The global smart mirror market is expected to reach USD 7.42 billion by 2028, at a CAGR of 17.2% during the forecast period 2021-2028. Smart mirrors are rapidly gaining popularity as innovative technology that adds convenience and style to everyday life. Smart mirrors incorporate a range of features such as voice control, built-in cameras, and gesture controls. Smart mirrors also feature interactive displays and provide information related to weather, news, music, and more.
The increasing demand for smart home solutions and rising disposable incomes are the major factors driving the growth of the global smart mirror market. Furthermore, the development of more advanced technologies such as artificial intelligence (AI) and the Internet of Things (IoT) is further driving the market growth.
The automotive industry is also contributing to the growth of the market, as automakers are incorporating smart mirrors in their vehicles for enhanced safety and convenience. Other factors such as increasing investments in research and development and the growing demand for luxury cars are also boosting the growth of the market.
The growing demand for smart mirrors in the hospitality industry is also providing a boost to the market. Smart mirrors are now being used in hotel lobbies and bathrooms, as they provide guests with a range of services, such as interactive digital signage, real-time information, and multimedia streaming.
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The market is mainly segmented by type, application, and region. By type, the market is divided into smart wall mirrors, smart bathroom mirrors, and smart automotive mirrors. By application, the market is divided into residential, commercial, and automotive.
Regionally, the market is mainly segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The U.S., Canada, and Mexico are the major contributors to the market in North America. Europe’s Smart Mirror Market Share in 2020 was 38.84%. Europe is also a major contributor, with the U.K., Germany, France, and Italy leading the way.
The Asia Pacific region is also a major market for smart mirrors, owing to the increasing demand for smart home solutions in countries such as China, India, and Japan. Furthermore, the growing automotive industry in the region is providing a further boost to the market.
Some of the major players in the market include Koninklijke Philips N.V., Seura, Samsung Electronics Co., Ltd., Panasonic Corporation, and Gentex Corporation. These companies are focusing on launching new products and expanding their market presence to gain a competitive edge.