The global smart mirror market was worth USD 2920.89 million in 2021 and is expected to grow with a CAGR of 10.55% over the period 2022-2030, amassing USD 6516.06 million by the end of the period. ‘Evaluation.
The term “smart mirror”, sometimes referred to as “virtual mirror”, describes a particular type of mirror embedded in electronic and smart technologies, including augmented reality, the Internet of Things, and high-quality electronic displays, among others. These mirrors, which are used in the automotive industry and in retail stores to improve user comfort, can be controlled by smartphones, PCs or tablets.
A smart mirror is a highly advanced mirror that incorporates integrated electronics including sensors, cameras, and displays into its construction. Smart mirrors offer a variety of functions, including touchscreen functionality and internet connectivity. A large screen made up of cameras and other gadgets is called a memory mirror. To try on clothes, they are employed in showrooms. Additionally, smart mirrors are used in automotive, consumer, residential, retail, advertising, healthcare and medical industries.
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Drivers: replacement of the convex mirror for improved automatic safety features
Cars equipped with smart mirrors play an important role in ensuring comfort and safety while driving. The auto-dimming electrochromatic rearview mirror found in smart mirrors on premium vehicles reduces eye strain and driver fatigue while improving vision in low-light conditions. By providing better rear views that help drivers make safe decisions while driving, these mirrors promote safety. Plus, by providing drivers with all the information they need on the mirror screen, these smart mirrors save time. Smart mirrors have the ability to detect and alert users to moving objects in addition to automatically correcting camera distortion. The demand for new integrated technological features, such as improved road safety, is growing.
Opportunities: for the retail sector as traditional POS gives way to digital POS
Digital retailers and physical storefronts are combining, transforming the retail industry. Businesses are taking innovative approaches to managing and re-engineering consumer interactions. Retailers are integrating a range of technologies, including retail robots, smart shelves, smart mirrors and smart carts. This company is currently going through a rapid transition from traditional retail stores to cutting-edge digital retail stores where technology plays a vital role in improving customer engagement and merchant revenue.
Global Smart Mirror Market – Key Trends
Rising Demand for Advanced Driver Assistance Systems (ADAS) to Drive Market Expansion
There has been a growing demand for advanced driver assistance systems across the world. This is fueled by the increase in the number of road accidents caused by reckless driving, heavy traffic and other factors. The adoption of smart mirrors provides a safer driving experience as they display the view of a vehicle’s surrounding atmosphere, which helps the driver recognize obstacles clearly. This in turn stimulates the dynamics of this industry.
Global Smart Mirror Market – Sector Assessment
Smart Mirror Market by Component:
The software segment is expected to grow significantly over the forecast period owing to its affordable nature.
Smart Mirror Market by Technology
• Auto-dimming technology
Feature of Smart Mirror Market
• Connected Mirror
• Mirror not connected
The connected mirror segment is expected to generate significant returns by 2030 due to the wide range of advanced features embedded in connected smart mirrors.
Smart Mirror Market by End User
• Health care
The automobile segment is poised to accumulate notable gains over the estimated period owing to the increase in the number of road accidents globally.
Global Smart Mirror Market – Competitive Hierarchy
The main companies that characterize the competitive terrain of this sphere of activity are ELECTRIC MIRROR, INC. (United States), Séura (United States), Murakami Corporation (Japan), PERSEUS MIRRORS (United States), actiMirror (Hong Kong), GLANCE DISPLAYS (India). On The Wall, Inc. (USA), ad notam AG (Germany), DENSION LTD (UK), Embrace (Australia), Gentex Corporation (USA), MAGNA INTERNATIONAL INC. (Canada), Ficosa Internacional SA (Spain), Mirrocool (United States) and Memomi (United States).
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