By 2023, the smart mirror market is expected to be valued at US$ 548.21 million, and by 2033, it will be worth US$ 1,183.54 million. Between 2023 and 2033, the smart mirror manufacturing market is expected to increase at a CAGR of around 8%. One of the primary reasons propelling the growth of the industry is the increase in demand for connected devices across the globe.
The retail sector’s growing need for smart mirrors is being driven by developments in Artificial Intelligence (AI), gesture recognition technology, Augmented Reality (AR), and connected devices. Smart mirrors also known as intelligent mirrors, mirror TVs, magic mirrors, and interactive mirrors, are gaining a competitive market share owing to their increasing adoption in commercial spaces and the hospitality industry.
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Furthermore, the growing use of smart technology by individuals throughout the world is anticipated to fuel the growth of the industry. Established brands have been enhancing their product portfolios and launching innovative marketing strategies to gain traction and increase consumer engagement with the brand. North America is likely to register the fastest CAGR during the forecast period.
Increasing product launches by regional manufacturers in countries, such as the U.S. and Canada, through various e-commerce channels and company websites, are the key factors promoting the adoption of smart mirrors in the region.
Key Takeaways from the Market Study
• The wall-mounted segment is expected to grow at the fastest CAGR from 2023 to 2033 due to the growing demand for wall-mounted smart mirrors from the residential and commercial sectors
• The commercial segment is expected to grow at the fastest CAGR from 2023 to 2033.
• Key companies in the industry are launching new products with innovative designs and sizes, specifically for the hospitality and commercial sectors. This drives the segment growth
• The offline distribution channel segment held the maximum revenue share in 2022. However, the online distribution channel segment is expected to register the fastest CAGR during the forecast period
• North America was the largest region in 2022 and is projected to expand further at a higher CAGR from 2023 to 2033
• This can be attributed to the rising disposable income and increasing consumers’ inclination toward smart homes in the U.S.
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“The industry is growing rapidly because smart mirrors combine a mirror with automation and monitoring features to show information over the home décor mirror. The combination of mirrors with intelligence and technology allows for interaction between smart mirrors and people by displaying information” says an analyst at Future Market Insights.
Key Market Players
Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market
Key players in the Smart Mirrors market are Electric Mirror, Inc.; Séura; ad notam USA LLC; Majestic Mirror & Frame; Avis Electronics; Foshan Eterna Intelligent Bathroom Co., Ltd.; MirrorMedia Ltd.; LumiDesign; Evervue USA Inc.; and Videotree.
• In May 2022, H&M piloted new tech features at select COS stores in the U.S. The stores feature smart mirrors in fitting rooms that can identify customers’ products, including the size & color, and provide personalized product or styling recommendations.
• In January 2022, MySize launched a new smart mirror that allows shoppers to virtually try on a garment and provide fit recommendations.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Smart Mirrors market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of Application (Residential, Commercial), By Installation Type (Wall-mounted, Free-standing), By Distribution Channel (Online, Offline) & Region