A smart mirror refers to a highly functioning advanced mirror that is manufactured by the integration of embedded electronics such as sensors, cameras, and displays.

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2. SMART MIRROR MARKET
ANALYSIS
Smart Mirror Market, By Component (Displays, Camera,
Sensors and Others (Mic, Speaker, Other communication
devices)), By Application (Automotive, Consumer &
Residential, Healthcare and Retail Sector & advertising) and
by Region (North America, Latin America, Europe, Asia
Pacific, Middle East and Africa) - Size, Share, Outlook, and
Opportunity Analysis, 2020 - 2027

3. Market Overview
• A smart mirror refers to a highly functioning advanced mirror
that is manufactured by the integration of embedded electronics
such as sensors, cameras, and displays. Smart mirrors provide a
number of features such as internet connectivity and touchscreen
option. Memory mirror is a large display that is comprised of
cameras and other devices. They are used in showrooms to try on
apparel. Furthermore, smart mirrors find applications in
automotive, consumer, residential, retail, advertising, and medical
& healthcare sectors.
• The global Smart Mirror was accounted for US$ 641.0 Mn in
terms of value and 2,337 Thousand Units in terms of volume
in 2019 and is expected to grow at CAGR of 12.8% for the
period 2020-2027.

4. Market Dynamics- Drivers
Favorable government regulatory policies are expected to drive growth of
the global smart mirror market during the forecast period
• Governments of many countries have become more vigilant towards road
accidents caused up by backing up of vehicles. Thus, they are taking actions
regarding the installation of the smart rear vision system for vehicles. For
instance, the U.S. issued a rule requiring rear visibility technology in all new
vehicles weighing under one ton manufactured on or after March 31, 2018.
Furthermore, the Russian government curiously mandating that all new cars to
be equipped with rear cameras as drivers can back up easily. Thus, these factors
are expected to drive growth of the market during the forecast period.
Growing focus on consumer demands is expected to propel the global smart
mirror market growth over the forecast period
• Manufacturers in the market are focused on fulfilling consumer demand since
today’s demand is to be socially active and updated at the same time. Thus,
smart mirrors are integrated with social media platforms and provide an update
about daily news, weather forecasting, and traffic reports. Hence, these factors
are expected to propel the global smart mirror market growth over the forecast
period.

5. Statistics:
• Europe held dominant position in the global Smart
Mirror in 2019, accounting for 38.2% share in terms
of value, followed by Asia Pacific and North
America, respectively

6. Figure 1: Global Smart Mirror Share (%) in terms
of Value, By Region, 2019

7. Market Dynamics- Restraint
High initial implementation cost is expected to restrain growth of the global
smart mirror market during the forecast period
• Initial implementation cost of smart mirrors is significantly high. Various scanners and
HD cameras used in smart mirrors are relatively expensive. As a result of this, many
small retail stores and small-scale businesses cannot afford smart mirrors. Thus, these
factors are expected to restrain growth of the global smart mirror market during the
forecast period.
Low awareness among end users is expected to hinder the global smart mirror
market growth over the forecast period
• There is a lack of awareness regarding benefits of smart mirrors among end users.
Furthermore, this technology is currently at a nascent stage in many countries across
the globe, typically in emerging and underdeveloped countries. Thus, factors are
expected to restrain growth of the global smart mirror market growth over the
forecast period.

8. Market Opportunities
Growing demand for smart mirrors for major shopping outlets and malls can
provide lucrative opportunities
• Many high-end apparel accessories stores and outlets are increasingly replacing
conventional mirrors with smart mirrors in trial rooms. This, in turn, will facilitate
buyers to virtually view themselves wearing the product they wish to try without
physically doing it so. These mirrors are installed with high-quality sensors with
accurately scanning the buyer’s physical attributes and then replicating same dimensions
onscreen in a virtual reflection, along with the selected apparel or accessory. For
instance, in November 2015, Ralph Lauren installed a high-tech virtual fitting room,
which is comprised of smart mirror from software company Labs GmbH.
Product development can provide major business opportunities for market players
• Many key players in the market are focused on enhancing their respective portfolios.
These players are involved in research and development activities, in order to innovate
novel products with additional features for the use across a range of application areas.
For instance, in June 2015, Samsung Electronics Co., Ltd. introduced the world’s first
transparent smart mirror OLED display panel for personalized shopping and
informational browsing applications.

9. Figure 2: Global Smart Mirror Value (US$
Mn), 2017 - 2027

10. Market Trends
Growing use of smart mirror as a beauty tip advisor
• Smart mirror manufacturers are focused on entering global consumer
electronics market with a focus on the upper-middle-class demographic across
the globe. Moreover, various smart mirror manufacturers are offering beauty-
advising features that advice users regarding the best look that suits them such
as hairstyle, beard, mustache, make-up, etc. options, and other interesting tips.
For instance, Panasonic Corporation is in the process of launching its
professional health and makeup advisor in the near future. This mirror will be
equipped with ability to provide a virtual preview of users’ appearance.
Rising adoption of smart mirror in healthcare sectors
• Major companies in the market are focused on healthcare sector with the
launch of efficient and innovative products in the near future. For instance, in
January 2016, Panasonic Corporation introduced its smart mirror technology
for healthcare applications, capable of analyzing skin conditions, scanning age
spots and fine lines using high definition cameras and offering suggestions on
methods and products to keep the skin hydrated.

11. Regulations
Europe
• Russia: Front view camera or dashboard cams are mainstays in many
European countries, especially Russia, where it is used to record
evidence in police corruption cases and with regard to insurance
fraud, among other reasons. Russia has an entirely unique dash-cam
culture, wherein vehicle accidents and mishaps are shared on social
media platforms. The government is curiously mandating that all new
cars be equipped with rear cameras as well so drivers can back up
safely.
Competitive Section
• Major companies involved in the global smart mirror market are
Panasonic Corporation, Gentex Corporation, Samsung Electronics
Co., Ltd., Magna International Inc., Tech2O, Pro Display, ad notam
AG, Evervue, Murakami Kaimeido, and Perseus Mirrors.

12. Key Developments
• Key players in the market are focused on partnership and
collaboration, in order to enhance the market position.
For instance, in January 2017, Panasonic Corporation
partnered with IBM Corporation to develop cognitive
personal concierge solutions, in order to enhance
consumer experience while traveling.
• Major market players are involved in product launches, in
order to gain a competitive edge in the market. For
instance, in January 2020, Gentex Corporation introduced
Full Display Mirror (FDM) with intelligent rear-vision
system that uses a customer camera and mirror-integrated
video display to enhance vehicle’s rearward view.

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Reference: https://www.coherentmarketinsights.com/market-
insight/smart-mirror-market-3888

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