The smart mirror market is expected to grow at a 10.12% CAGR, attaining USD 4.551 billion by 2030 from USD 2.811 billion in 2025.
A smart mirror refers to a virtual device that operates using advanced artificial intelligence software and has the ability to customize and display any information. Smart mirrors are often accompanied by an inbuilt display board. The first smart mirror prototype was developed in 2016 by an engineer at Google and within a few years of its invention, smart mirrors underwent massive development to be applied to the retail and automotive sectors. Smart mirrors are used in retail stores to enhance customer service and experience whereas, in the automotive sector, they are used to offer a switching option between a mirror and a screen to the drivers. Smart mirrors can be manufactured in varying sizes with different customized applications to meet the requirements of the customers. Considering that the smart mirror market is in the initial phase of its business cycle and the speed of its evolution, it can be anticipated that the smart mirror market will experience a boom due to its untapped potential over the forecasted period.
The automotive industry is quickly adopting smart mirrors in its products by using them as rearview mirrors. As compared to normal rearview mirrors, smart rearview mirrors have the potential of offering a wider and more panoramic camera angle. This allows the driver to have a better understanding of the car's surroundings and helps ensure the safety of the passengers. Ford, an international automobile company, has already adopted the use of smart mirrors in its van manufacture. In addition to this, other leading like Land Rover have also announced their plan to inculcate smart mirrors in their future products. In some cases, the presence of a rear wheel and the length of a car could obstruct the view of the rear mirror. In situations like this, smart mirrors help provide clearer live footage of the rear side of the car's surroundings. Apart from the benefit of the better view offered by the smart rearview mirrors, they also allow the user to connect and display their phones onto the mirror by prior connection.
Machine learning algorithms and artificial intelligence software are progressing at exponential speed to facilitate the adoption of smart devices. This has encouraged the development and expansion of the smart mirror market. Smart devices are gaining importance due to their convenience and time-saving nature. Therefore, considering progressions in the technological aspect of gadgets, it can be expected that the market forces will stimulate the smart mirror market to swiftly expand its market over the forecasted years.
As smart mirrors were recently introduced to the global markets, they require high levels of investment and power consumption for operation. With reference to the consumption side of the smart mirror market, companies operating with higher profit margins can easily adopt these latest technological advancements to derive better profits; however small and medium-sized companies cannot afford to invest such large amounts into smart mirrors. After the initial investment, they might have to incur additional expenses to match its high electricity consumption and maintenance issues related to the smart mirrors. Since the smart mirror technology is in its initial stage, there might be performance and connectivity issues with the smart mirrors which could add on to the expenses. However, further research and innovations in the smart mirror market have the potential to overcome these limitations and draw the smart mirror market into further expansion.
A large proportion of technology-based enterprises in the USA, in particular, Gentex Corporation, Aegis Technologies, Harman International, MetroClick, and Mirrocool have contributed to the market share in the North American smart mirror market. In addition to this, a large segment of the AI market comes from giant corporations such as IBM, Microsoft, and Google which could be a driving factor of new software developments to be applied in smart mirrors. The abundance of technological expertise in the USA will promote the North American smart mirror market. Therefore, considering these factors, it can be expected that the North American geographic segment of the smart mirror market will play a major role in shaping and expanding the global smart mirror market.
Key Market Segments: