April 13, 2020 – A recent market intelligence report that is published by Data Insights Partner on the global Smart Mirror Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Smart Mirror Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Smart Mirror Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Smart Mirror Market is offered. In accordance with the report, the global Smart Mirror Market is projected to expand at a CAGR of 7.50 % over the period of forecast.
Market Insight, Drivers, Restraints& Opportunity of the Market:
Smart mirrors are very highly functional advanced mirrors which are being manufactured by integrating embedded electronics like displays, cameras, & sensors. Smart mirrors offer a range of features like Internet connectivity & some products offer the touchscreen option also. Some smart mirror product types currently available in the market
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- Memory mirror are larger displays comprising cameras and other computational devices, allow users visiting a shop of showroom to try on apparel and accessories in a virtual way, rather than physically trying on clothes in a dressing room. The mirror uses embedded technology to scan a shopper’s body in real time, and offers a reflection of the shopper with the selected clothing or accessories onscreen.
- Camera display mirror in automobiles provides users a clear and broad view of the sides of the vehicle on a 4.3” LCD display in all types of weather conditions.
- Kitchen TVs and bathroom TVs are interactive mirror TVs that simultaneously doubles as a mirror and a television with Internet connectivity.
- R&D labs interactive mirror with semi-reflective surface provides users with a normal reflective surface or features Internet connectivity as well as high contrast display for superior viewing experience.
The major factor driving demand for smart mirrors for application in the automobile sector is improved safety and security features that reduce number of potential road accidents globally
- Automotive application: Smart mirrors are primarily used in the automotive sector to improve road safety and enhance driving experience
- Consumer and residential application: Features of products offered for commercial and residential applications, which are driving demand, include bathroom mirrors and kitchen mirrors with add-ons such as smartphone and Internet connectivity, and decorative smart mirrors that function as high definition televisions at the flip of a switch. The mirror integrated with LCD displays of 20-85 inches has been considered.
- Retail sector and advertising: Smart mirrors find wide application in the retail sector for advertisement purposes. The mirror ranges from size of height 30-70 inches in height and 40-60 inch in width. These products are currently in the initial stage with regard to adoption and are mainly used to display videos in the retail sector, and installed at locations such as public restrooms, hotels and office buildings, elevators, and others.
- Healthcare and medical sector: Smart mirrors are expected to witness high adoption in healthcare related applications in the near future and expected to gain a sizeable market share in a short span of time. Smart mirror technologies could help patients to improve care given to them in hospitals, ensure quicker and more efficient treatment, minimize long-term healthcare expenses by monitoring patients for early signs of diseases such as cardio vascular diseases including strokes and heart diseases etc., and providing such data to medical staff.
In high-tech apparel and accessories stores and outlets, smart mirrors instead of conventional changing or trial rooms, enable buyers to virtually view themselves wearing the products they wish to try on without physically having to do so. These mirrors are installed with high quality sensors capable of precisely scanning the buyers physical attributes and then replicating the same dimensions onscreen in a virtual reflection, along with the selected apparel or accessory. These advanced features are adding value, reduces additional need for human effort, and also offers a certain amount for entertainment quotient to the shopping experience.
- In November 2015, Iconic fashion brand Ralph Lauren installed a high-tech virtual fitting room, comprising smart mirrors from software company Labs GmbH, in order to enhance shopping experience of its customers
- Advancements and new product feature addition is widening the application area for smart mirrors. One of such application, currently which is at embryonic stage is modern trade. Since, online retail platforms compelling hyper marts and super stores to integrate technology in order to remain competitive. Modern trade operators are installing smart mirrors in stores to attract customers and improve their sale.
- Moreover, several automotive manufacturers are adopting smart mirrors and equipped their vehicle with same in order to provide easy and safe driving experience to their customers.
- Apart from automobile and retail sector, smart mirror is being adopted in healthcare sector also and in near future, smart mirror market is expected to experience substantial growth in healthcare sector
Segment Covered:
This market intelligence report on the global Smart Mirror Market encompasses market segments based on component, application, and country/regions.
In terms of component, the global Smart Mirror Market is segregated into:
- Displays
- Camera
- Sensors
- Others
- Mic, Speaker, Other communication devices
In terms of application, the global Smart Mirror Market is segregated into:
- Automotive
- Consumer & Residential
- Healthcare
- Retail Sector & advertising
By country/region, the global Smart Mirror Market has been divided into:
- North America (the U.S., Canada),
- Latin America (Brazil, Mexico, Argentina and other countries),
- Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
- Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
- Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as
- Gentex Corporation
- Pro Display
- Magna International Inc.
- Evervue
- Séura
- ad notam AG
- Alke
- Samsung Electronics Co., Ltd.
- Tech2o
- TOSHIBA CORPORATION
- Panasonic Corporation
Others players have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Smart mirror related investment & spending and developments by major players of the market are tracked in this global report.
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Salient Features:
- This study offers comprehensive yet detailed analysis of the Smart Mirror Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020 – 2028, taking into account 2019 as the base year
- It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
- This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
- Profiling of key market players in the world Smart Mirror Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
- Leading market players covered this report comprise names such as Gentex, Evervue, Toshiba, Alke and many more.
- The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
- The world market for Smart Mirror Market caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Smart Mirror Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
- Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
- Reports have been made based on the guidelines as mandated by General Data Protection Regulation
- Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
- Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Smart Mirror Market
- Identification of key factors driving investment opportunities in the Smart Mirror Market
- Facilitate decision-making based on strong historic and forecast data
- Position yourself to gain the maximum advantage of the industry’s growth potential
- Develop strategies based on the latest regulatory events
- Identify key partners and business development avenues
- Respond to your competitors’ business structure, strategy and prospects
- Identify key strengths and weaknesses of important market participants
