Global Smart Mirrors Market Share to expand at 15% CAGR through 2028

By Sachin Pashte  | Date: January 03, 2023

Global Smart Mirrors Market Share to expand at 15% CAGR through 2028

According to industry experts, global Smart Mirrors Market garnered a valuation of USD 2.2 billion in 2021 and is expected to exhibit a CAGR of 15% over the forecast period of 2022-2028.

The rising demand for smart homes, the expanding presence of many startups, the surging use of smart mirrors as a substitute for convex mirrors for increased safety features in automobiles, and the distinctive characteristics of the product are some of the primary factors driving the expansion of global smart mirrors market.

For those unaware, smart mirrors are also known as digital mirrors or smart displays, which make use of artificial intelligence, augmented reality, and gesture detection technology. Additionally, by combining a variety of these technologies, these mirrors will be able to superimpose clothing on a person's image, eliminating the need for fitting rooms in the future.

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It is worth noting that coronavirus began to spread rapidly in 2020, and the subsequent COVID-19 wave emerged shortly after, leading prominent firms to change their management strategies, which had a significant impact on the markets. Moreover, the 2022 Russo-Ukrainian War and the UK's hasty exit from the European Union added to the already high degree of global instability.

However, it is projected that the global economy would gather up steam & the market will likely recover in the ensuing years, given the success of vaccination initiatives.

Based on the product type, worldwide smart mirrors market is divided into without touch screens and touch screens. Moving on to the distribution channel, the industry is bifurcated into online and offline. Speaking of the application landscape, the marketplace is segmented into fashion & cosmetics, retail & advertising, healthcare, consumer & residential, and automotive.

From the geographical standpoint, Europe market is expected to account for a significant revenue share during the assessment timeframe, owing to the rising popularity of electric vehicles (EVs) and the emphasis on automation across a variety of end-use sectors, including automotive and retail.

Magna International Inc., Electric Mirror Inc., Dension Ltd., Ficosa International S.A., Perseus Mirrors, Murakami Corporation, Samsung Electronics Co. Ltd., Gentex Corporation, Japan Display Inc., and Séura are the leading multinational moguls in global smart mirrors industry.

Question & Answer: Global Smart Mirrors Market

Question 1: Which factors are promoting global smart mirrors market growth?

Answer: The rising demand for smart homes, the expanding presence of many startups, the surging use of smart mirrors as a substitute for convex mirrors for increased safety features in automobiles, and the distinctive characteristics of smart mirrors are some of the primary factors driving the expansion of global smart mirrors market.

Question 2: How is the Europe region contributing to global smart mirrors industry growth?

Answer: The rising popularity of electric vehicles (EVs) and the emphasis on automation across a variety of end-use industries, including the automotive and retail sectors is impelling the demand for smart mirrors in Europe, thus contributing significantly to overall market growth.

Question 3: How is the competitive landscape of global smart mirrors market?

Answer: Magna International Inc., Electric Mirror Inc., Dension Ltd., Ficosa International S.A., Perseus Mirrors, Murakami Corporation, Samsung Electronics Co. Ltd., Gentex Corporation, Japan Display Inc., and Séura are the leading multinational moguls of global smart mirrors market.

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About Author

Sachin Pashte     ibmag.com

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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