Smart Mirror Statistics 2023 – Market Share and Companies
Updated · Oct 31, 2023
WHAT WE HAVE ON THIS PAGE
- 1 Introduction
- 2 Key Takeaways
- 3 Smart Mirror Statistics
- 4 Overall Market Growth
- 5 Product Segmentation
- 6 Market Share Analysis
- 7 Key Players in the Global Market
- 8 Users Demographics
- 9 Type’s Usage
- 10 Top Countries
- 11 Rising Markets
- 12 Website Traffic Analysis
- 13 Active Players in the Market
- 14 Remarkable Facts
- 15 Conclusion
Smart Mirror Statistics: Smart mirrors have been gaining a reputation in recent years because of their superior capabilities and talents. These mirrors are prepared with an inbuilt display in the back of the glass, that could show something a user needs on the reflecting floor, together with weather forecasts, information updates, or even social media feeds.
The market for tech mirrors has been developing step by step, with a projected CAGR of 9.5% from 2023 to 2026, consistent with a record with the aid of Research Dive. The worldwide advanced mirror market length turned into valued at $551.8 million in 2023 and is expected to grow at a compound annual increase charge (CAGR) of 8.8% from 2023 to 2030, in keeping with a file by using Grand View Research.
The use of advanced tech mirrors within the retail enterprise has been developing as it enables improved customer shopping to revel in. For instance, MySize, an AI-driven size answers provider, released an app that permits customers to apply their smartphones to measure themselves and get accurate sizing guidelines, improving their online purchasing enjoyment. Another place where such mirrors are being used is the car enterprise.
The marketplace finds packages in an extensive range of cease-user sectors, however simplest programs determined in the car and retail industries stand to gain maximum, in line with a file by using Mordor Intelligence. In conclusion, the smart market of the mirror is anticipated to develop in the coming years, pushed by way of growing calls from the retail and automobile industries, in addition to advancements in the era and rising patron attention.
- The Smart Mirror Market size was valued at USD 3.8 billion in 2022.
- The market is projected to reach USD 9.1 billion by 2032.
- The market is growing at a Compound Annual Growth Rate (CAGR) of 9.4% from 2023-2032.
- Smart mirrors offer features like face recognition and voice control.
- Touchscreen smart mirrors are more efficient and affordable compared to non-touchscreen mirrors.
- The automotive sector has contributed significantly to the Smart Mirror Market.
- Offline stores dominate the distribution channels due to consumer preferences.
- North America holds a market share of over 32.5% in the Smart Mirror Market.
- Asia-Pacific is expected to grow at a CAGR of over 10.2%.
- Smart mirrors can improve operational efficiency by 20 to 30%.
Smart Mirror Statistics
Technological mirrors have been developing in popularity over the past few years, and the market is predicted to continue its growth in 2023. In Smart Mirror Statistics, we will discuss the overall marketplace boom and product segmentation of the advanced tech mirror industry.
Overall Market Growth
According to a document by way of Mordor Intelligence, the global marketplace of tech mirror is expected to be $6.7 billion with the aid of the following 5 years. The document suggests that the precise traits of such mirrors have discovered programs in a huge variety of quit-consumer sectors. However, the most effective programs located in the automobile and retail industries stand to gain the most from the advanced tech mirror generation.
By the quit of 2033, the enterprise is going to steady a marketplace cost of $1,183.54 million. The report suggests that using these tech mirrors within the retail industry has been developing because it helps enhance client shopping enjoyment.
The market can be segmented based on product type, component, and application. The product type segment includes simple tech mirrors, connected tech mirrors, and hybrid tech mirrors. The component segment includes hardware and software. The application segment includes automotive, retail, residential, healthcare, and others. According to the report by Mordor Intelligence, the retail application segment is expected to hold the largest share of the advanced tech mirror market in 2023.
The report suggests that the use of such mirrors in the retail enterprise is increasing because it facilitates improving the in-shop experience for customers. The car application segment is also expected to grow significantly in 2023, according to the document using Grand View Research. The document indicates that the use tech oriented mirrors in vehicles is growing because it enables improving the protection and comfort of the drivers and passengers. In conclusion, the market is predicted to hold its boom in 2023, with the retail and car sectors main the way.
