Smart Mirror Market Analysis, Growth - Global Forecast to 2027Posted by Tom C on December 19th, 2023 The global smart mirror market size is estimated to be USD 2.7 billion in 2022 and is projected to reach USD 5.9 billion by 2027, at a CAGR of 16.8% during the forecast period. Some of the Key factors propelling the market growth includes increasing adoption of advanced mirror technologies in smart retail, rising demand electric vehicles, and surging adoption of IoT devices for home automation. Download PDF: Smart mirror hardware segment likely to account for largest market share during the forecasting periodThe hardware market is projected to account for the largest share during the forecast period as hardware components such as displays, cameras, and sensors, along with connectivity and audio components, form a major share of the cost of the complete smart mirror system. The smart mirror offers a platform for shoppers to try on new clothes, check the sizes or varieties of clothes in a store, and share information related to the tried clothes on social media platforms. Smart rear-view mirrors are being increasingly utilized to enhance safety in cars and reduce complications of camera systems. Smart rear-view mirrors for automotive applications can work normally even in the event of poor weather conditions with minimum obstructions to drivers. Unlike conventional mirrors, electric mirrors utilized in vehicles have the features of auto-adjusting their displays under different light intensities and thus provide better assistance to drivers under all weather conditions. Electro-chromatic smart mirrors to dominate the market during the forecast periodElectro-chromatic segment held the largest market share in 2021 and is expected to continue this trend by 2027. Various advantages associated with digital rear-view smart mirrors compared to conventional mirrors are propelling the electro chromatic smart mirror market. Majority of digital rear-view mirrors are deployed as a combination of a camera mounted at the back of the car and the electro chromatic rear-view mirror, working together as a unit. The rear-view electric mirror also acts as a screen in most cars, whereas in others, there is a separate screen that broadcasts the image captured by the camera. Europe likely to dominate the market during the forecast period due to increasing adoption of smart mirrors in the automotive, retail, and smart homes application
Europe is expected to lead the smart mirror market between 2022 and 2027. Some of the major factors propelling market growth in Europe include increasing adoption of Electric Vehicles (EVs) in the region, and emphasis on automation of various end-use industries including automotive and retail. The presence of a significant number of automotive manufacturers leads to the high demand for rear-view electric mirrors in the region. Europe is home to major automobile manufacturers such as Volkswagen (Germany), BMW (Germany), and Daimler (Germany) which are expected to create significant demand for auto-dimming smart mirrors. The region is also known for its stringent safety regulations and advanced technologies. Automotive OEMs in Europe focus on developing new technologies to meet the increasing demand for advanced features and increasingly stringent safety norms Like it? Share it! More by this author |