Smart Mirror Market Is Expected To Exhibit a CAGR of 12.8%

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by technologynews_cmi

by technologynews_cmi

Smart mirrors are gaining tremendous traction in the market due to its unique ability to control visibility without the use of remote control or a digital image processor. It is basically a two-way mirror which has an integrated screen behind the glass. The screen display whatever you want to see on the mirrored surface such as weather forecasts, a recent news feed, weather forecast, appointment reminders, and many more. Smart mirrors come in various sizes from tiny table mirrors to a large bathroom mirror. They also come in various colors, with different textures and finishes to suit your home interior and exterior design.

Increasing use of smart mirrors across the retail and hospitality sectors in order to increase the consumer base is driving the market growth. Moreover, its ability to display useful information such as price and size availability of products such as dress is again propelling the market growth of smart mirror. Increasing demand for the interior mirror from the automotive sector is also contributing to the market growth. Nowadays interior auto/self-dimming mirrors are widely used across cars and light commercial vehicles.

Additionally, continuous product innovation by key producers is another major factor uplifting the market growth of smart mirror. For instance, in September 2018, Mirror, a New York City-based fitness platform company, announced the launch of its in-home virtual workout product for consumers. The device streams workout videos and music on demand through its large LCD panel, which also serves as a full-length mirror when not in use.

The Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to the increasing production of luxury and premium cars in the region. According to the India Brand Equity Foundation, India became the fourth largest auto market in 2019 displacing Germany with about 3.99 million units sold in the passenger and commercial vehicle categories. India is expected to displace Japan as the third-largest auto market by 2021. Two-wheelers and passenger cars accounted for 80.8% and 12.9% market share, respectively, accounting for a combined sale of over 20.1 million vehicles in 2020. Moreover, increasing investment by key vendors is again augmenting the regional market growth. In September 2020, Toyota Kirloskar Motors announced investments of more than Rs 2,000 crore (US$ 272.81 million).

Key Developments:

In January 2019, HiMirror announced the launch of its Enterprise version of its HiMirror interactive smart mirror. The device can analyze a user's face and deliver beauty tips based on information on the user's skin, hydration, and other factors

Read more on Smart Mirrors :https://bit.ly/3oSThIt