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

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

Smart Mirror Market Growth & Trends

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.

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 Report Highlights

• 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
• 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.