Northbrook, IL 60062 -- (SBWIRE) -- 07/14/2023 -- Global smart mirror market in terms of revenue was estimated to be worth USD 2.7 billion in 2022 and is poised to reach USD 5.9 billion by 2027, growing at a CAGR of 16.8% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
The market is driven by the increasing demand for smart mirrors in the automotive, healthcare, and retail industries. Smart mirrors are interactive mirrors that are equipped with sensors, displays, and cameras, enabling them to display digital information and respond to user gestures and commands. These mirrors offer a range of features such as personalized healthcare monitoring, virtual try-on of clothes and cosmetics, and in-vehicle entertainment and safety. The growing trend of connected devices and the increasing adoption of IoT technology are some of the key drivers of the smart mirror market.
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The 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, smart 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 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 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.
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The automotive segment dominated the smart mirror market in 2021 and is expected to lead the market through 2027.
The dominance of the segment is attributed to the increasing deployment of digital rear-view mirrors in vehicles. The rising number of mirrorless vehicles due to the rising trend in the adoption of smart camera-based display mirrors is propelling the growth of the market. Currently, approximately 30 percent high-end vehicles on roads have inside mirrors with inbuilt electrochromic technology while approximately 10 to 15 percent outside mirrors have inbuilt electrochromic features. The penetration of electrochromic mirrors with the auto-dimming feature is expected to witness significant rise in the years to come. Intelligent interior and exterior auto-dimming smart mirrors provide added value by enhancing the driving experience and increasing safety and driving comfort.