The global Smart Mirror Market is estimated to be valued at US$ 988.6 Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: -
Smart mirrors are digitally enhanced or interactive mirrors that offers various functions such as displaying real-time information along with virtual content. Smart mirrors finds application in retail sectors for displaying advertisements, providing product information, and enhancing user's experience during shopping. Similarly, in beauty sectors smart mirrors allows users to virtually try makeup, hairstyles and other beauty products prior to purchase. These advantages help mirror manufacturers to boost their business and attract more customers.
Market key trends: -
One of the major trend in the market is increasing adoption of smart mirror technology for advertisements and virtual trial in retail sectors. Major retail brands are integrating smart mirrors at their stores to digitally engage customers. For instance, several luxury brands such as MAC Cosmetics, Estee Lauder, and Clinique etc. have installed smart mirrors powered by ModiFace virtual try-on technology to allow customers virtually try lipsticks and foundations. Similarly, technology giants such as Amazon are using smart mirror powered by Anthropic's computer vision and AI technology to virtually try-on apparels and accessories. This trend is expected to drive the demand of smart mirrors during the forecast period.
Porter’s Analysis: -
- Threat of new entrants: - The threat of new entrants in the smart mirror market is moderate. High capital requirements for manufacturing and technology infrastructure limit new entrants.
- Bargaining power of buyers: - The bargaining power of buyers is high due to the presence of numerous established players and availability of substitutes. Buyers can negotiate on price and demand value-added features.
- Bargaining power of suppliers: - The bargaining power of suppliers is moderate as there are multiple component suppliers. However, components such as chips, sensors and cameras require specialized manufacturing capabilities.
- Threat of new substitutes: - The threat of substitutes is moderate as products such as tablets, smartphones and digital mirrors provide similar interactive experiences. However, smart mirrors provide an integrated solution for specific applications.
- Competitive rivalry: - The competitive rivalry in the smart mirror market is high due to the presence of numerous international and regional players competing on product differentiation, pricing and marketing.
Key Takeaways: -
The Global Smart Mirror Market Demand is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing technological advancements and integration of additional features in smart mirrors.
The North America region dominated the market with over 30% share in 2023. Growing adoption of smart home devices and strong presence of major players driving demand. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period attributed to increasing spending power, evolving consumer preferences and expanding mirror industry.
Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O. Major players are focusing on product innovation through integration of advanced technologies such as AI and IoT to Smart mirrors. Additionally, manufacturers are actively engaged in partnerships with technology companies for continuous product developments.
Read More - https://www.trendingwebwire.com/smart-mirror-market-demand-and-outlook-analysis/
The Smart Mirror Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the smart mirror market include Dension, Electric Mirror, Ficosa, Gentex Corporation, Japan Display Inc., Magna International Inc., Murakami Kaimeido, Perseus Mirrors, Samsung Electronics and Seura.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Smart Mirror Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/smart-mirror-market/download-sampleMarket DynamicsThe increasing demand for smart mirrors in the automotive industry is driving market growth.
The transition from traditional stores to digital stores in the retail industry is again accelerating market growth.
However, rising concern for the security of confidential and personal data are expected to hamper the market growth.
