The demand from luxurious boutiques and high-end automobiles will drive the Smart Mirror market to grow at a CAGR of 14.4% to 2022
The increase in demand for camera-installed rear-view mirrors in automobiles and the use of customized mirrors in the washroom will change the outlook of traditional mirrors. The smart mirror industry is expected to grow at a CAGR of 14.4%, with a high investment from TV manufacturers along with other conventional business lines.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Smart Mirror Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022”
According to Infoholic Research, smart mirrors continue to be used mainly in the automobile and retail sectors. Most the companies present in the market are rear-view mirror manufacturers. The embedded technologies, integrated with features such as music, newsfeed, and weather information, are attracting the consumer market and are expected to grow dominantly in the next 5–6 years. Moreover, a lot of engineers themselves are coming up with new smart mirrors, giving competition to big companies present in the market. As per the study, the market will experience moderate growth during the forecast years due to the increase in the use of integrated technology in fitting rooms in retail outlets, which will attract customers and investment by the government for using the smart mirror in hospitals. The market is expected to grow at a CAGR of 14.4% during the forecast period 2016–2022 to touch an aggregate of $1,220.3 million by 2022.
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“There is an increase in the smart mirror market revenue due to heightened levels of consumer needs and quality of life. The market for smart mirror will have a huge growth driven by automobile and retail industries which is using smart mirror to attract consumers and give them an additional service to select clothes without a trial. The cameras and touchscreen are the features offered by every smart mirror present in the market, which are making it more competitive.” – Preeti Wadhwani, Team Lead – Research at Infoholic Research
The report talks about smart materials, embedded technologies, industry verticals, and regions. In smart materials, self-dimming mirrors are in demand and hold the majority of the market share. The self-healing mirrors are still under development and it is expected to change the outlook of the mirror industry. Camera and touchscreen are the embedded technologies holding the majority of the share. Touchscreen technology is being used in consumer and retail industries as it will help shoppers in choosing clothes and individuals in collecting information such as weather or vital signs.
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As per the geographical reach, Europe is set to be the leading region as it is known for its automotive industries and fast adoption of technologies by fashion designers. North America has the highest CAGR as a lot of companies are coming up with new features integrated into the mirror, and moreover, a lot of Americans are themselves converting the traditional mirror into the smart mirror as per their requirement. North America will be growing at a CAGR of 14.7% during the forecast period. Asia Pacific is set to be an emerging region for the market growth. The rising investments from government, technological players, and automobile industry in the developing countries are expected to drive the market growth in the coming years.
The report aims to highlight key insights from providers and industry vertical. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report not only highlights users’ conundrum (challenges and barriers to adopting smart mirror) but also brings in their perspective on the worldwide mirror market
- The market has been analyzed by taking into account the key regions – North America, Europe, APAC, and LAMEA
- The report analyzes the top players in terms of market reach, business strategy, and business focus
- Competitive benchmarking analysis to optimize short term and long term strategy of the organizations
- Stakeholders’ insights and key trends (current and future) of the market
Ms. Kathakali Basu
Infoholic Research LLP