launched a smart mirror in India.The smart fitness mirror has an interactive fitness mirror with Wi-Fi, BlueTooth connectivity, HD cameras, and edge AI processing.
These sensors instantly correct a user’s posture and shape. This indicates that the individual’s posture is adjusted when they perform their workouts in front of the smart mirror.
In June 2020, Lululemon Athletica, a Canada-based athleisure and activewear company, acquired Mirror for $500 million.The acquisition helps Lululemon Athletica to strengthen its position in the future of personalized remote exercise and expand the content creation partnership between the two companies.
Mirror is a US-based home fitness company that offers wall-mounted smart mirrors for streaming workout classes.
The countries covered in the smart mirror market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The smart mirror market research report is one of a series of new reports that provides smart mirror market statistics, including smart mirror industry global market size, regional shares, competitors with an smart mirror market share, detailed smart mirror market segments, market trends and opportunities, and any further data you may need to thrive in the smart mirror industry. This smart mirror market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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