Northbrook, IL 60062 -- (SBWIRE) -- 08/16/2022 -- According to MarketsandMarkets, The global smart mirror market size is estimated to be USD 2.7 billion in 2022 and is projected to reach USD 5.9 billion by 2027, at a CAGR of 16.8% during the forecast period.
Some of the major factors driving the growth of smart mirror market includes rapid technological developments in automotive and electronics industries, rising demand for smart retails, and increasing penetration of electric vehicles. The adoption of smart mirrors is projected to increase rapidly due to the increase in the production of luxury and premium cars in different parts of the world.
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Based on Offering, software segment of the smart mirror market is projected to register the highest CAGR between 2022 and 2027. With the increasing volume of data, software integration along with AR/VR and AI-based platform integration will witness a significant rise during the forecast period. Software is an essential part of any smart mirror used in the automotive, hospitality, retail, healthcare, and smart home applications. The software is used to display any information on the mirror screen. The information to be displayed varies according to the use of the mirror. The data required for displaying information is sourced from various data sources. In May 2020, Myra Mirrors (US) created an operating system, ReflektOS, for smart glass surfaces and has used this technology to build a smart mirror. ReflektOS is an open-source operating system enabling developers to use it for building smart mirrors. Smart mirrors from Myra feature a software development kit and an app store.
The automotive application dominated the smart mirror market in 2021 and is expected to lead the smart mirror market through 2027. The smart mirror market for the automotive application has been further segmented based on type into interior mirrors and exterior mirrors. Interior and exterior mirrors are integral to vehicle safety. These rear-view mirrors feature turn indicator, welcome LED light, heating, memory, power control, and electric adjustable and auto-dimming capabilities. The auto-dimming feature is used to automatically reduce the glare imparted on rear-view mirrors by the headlights of other vehicles. This technology helps drivers clearly see the traffic at the rear at night.
According to the estimate based on sales channel, the direct sales channel likely to grow at highest CAGR during the forecast period. The increasing adoption of the digital sales platform in recent years, which has been mainly supported by the COVID-19 pandemic, has significantly contributed to the growth of this segment. Lower cost of procurement, reduced sales completion cycle, and easy availability of products are some of the other major factors contributing to market growth. The direct sales channel consists of single-level marketing. In this channel, smart mirrors in various verticals, including automotive, retail, residential, and hospitality, are directly sold to end users/consumers by manufacturing firms.
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Asia Pacific is expected to grow at the fastest rate during the forecast period, which can be attributed to the increasing demand for the safety of passengers in automobiles and smart appliances in homes and retails. Some of the major smart mirror providers in this region are Japan Display Inc. (Japan) and Murakami Kaimeido (Japan). China led the Asia Pacific smart mirror market in 2021. The major factor contributing to the growth of the market includes the rising number of EVs, which demand equipping with advanced digital rear-view mirrors. The country has some large EV manufacturers such as Tesla, which is driving market growth.