The worldwide advanced mirror marketplace length become valued at $514.6 million in 2022 and is predicted to develop at a compound annual growth charge (CAGR) of 8.8% from 2023 to 2030, in step with a record through Grand View Research. The file also states that the use of tech mirrors inside the retail industry has been developing as it helps enhance consumer purchasing experience.
The international marketplace is anticipated to keep a marketplace cost of $548.21 Million in 2023 and $1,183.54 Million by way of 2033, in line with a file through Future Market Insights. This also suggests that the mirror production marketplace growth fee is projected to be nearly 8% for the duration of the forecast duration from 2023 to 2033.
The year-over-year months increase charge in 2023 is around 15.05%, and its miles are predicted to attain USD 6.2 billion through 2030, at a CAGR of 11.2% from 2022 to 2030, in line with Market Statsville Group. The record shows that growth in the adoption of these mirrors in the automotive area majorly drives the increase of the worldwide technological mirror market.
On the other hand, the worldwide era market of advanced mirrors in 2023 is anticipated to be $3.28 billion, and using the quit of 2028, the marketplace share is going to be $4.72 billion with a 7.6% CAGR. Overall, the tech mirror marketplace is expected to grow at a big price in the coming years, driven by way of the increasing adoption of advanced mirrors in various stop-person sectors.
Key Players in the Global Market
The market of tech-oriented mirrors is noticeably aggressive with a few dominant gamers accounting for a tremendous proportion of the market. The following are the marketplace leaders inside the advanced mirror marketplace:
- Gentex Corporation: Gentex Corporation is an international leader in the tech mirror market. The company gives a variety of tech mirrors with superior functions inclusive of facial reputation, gesture recognition, and voice popularity. Gentex Corporation has a vast presence in the car industry and is a prime supplier of these mirrors to main car manufacturers.
- Electric Mirror: Electric Mirror is the main manufacturer of such tech mirrors for the hospitality enterprise. The business enterprise offers several techs. mirrors with functions inclusive of built-in lighting, Bluetooth connectivity, and touchscreen controls. Electric Mirror has a robust presence in the US marketplace and is expanding its operations globally.
- Perseus Mirrors: Perseus Mirrors is a leading manufacturer of advanced mirrors for the healthcare industry. The business enterprise offers several tech mirrors with capabilities such as biometric sensors, essential signal tracking, and telemedicine abilities. Perseus Mirrors has a substantial presence inside the US market and is increasing its operations globally.
The marketplace is also seeing the emergence of new gamers with modern products and services. The following are some of the emerging players in the advanced mirror marketplace:
- Ficosa: Ficosa is a Spanish agency that specializes in the development of tech-oriented mirrors for the automotive industry. The company gives a range of these mirrors with features together with blind spot detection, lane departure warning, and rearview camera show. Ficosa has a robust presence in Europe and is expanding its operations globally.
- Memomi: Memomi is a US-based employer that specializes in the improvement of mirrors for the retail enterprise. The enterprise gives a number of mirrors with capabilities inclusive of virtual attempt-on, augmented fact, and customized pointers. Memomi has a significant presence within the US market and is increasing its operations globally.
- Séura: Séura is a US-based organization that specializes in the improvement of these advanced mirrors for the residential and industrial markets. The employer offers a number of tech mirrors with capabilities which include weather updates, news feeds, and social media integration. Séura has an extensive presence inside the US marketplace and is increasing its operations globally.
These are a number of the key players within the market. As the call for advanced mirrors keeps growing, it is expected that more groups will enter the marketplace with innovative products and services.
Age Group Usage
According to a report using Mordor Intelligence, the usage of these mirrors is extra customary in many of the more youthful eras. The file shows that the age institution of 18-34 years is the maximum energetic user institution of such mirrors. This can be attributed to the truth that this age institution is greater tech-savvy and open to adopting new technologies. The record also indicates that using advanced mirrors decreases with age, with the age organization of 55 years and above being the least lively customers.
Wall mounted is the leading sector of the tech-implemented mirror with above 65% market share of overall revenue. While the Free-stand holds a market share of 35% share in 2023.
