Driving the Growth of Smart Mirror Market

 The global Smart Mirror Market is estimated to be valued at US$ 988.6 Mn or Mn in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

Smart Mirror refers to an interactive mirror that displays all the necessary information like time, weather updates, news headlines etc. when not in use and functions as a normal mirror. It is a technology driven mirror which combines touch display, AI capabilities and Internet connectivity.

Market key trends: –

One of the key trends in the smart mirror market is growing preference for connected devices and smart homes. With growing focus on interconnectivity and integration of smart features across various household appliances and electronics, consumers are looking for more connected technologies in their homes. This has spurred demand for smart mirrors which act as a central interface point that can control and monitor other connected smart home devices and provide users with a consolidated view of all smart home features on a single screen. This has significantly boosted adoption of smart mirrors among homeowners aiming to build fully integrated smart homes.

SWOT Analysis: –

• Strengths: – Smart mirrors offer improved safety, convenience and personalization compared to traditional mirrors. They provide real-time information to users.
• Weaknesses: – High initial costs and technical complexities involved in developing and manufacturing smart mirrors.
• Opportunities: – Growing adoption in automotive, retail and other industry verticals. Potential for development of advanced features like facial/gesture recognition.
• Threats: – Issues regarding data privacy and security. Competition from other digital displays.

Key Takeaways: –

The Global Smart Mirror Market Growth is expected to witness high, exhibiting CAGR of 15% over the forecast period, due to increasing consumer preference for connected home devices and adoption of IoT technology.

Regional analysis: – North America dominated the smart mirror market in 2023, accounting for over 30% share. However, Asia Pacific is anticipated to grow at the fastest rate due to rising automobile production and increasing focus of Chinese OEMs on developing smart cities.

Key players: – Key players operating in the smart mirror market are ad notam AG, Evervue, Gentex Corporation, Magna International Inc., Murakami Kaimeido, Panasonic Corporation, Perseus Mirrors, Pro Display, Samsung Electronics Co., Ltd., and Tech2O.

Read More – https://www.insightprobing.com/smart-mirror-market-share-and-trends-analysis/