Smart Mirror Market Size Is Expected To Reach USD 1,012.6 Million By 2030

Posted by Neha Bora on June 15th, 2023

San Francisco, 15 June 2023: According to a new report by Grand View Research, Inc., the global smart mirror market is estimated to reach a valuation of USD 1,012.6 million by 2030, with a projected compound annual growth rate (CAGR) of 8.8% from 2023 to 2030.

The market's expansion is driven by the increasing demand for smart home devices, which has significantly impacted the adoption of smart mirrors. These cutting-edge mirrors have become increasingly popular due to their seamless integration with various smart devices and systems within a smart home ecosystem. Functioning as convenient control centers, they deliver notifications, provide information, and facilitate connectivity with other smart devices, making them an irresistible addition to modern smart homes.

Among the different types of smart mirrors, wall-mounted options have emerged as the dominant segment, capturing a significant market share in 2022. Consumers, conscious of the higher cost associated with smart mirrors compared to regular mirrors, are exercising caution, and choosing wall-mounted alternatives. Apart from saving space by eliminating the need for floor placement, these mirrors also enhance the overall aesthetic appeal of a room. Given that bathrooms, in particular, tend to be smaller in many homes, the demand for space-saving solutions like wall-mounted smart mirrors has surged.

The commercial sector held the largest share in the application of smart mirrors in 2022. The adoption of smart mirrors in commercial spaces has experienced substantial growth in recent years, owing to their ability to elevate customer experiences, drive engagement, and generate valuable data for businesses.

These versatile devices offer a myriad of functionalities that cater to different industries, revolutionizing the way businesses interact with their customers. Retail is one industry where smart mirrors have gained significant traction. These mirrors are utilized in stores to create interactive and immersive shopping experiences, allowing customers to virtually try on clothing, accessories, or makeup. The technology not only enhances customer convenience but also reduces return rates and boosts sales.

In 2022, offline sales channels accounted for a larger market size in smart mirror sales. The availability of offline channels provides customers with a valuable opportunity to personally evaluate the products, assessing the quality, design, and functionality of smart mirrors before making a purchase. This hands-on experience becomes particularly vital when considering premium products like smart mirrors. Additionally, offline channels often employ knowledgeable sales personnel who can offer personalized assistance and guidance, further enriching the overall shopping experience.

North America emerged as the leading region in the global smart mirror market, capturing the largest share. The growth in North America can be attributed to the widespread acceptance of smart technologies, the increasing consumer demand for personalized experiences, and the convenience provided by smart mirrors. Smart mirrors have become a highly desirable choice for households in North America due to their unique functionalities, convenience, and aesthetic appeal. Their ability to display real-time information, seamlessly integrate with virtual assistants, and offer personalized features has significantly contributed to this popularity.

Furthermore, key companies in the market are implementing various strategies, including new product launches, partnerships, mergers and acquisitions, and global expansion, to secure a larger market share.

Access Research Report of Smart Mirror Market @ https://www.grandviewresearch.com/industry-analysis/smart-mirror-market-report

Smart Mirror Market Report Highlights

• Europe is projected to witness substantial growth with a considerable CAGR from 2023 to 2030. In Europe, consumers place a high value on design and aesthetics in home decor, fueling the preference for products like smart mirrors.
• The free-standing segment is expected to experience significant expansion with a substantial CAGR over the forecast period. The flexibility in mirror placement serves as a key driving factor behind the growing popularity and demand for free-standing smart mirrors.
• The commercial segment is anticipated to witness faster growth with a higher CAGR over the forecast period. The adoption of smart mirrors in commercial spaces enhances customer convenience, reduces return rates, and boosts sales, leading to their increasing utilization in various commercial settings.
• Online sales channels are predicted to expand at a higher CAGR over the forecast period. Online distribution channels offer numerous conveniences for shopping, resulting in increased consumer usage and driving the growth of this segment.

List of Key Players in the Smart Mirror Market

• ELECTRIC MIRROR, INC.
• Séura
• Hidden Television
• Majestic Mirror & Frame
• AVIS Electronics company
• FOSHAN ETERNA INTELLIGENT BATHROOM CO., LTD.
• Reflectel
• LumiDesign
• Evervue USA Inc.
• Videotree

Access Press Release of Smart Mirror Market @ https://www.grandviewresearch.com/press-release/global-smart-mirror-market