The same document, with the aid of Mordor Intelligence, shows that using these tech mirrors is barely better among girls than men. The report indicates that girls are extra inquisitive about the usage of these mirrors for beauty and skincare purposes. On the opposite hand, men are more inquisitive about the use for health and fitness-related functions. However, the distinction in utilization between genders isn’t good sized.
These facts suggest that tech mirrors are more famous amongst younger generations and females. However, the use of these tech mirrors is not restrained to these demographics, and people of all ages and genders can benefit from the use of these mirrors.
Country Wise Usage
The smart replicate market is gaining traction throughout the globe. The United States is presently the most important marketplace for technologically advanced mirrors, accounting for approximately 35% of the global market proportion. The marketplace within the US is typically driven by way of the developing call for mirrors in the retail and automobile sectors.
The retail sector is the largest quit-consumer of tech mirrors in the US, followed by means of the car zone. The market inside the United States of America is expected that a compound annual gross rate (CAGR) of 15.5% in the course of the forecast duration (2023-2033).
Europe is the second-largest marketplace for tech mirrors, accounting for approximately 28% of the worldwide marketplace percentage. The European marketplace is mostly pushed by the developing demand for these mirrors inside the car zone. Germany is the largest marketplace of mirrors in Europe, observed through the UK and France. The marketplace of tech mirrors in Europe is expected with a CAGR of 13.2% in the course of the forecast duration.
China is the 3rd biggest market for tech mirrors, with approximately 19% of the worldwide marketplace percentage approximately. The marketplace in China is, broadly speaking, driven by way of the developing demand for mirrors inside the retail and hospitality sectors. The marketplace of China is supposed to gain a CAGR of 18.5% for the duration of the forecast period.
As of 2023, India and Japan are emerging markets for tech mirrors. The marketplace in India is normally pushed by way of the growing demand for advanced-oriented mirrors inside the retail and hospitality sectors. The marketplace of advanced mirrors in India is predicted to grow with a CAGR of 21.3% throughout the forecast duration.
The business market in Japan is in general dependent on the growing demand for technological mirrors inside the automotive industry. The market for mirrors in Japan is expected to expand with a CAGR of 16.8 percent over the duration of the forecast.
Other markets that are emerging that are supplying technologically advanced mirrors comprise Brazil, Mexico, and South Africa. Mirrors are a popular item in Brazil typically triggered by the growing need for mirrors within the retail industry. This market in Mexico is usually caused by the increasing need for mirrors that have advanced technology in the automobile sector. The market in South Africa is more often than not impacted by the rising demand for these mirrors in the hospitality industry.
Website Traffic Analysis
According to the HubSpot Blog’s 2023 Web Traffic & Analytics Report, the internet is evolving rapidly as of 2023, with websites and online presence becoming increasingly important for both individuals and businesses.
It is built upon a survey of 400 professionals in the field. The report reveals that a monthly visit to a website has been approximately 10K viewers on average with the median site receiving 1K visits per month. The report also revealed that 50% of websites received less than 500 monthly visitors.
In terms of traffic sources, the report found that the majority of website traffic comes from organic search 49 percent).
Whereas, in 2023 other website traffic of advanced mirror is followed by direct traffic source (17 percent), social media (7 percent), paid search (5 percent), referral traffic (4 percent), and the remaining 18 percent of traffic comes from other sources
On the other hand, the average bounce rate for websites is 58 percent, with the median bounce rate being 70%.
In conclusion, the HubSpot Blog’s 2023 Web Traffic & Analytics Report provides valuable insights into website traffic trends and benchmarks. It is clear that organic search is the primary source of website traffic, and that bounce rates can be a challenge for many websites.
Active Players in the Market
The tech mirror marketplace is exceedingly aggressive, with several players vying for a proportion of the market. Some of the distinguished players in the market consist of:
- Gentex Corporation
- Ficosa (Panasonic)
- Magna International Inc.
- Samsung Electronics Co., Ltd.
- Japan Display Inc.
- Perseus Mirrors
- Electric Mirrors Inc.
- Ficosa Internacional SA
- Seura Solutions
- Dension Ltd.
These days, companies are investing heavily in research and improvement to give you progressive products that meet the wishes of customers. They also specialize in expanding their product portfolios and enhancing their distribution networks to reach a much broader client base.
Some of the key strategies followed by way of these gamers consist of mergers and acquisitions, partnerships, collaborations, and product launches. For example, in 2023, Samsung Electronics launched its new advanced and tech-oriented mirror, which comes with a built-in camera and voice recognition technology. Similarly, in 2023 Electric Mirror Inc. Partnered with Keonn Technologies to broaden a new tech mirror that may be utilized in retail shops.
The active users inside the marketplace are unfolding throughout special regions, with North America and Europe being the fundamental markets. In North America, the marketplace is ruled by players together with Electric Mirror Inc., Seura Solutions, and Gentex Corporation. In Europe, the market is led through groups which include Ficosa Internacional SA, Mirrocool, and Dension Ltd.
Tech mirrors have gained popularity in recent years because of their precise functions and advantages. Effective facts are detailed below:
- The advanced tech mirror market was valued at USD three.4 billion in the preceding year and is predicted to attain USD 6.7 billion using the subsequent 5 years, registering a CAGR of 17.4% (Mordor Intelligence).
- The international technology implemented mirror marketplace size turned into valued at USD 514.6 million in 2022, $2.3 billion in 2021, and is expected to attain USD 6.2 billion by 2030, at a CAGR of 11.2% from 2022 to 2030 (Market Statesville Group).
- The tech mirror manufacturing marketplace boom fee is projected to be almost 8% throughout the forecast period from 2023 to 2033 (Future Market Insights).
- The usage of tech mirrors inside the retail industry has been growing because it enables improved client purchasing enjoyment (Grand View Research).
- An increase in the adoption of tech mirrors inside the car zone majorly drives the increase of the worldwide tech mirror marketplace (Market Statsville Group).
All the above information displays a tremendous increase and the ability of the tech mirror marketplace. With growing adoption in diverse industries, which includes retail and car, the tech mirror market is predicted to continue to grow in the coming years.
Smart mirrors have grown to be more and more popular in recent years due to their potential to decorate everyday exercises and offer precise and customized reviews in commercial settings. These devices are basically mirrors with digital shows that can be used for a number of purposes, together with showing climate and news updates, imparting make-up tutorials, or even monitoring fitness development. As a result, tech mirrors have come to be a warm subject matter inside the discipline of the era and feature generated numerous interests among customers.
Despite their many advantages, tech mirrors are nonetheless a pretty new era, and there is a whole lot to be discovered about their capabilities and capability applications. Researchers have been studying the technology in the back of these mirrors and exploring methods to improve their capability and performance. For example, the latest literature evaluation published in the International Journal of Engineering and Technology (IJET) tested the capacity of such mirrors to aid the Internet of Things (IoT) and diagnosed several promising regions of research.
The smart tech mirror enterprise is fantastically aggressive, with numerous key players dominating the marketplace. Some of the main companies in the industry encompass Samsung, Panasonic, LG, Magna International, and Perseus Mirrors.
According to marketplace studies reports the global tech mirror marketplace is expected to be USD 6.2 billion in 2023 and is projected to attain $16.51 billion by 2029, growing at a CAGR of 10.84% throughout the forecast duration. The marketplace percentage of male or female organizations varies depending on the location and alertness
These mirrors are utilized by a huge range of customers, such as people within the splendor and fashion industries, healthcare providers, and automotive producers. The demographics of tech mirror users vary depending on the utility and place.
The usage of these mirrors varies by us, with a few areas displaying better adoption charges than others. For example, the retail enterprise in North America has seen a good sized growth within the use of mirrors to decorate the purchaser shopping revel. In Asia-Pacific, the automobile enterprise is a key consumer of advanced mirrors.
Website visitors for pinnacle tech mirror agencies vary depending on the corporation and vicinity. Some agencies have an international presence and attract a large quantity of site visitors to their websites, while others have extra localized awareness.
- These advanced mirrors can display a wide variety of facts, consisting of weather forecasts, news updates, and social media feeds.
- The use of such mirrors within the retail enterprise has been growing because it allows enhanced client buying revel.
- The healthcare enterprise is likewise exploring using these mirrors to decorate patient care and streamline medical methods.
- These mirrors also are being used in the automobile industry to provide drivers with actual-time facts approximately their vehicles and surroundings.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.