Smart mirror market size is projected to reach USD 5.9 billion by 2027 from USD 2.7 billion in 2022, at a compound annual growth rate (CAGR) of 16.8% during the forecast period.
Smart mirrors equipped in automobiles play a key role in ensuring driving comfort and safety. The smart mirrors integrated into high-end vehicles are equipped with electro chromatic auto dimming mirror, which improves visibility in low light and decreases eye strain and tiredness in drivers.
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Opportunities: Transition from traditional stores to digital stores in retail industry
The retail industry is undergoing a transformation with digital retailers merging with physical stores. Companies are embracing new ways of managing businesses and re-engineering their ways of connecting with customers.
The retailers are integrating various technologies such as smart carts, smart mirrors, smart shelves, and retail robots. This industry is currently experiencing a rapid transition from traditional retail stores to advanced digital retail stores where technology plays a crucial role in customer engagement and increasing sales for retailers.
Challenges: Lack of awareness about smart mirrors
Smart mirrors are a new concept in the display segment and to the end users. With the increase in the use of these mirrors in the automobile and retail industries, the mirror providers are likely to witness a surge in popularity in the upcoming years.
With the major companies worldwide working on offering more innovative smart mirrors and showcasing their products in a variety of tech events, these products are likely to witness growth in the future. Currently, the adoption of smart mirrors is limited to the high-end segment due to their high cost. For common people, it is still a concept that they might not be ready to invest in. Thus, the lack of awareness among customers and the high cost of these mirrors poses a major challenge to the smart mirror industry growth.
Automotive segment likely to dominate the smart mirror market by 2027 due to the increasing deployment of digital rear-view mirrors in vehicles
The automotive segment dominated the smart mirror market in 2021 and is expected to lead the market through 2027.
The dominance of the segment is attributed to the increasing deployment of digital rear-view mirrors in vehicles. The rising number of mirrorless vehicles due to the rising trend in the adoption of smart camera-based display mirrors is propelling the growth of the market. Currently, approximately 30 percent high-end vehicles on roads have inside mirrors with inbuilt electrochromic technology while approximately 10 to 15 percent outside mirrors have inbuilt electrochromic features. The penetration of electrochromic mirrors with the auto-dimming feature is expected to witness significant rise in the years to come. Intelligent interior and exterior auto-dimming smart mirrors provide added value by enhancing the driving experience and increasing safety and driving comfort.