Smart Mirror Market Size Worth $1.01 Billion by 2030 at CAGR of 8.8%: Grand View Research, Inc.

SAN FRANCISCO, Nov. 9, 2022 /PRNewswire/ -- The global smart mirror market size is estimated to reach USD 1.01 billion in 2030 and is expected to grow at a CAGR of 8.8% from 2022 to 2030, according to a new report by Grand View Research, Inc. One of the primary reasons propelling the growth of the industry is the increase in demand for connected devices across the globe. The retail sector's growing need for smart mirrors is being driven by developments in Artificial Intelligence (AI), gesture recognition technology, Augmented Reality (AR), and connected devices. Smart mirrors also known as intelligent mirrors, mirror TVs, magic mirrors, and interactive mirrors, are gaining a competitive market share owing to their increasing adoption in commercial spaces and the hospitality industry.

Key Industry Insights & Findings from the report:

• The commercial segment is expected to grow at the fastest CAGR from 2022 to 2030. Key companies in the industry are launching new products with innovative designs and sizes, specifically for the hospitality and commercial sectors. This drives the segment growth.
• The offline distribution channel segment held the maximum revenue share in 2021. However, the online distribution channel segment is expected to register the fastest CAGR during the forecast period.
• North America was the largest region in 2021 and is projected to expand further at a higher CAGR from 2022 to 2030.
• This can be attributed to the rising disposable income and increasing consumers' inclination toward smart homes in the U.S
• The wall-mounted segment is expected to grow at the fastest CAGR from 2022 to 2030 due to the growing demand for wall-mounted smart mirrors from the residential and commercial sectors.

Read full market research report for more Insights, "Smart Mirror Market Size, Share & Trends Analysis Report By Application (Residential, Commercial), By Installation Type (Wall-mounted, Free-standing), By Distribution Channel (Online, Offline), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Smart Mirror Market Growth & Trends

Furthermore, the growing use of smart technology by individuals throughout the world is anticipated to fuel the growth of the industry. Established brands have been enhancing their product portfolios and launching innovative marketing strategies to gain traction and increase consumer engagement with the brand. For instance, in May 2021, Séura a U.S.-based designer technology company introduced high-tech illuminated mirrors for a wide range of applications including residential and hospitality use. The wall-mounted smart mirror segment held the largest revenue share in 2021. New product launches in wall-mounted installation types by manufacturers are likely to bode well with the segment growth.

Top private players including Electric Mirror, Inc., Evervue USA Inc., and MirrorMedia Ltd. primarily offer smart mirrors with the wall-mounted installation type. The wall-mounted segment is projected to register the fastest growth rate during the forecast period. The offline distribution channel segment led the industry in 2021. The broadening of offline distribution channels has led to the easy availability of smart mirrors to consumers, which is the primary driver augmenting segment growth. Electronic stores and independent retailers emerged as the key distribution channel for smart mirror brands on account of their large distribution network, goodwill, and huge customer base.

North America is likely to register the fastest CAGR during the forecast period. Increasing product launches by regional manufacturers in countries, such as the U.S. and Canada, through various e-commerce channels and company websites, are the key factors promoting the adoption of smart mirrors in the region. Furthermore, the adoption of smart homes in the U.S. reached 32% of all households in 2018, according to the 2019 data provided by the Housewares Organisation. Major players face intense competition from each other, as some of them operate at several locations and have large customer bases. The presence of many small-scale players is also leading to increased competition in the industry.

Smart Mirror Market Segmentation

Grand View Research has segmented the global smart mirror market on the basis of installation type, application, distribution channel, and region

Smart Mirror Market - Installation Type Outlook (Revenue, USD Million, 2017 - 2030)

• Wall-mounted
• Free-Standing

Smart Mirror Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Residential
• Commercial

Smart Mirror Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Online
• Offline

Smart Mirror Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• South Korea
• Australia
• Central & South America
• Brazil
• Middle East & Africa
• South Africa

List of Key Players in Smart Mirror Market

• Electric Mirror, Inc.
• Séura
• ad notam USA LLC
• Majestic Mirror & Frame
• Avis Electronics
• Foshan Eterna Intelligent Bathroom Co., Ltd.
• MirrorMedia Ltd.
• LumiDesign
• Evervue USA Inc.
• Videotree

Check out more related studies published by Grand View Research:

• Smart Washing Machine Market - The global smart washing machine market size is expected to reach USD 21.82 billion by 2027, expanding at a CAGR of 20.5% during the forecast period, according to a new report by Grand View Research, Inc. Rising shift towards the adoption of water-efficient washers in order to maintain a healthy environment is anticipated to drive the market. Rise in luxury living owing to rapid urbanization as well as increasing disposable income among buyers has also resulted in an increase in the penetration of the product in the residential as well as commercial sectors.
• Smart Baby Monitor Market - The global smart baby monitor market size is expected to reach USD 1.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.4% over the forecast period. Increasing number of working mothers, along with rising awareness about child safety, is driving the market over the world. The product is capable of enabling the parents to communicate with their children in real-time and track their movements.
• Smart Home Security Camera Market - The global smart home security camera market is expected to reach USD 30.10 billion by 2030, registering a CAGR of 18.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. Rapid growth in smart home penetration across North America is positively impacting the demand for smart home security cameras.

Browse through Grand View Research's  Electronic & Electrical Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg