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

Report Overview

The global smart mirror market size was valued at USD 472.1 million in 2021 and is projected to expand further at a compound annual growth rate (CAGR) of 8.8% from 2022 to 2030. Smart mirrors, also known as interactive mirrors, mirror TVs, and magic mirrors, are experiencing rapid growth due to the increased demand for smart mirrors in commercial places and offices. The growing use of smart mirrors in the retail industry to improve customer experience is driving the industry's growth. This trend is expected to remain a prominent factor in augmenting product demand throughout the forecast period. Furthermore, key companies have been amplifying their product portfolios by incorporating new and innovative products, to gain maximum industry share.

Smart mirrors in stores are intended to improve customer shopping. Recently, Visa and Monse approached Nobal Technologies, a company based in Calgary, to work on an innovative iMirror that would let consumers examine and buy things through the touchscreen mirror. The mirror’s underlying technology enables it to gather consumer information about shopping preferences, colors, styles, and trends to aid customers in making better purchasing decisions. Furthermore, companies like Magic Mirror are introducing new ways for retailers to make their products available. When consumers use a smart mirror to shop, it creates a hassle-free process for both consumers and retailers.

During the forecast period, the industry is also anticipated to be driven by rising expenditures on R&D and product development by the manufacturers. Furthermore, smart mirrors allow consumers to access voice assistance and other preferred content through the apps inbuilt, which connect the mobile phone screen to the mirrored display. These mirrors further allow to access weather, stream entertainment, listen to music, access social media feeds, run downloadable applications, and more, which is expected to drive their demand in the residential segment. Developed countries are likely to witness tremendous growth in product adoption during the forecast period.

The industry is growing rapidly because smart mirrors combine a mirror with automation and monitoring features to show information over the home décor mirror. The combination of mirrors with intelligence and technology allows for interaction between smart mirrors and people by displaying information for carrying out daily tasks like running office programs, games, media players, and many more so that people can live an easier and more convenient life using this technology. The demand for smart mirrors with built-in advanced technology is growing, and many manufacturers are working on product development to meet the increasing demand.

For instance, in January 2022, an Indian company named Wellnesys Inc. introduced “ARIA”, a smart mirror that combines AR/VR, computer vision, and smart sensing technologies to give users engaging and immersive digital experiences through smart TVs and smart mirrors. Companies are focusing on strategic acquisitions to expand their presence and reinforce their positions in the industry. In the near term, global companies are likely to acquire small- and medium-sized companies in a bid to facilitate regional expansion.

For instance, in June 2020, Lululemon, a manufacturer of women's fitness apparel, acquired the smart mirror manufacturer, Mirror, for USD 500 million as demand for at-home workout streaming surged due to the coronavirus pandemic. The company Mirror provides smart mirrors that have an intuitive touch screen and let consumers view & take part in exercise courses from the comfort of their own homes. In addition, the company will function as a separate division of Lululemon. Improving Lululemon’s “digital and interactive” was the primary goal behind the acquisition.

Installation Type Insights

The wall-mounted smart mirror segment led the market in 2021 and accounted for the maximum share of more than 85.50% of the overall revenue. The segment is projected to expand further at the fastest growth rate during the forecast period. The growth of the segment can be attributed to the rising consumer preference for wall-mounted mirrors over free-standing smart mirrors. With free-standing mirrors, there is usually a higher risk of falling, which is decreased by wall-mounted mirrors. In addition, compared to ordinary mirrors, smart mirrors are quite expensive, which tends to increase consumer preference for wall-mounted installation-type smart mirrors.

A wall-mounted smart mirror may also conserve space and improve the appearance of a room. Moreover, increasing demand for smart housing facilities across the globe is driving the demand for smart bathrooms & personalized kitchen mirrors. Manufacturers are making customized smart mirrors for bathrooms and kitchens that are typically wall-mounted due to concerns about the associated risks and available space required for free-standing mirrors in bathrooms & kitchens. For instance, in January 2019, Kohler announced its new wall-mounted Verdera Voice smart mirror with Google Assistant built-in providing seamless integration of voice control for the bathroom space. All the above-mentioned factors strongly support the growth of the segment.

