The global smart mirror market was valued at $2,046.1 million in 2018 and is anticipated to surpass $4,028.3 million by 2026, at a CAGR of 8.8%. The smart mirror is a two-way mirror mounted with an electronic display behind the glass. The integrated display can exhibit information such as news updates, time, date, and weather forecast among others.
The growth of the global smart mirror market is majorly attributed to the tremendously increasing adoption of smart mirrors in a luxurious lifestyle. Smart mirrors are highly useful for busy individuals who prefer multitasking. Moreover, multiple businesses across the world, such as beauty shops, clothing shops, kiosk mall, and many others are also choosing the option of smart mirrors. In 2020, the market is predicted to experience little decline due to the lockdown conditions across the globe.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|9.5%||8.8%||Q3/Q4 2022||70||USD 2,433.8 Million||USD 1,460.3 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The growing emphasis on digital innovations and transformation across multiple businesses such as fashion, footwear, beauty, and eyewear is projected to drive the demand for smart mirrors in the global market, as the mirrors can help the users to analyze and understand the appropriate products. Moreover, retailers can get valuable customer insights that can help them to build and improve their relationship with customers. Also, smart mirrors address common pain points of customers and offer in-depth information such as brand loyalty, customer demographics, shopping preferences. Such factors are boosting the growth of the smart mirror market, during the forecast period.
In addition, the rising popularity of smart mirrors as an excellent home feature is also driving the growth of the smart mirror market. Moreover, global leaders are highly focusing on multiple strategies such as product innovations and technological advancements in this field. For instance, Kohler has manufactured a highly advanced bathroom mirror which is powered by Amazon Alexa. This mirror is inbuilt with many integrated features such as the updated news, voice command, full stereo sound, and many others. These key factors may significantly augment the demand for smart mirrors and eventually, it will help to grow the global market, during the period of forecast.
In the last several months of 2019, the communal spread of the corona-virus pandemic disease has brought as an unprecedented global health crisis. In addition, Due to the downfall in the current year, the market will experience profitability by Q3/Q4 2022. The majority of the developing, as well as developed countries, have implemented lockdowns in order to defeat the COVID-19 spread. This lockdown has led to a tremendous decline in business processes, in the global marketplace. However, several market players are highly focusing on strengthening market leadership to sustain in the COVID-19 chaos. For instance, in March 2020, Samsung, the multinational conglomerate company, has launched a new series of televisions. The company has claimed that the new TV sets come with enhanced picture quality, an excellent visual experience, and contrast levels. These factors may increase the demand for smart mirrors in the global market, which will foster the growth of the market, during the forecast period.
Moreover, to strengthen the existence into the global market, new players are also concentrating more on multiple business strategies and situational decisions. For instance, in India, New Delhi-based firm, Pink Tech Design has launched a smart mirror also known for Miaza mirror (health mirror) during the COVID-19 outbreak crisis. This mirror detects human presence with the help of a dynamic sensor and it shows the multi-step hand-washing technique recommended by the World Health Organization (WHO) in the 35-second animated video. Furthermore, the Miaza smart mirror has multiple applications that can be used for breast self-examination and even set remainder to take medication by the user. This implementation of strategic plans by the newly emerging companies may drive the demand for the smart mirror in the global market.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
Furthermore, as per a new report published by Research Dive, it is estimated that the global market for the smart mirror will witness exponential growth after the COVID-19 pandemic outbreak. In the midst of the communal spread of COVID-19, the demand for the smart mirror has tremendously declined mainly due to quarantine and lockdowns conditions. The majority of the market players across the world are adopting effective strategies to sustain in this crisis situation. In addition, governments are also providing support to these ventures to grow in the global market, after the COVID-19 pandemic outbreak.
In the post-COVID-19 world fitness freak people around the world will mostly prefer for home fitness machines. Thus, the venture such as Fuseproject has developed an innovative AI-powered smart mirror that displays workouts and fitness classes. These smart mirrors (forme) are 6-foot equipped with a camera, microphone, and speakers. the station is also equipped with pullies, high-quality cast aluminum arms; so the user can attend classes of boxing, guided meditation, yoga, and barre. By implementing these extra-ordinary strategies, many other industry leaders of the global smart mirror market are preparing for the post-COVID-19 impact.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Smart Mirror Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity