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%.
The emerging trends in Artificial Intelligence (AI), gesture recognition technology, Augmented Reality(AR) and connected devices are fueling the increasing demand for smart mirrors by retail sector. Smart mirrors, also referred to as intelligent mirrors , mirror TVs magic mirors or interactive displays are increasingly found in commercial spaces and hotels.
Moreover, the increasing adoption of smart technology by individuals across the globe is projected to drive its growth. Established brands have been improving their product lines and come up with creative marketing strategies to get traction and increase consumer engagement with the brand. The highest CAGR is likely to be registered for North America.
Smart mirrors in the region are increasingly adopted due to the increase of product launches by regional manufacturers in countries, such as U.S and Canada through various e-commerce web channelsand company websites.
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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.
“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.
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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
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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