Application Insights

The commercial application segment dominated the global industry in 2021 and accounted for the largest share of more than 57.00% of the overall revenue. The segment is expected to register the fastest growth rate maintaining its dominant position throughout the forecast years. Furthermore, smart mirrors for commercial applications is too expected to grow at the fastest CAGR during the forecast period. The key companies are launching new products with innovative designs and sizes specifically for the hospitality and commercial sectors. For instance, Prestop company, Electric Mirror, Inc., and ProDisplay have separate sets of product portfolios of smart mirrors for commercial applications.

The residential application segment is also expected to witness significant growth over the forecast period. This is attributed to the growth of the residential sector in most of the developed countries. For instance, governments of various countries, including Australia, the United States, and Canada, have planned strategies like concessions for first-time buyers, subsidies for veterans, the golden visa, low-cost affordable housing schemes, and reductions in transactional taxes, which are anticipated to spur the growth of the residential sector during the forecast period.

Distribution Channel Insights

The offline channels segment dominated the global industry in 2021 and accounted for the maximum share of more than 73.5% of the total revenue. The growth of the segment is driven by the increasing consumer preference for shopping in person. According to 2020 Raydiant's second annual State of Consumer Behavior Report, 33% of respondents prefer shopping at physical stores because they like to view, touch, and interact with actual products. In addition, 26% of respondents enjoy the overall shopping experience that a physical location offers, and 13% appreciate the immediate satisfaction that in-store shopping offers-as opposed to waiting for delivery.

In the near future, this is anticipated to drive the segment growth and will maintain its dominant position in the market. However, the online channels segment is expected to grow at the fastest CAGR during the forecast period. The popularity of e-commerce channels is expected to increase over the projected period, compared to offline distribution channels, given the increasing number of market players marking their presence online. Industry players have been offering customers the ability to place and track orders online on their own platforms, e-commerce sites, or third-party platforms like Shopify. In this regard, the emergence of high-end online shopping platforms is expected to act as a driver for the market in the forecast period future.

Regional Insights

North America emerged as the largest region in 2021 and accounted for the maximum share of more than 46.60% of the total revenue. The segment is expected to maintain its dominance over the forecast period owing to an increase in the number of households, coupled with the increasing number of manufacturers, and shifting preferences toward healthy drinks. Increasing demand for a variety of smart mirrors from these regions is anticipated to drive the regional market. A growing number of product launches and investments in advanced technology are further expected to augment the region’s growth.

Europe is also expected to grow at a significant CAGR during the forecast period. Increasing product penetration in developed countries, such as the U.K., Germany, and France, is likely to bode well with regional growth. Many regional and international players are launching their products in these countries where the population has a significant per-capita income to generate greater revenue and increase the customer base for their products. For instance, MirrorMedia Ltd., a U.K.-based smart mirror manufacturer offers a wide range of smart mirrors for residential and commercial applications.

Key Companies & Market Share Insights

Key players face intense competition from each other as some of them are among the top manufacturers, distributors, and suppliers of smart mirrors in various applications. These companies have large customer bases for their products in both, regional and international markets. Moreover, these players have strong and vast distribution networks, which help them reach an even larger customer base. In May 2022, H&M piloted new tech features at select COS stores in the U.S. The stores featured smart mirrors in fitting rooms that can identify customers’ products, including the size & color, and provide personalized product or styling recommendations.

The company also installed smart mirrors on the sales floor for virtual try-on and styling, as well as new checkout, delivery, and returns technology. In January 2022, MySize launched a new smart mirror that allows shoppers to virtually try on a garment and provide fit recommendations. In December 2021, Capstone Connected, a brand known for creating consumer-driven products, launched a new smart mirror, Thin Cast Smart Mirror. The mirror comes with an 18.5-inch touchscreen display, Android compatibility, dual speakers, and two ways to interact with them. The company introduced its two sizes and is equipped with multiple lifestyle features. Some of the key players operating in the global smart mirror market include:

• 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

Smart Mirror Market Report Scope

Global Smart Mirror Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segment from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global smart mirror market report on the basis of installation type, application, distribution channel, and region:

• Installation Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Wall-Mounted

  • Free-Standing

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Residential

  • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Online

  • Offline

• 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