DUBLIN--(BUSINESS WIRE)--The "Global Smart Mirror Market by Offering (Hardware (Displays, Sensors, Cameras), Software, Services), Application (Automotive (Interior, Exterior), Hospitality, Retail), Technology, Installation Type, Sales Channel and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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 major factors contributing to the growth of smart mirror market includes the surging adoption of electric vehicles (EVs) across the globe, and increasing emphasis on automation of various end-use industries, including automotive, and retail. Some of the other major factors propelling the market growth include increasing focus towards enhanced safety features in automobiles, rising number of smart homes, surging penetration of virtual retail and smart retail stores to increase customer satisfaction.
Sensors likely to witness highest growth among all hardware component in the global smart mirror market by 2027
Hardware components include sensors, displays, cameras, and other devices such as audio systems and connectivity devices. A sensor is one of the most important hardware components of smart mirrors. Sensors can perform logical functions such as decision-making and communication with various other systems as well as controlled devices. A variety of sensors are used in smart mirrors such as temperature, humidity, light, and occupancy sensors. A light sensor is integrated into the smart mirror to measure the light in a room or the surroundings to determine if the mirror needs to be turned on/off. The humidity sensor is a vital component of the smart mirrors in bathrooms to protect the electronics in the smart mirrors from moisture.
Surging adoption of IoT devices for home automation to propel deployment of smart mirrors in residential applications
The smart mirrors used in smart homes or residential application can be integrated with IoT devices such as Alexa or smartphones to provide information such as weather updates, e-mail notifications, as well as for security and the control of home appliances in the environment in which these are deployed. Smart mirror systems deployed in the residential application or homes can accept three modes of input commands, namely, touch, mobile commands, and voice commands. Touchscreen commands can be used whenever an administrator/owner is in front of the mirror and mobile-based controls can be used when the administrator/owner of the mirror is away from the mirror.
Electro-chromatic smart mirrors are likely to dominate the market during the forecast period
Electro-chromatic smart mirrors are expected to witness robust demand in the coming years due to surging demand for auto dimming technology in electric vehicles (EVs) and mirrorless vehicles. Electro chromatic mirrors/auto dimming mirrors use a combination of optoelectronic sensors and other complex electronic devices such as sensors, circuit boards, and micro-controllers that constantly monitor ambient light and the intensity of light shining directly on the mirror surface. As soon as sensors detect a glare, the electro chromatic surface of the mirror becomes darker to protect the driver's eyes and their concentration. Gentex is one of the most well-known auto dimming mirror manufacturers.
Market Dynamics
Drivers
- Alternative to Convex Mirrors for Enhanced Safety Features in Automobiles
- Smart Homes Driven by IoT Devices
- Presence of Large Number of Start-Ups
- Innovative Features
Restraints
- Security Breach of Confidential and Personal Data
Opportunities
- Transition from Traditional Stores to Digital Stores in Retail Industry
- Industry 4.0 to Provide Growth Opportunities
- Untapped Potential in Asia-Pacific
Challenges
- Lack of Awareness About Smart Mirrors
- Higher Cost Than Ordinary Mirrors
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Smart Mirror Market, by Offering
7 Smart Mirror Market, by Technology
8 Smart Mirror Market, by Application
9 Smart Mirror Market, by Installation Type
10 Smart Mirror Market, by Sales Channel
11 Smart Mirror Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- Ad Notam
- Alke
- Dension
- Dirror
- Electric Mirror
- Eyyes GmbH
- Ficosa International S.A.
- Gentex Corporation
- Glance Displays
- Harman International Industries (A Samsung Subsidiary)
- Hilo Smart Mirror
- Japan Display Inc.
- Keonn Technologies
- Magna International
- Metroclick
- Mirrocool
- Murakami Kaimeido
- Nexstgo Company Limited
- Oaklabs
- Perseus Mirror
- Pingala Software India Pvt. Ltd.
- Pro Display
- Seura Solutions
- Seymourpowell
- Smartspot
For more information about this report visit https://www.researchandmarkets.com/r/dpa5o6
