The sudden outbreak of COVID-19 has hugely impacted the global smart mirror market in a negative way. However, the market is expected to recover by Q3/Q4 of 2022. The high costs associated with the smart mirrors are predicted to restraint the market growth during the forecast period. The key players of the market are implementing several strategies such as technological advancements and product innovations to sustain in this unprecedented situation. For instance, a highly advanced bathroom mirror powered by Amazon Alexa has been manufactured by Kohler.
The global smart mirror market is likely to witness a decline in the growth rate due to the COVID-19 pandemic all across the globe. According to a new research report published by Research Dive, the global smart mirror market is estimated to reach up to $4,028.3 million and grow at a CAGR of 8.8% during the forecast period from 2019 to 2026. Though there is a decline in the growth rate, the market is estimated to recover by the end of Q3/Q4 of 2022. Comprehensive analysis on drivers, growth opportunities, restraints, vital segments, and strategies implemented by major market players are further provided in the report to better understand the pandemic effect on the global industry.
Highlights of the Market
Our analysts stated that the versatility and adaptability of the smart mirror in various industries such as the automotive, retail, and healthcare is a major factor boosting the growth of global smart mirror market.
The predicted market size of the smart mirror industry post COVID-19 pandemic is $1,460.3 million in 2020, which is a drastic decline from $2,433.8 million before the pandemic situation. However, the high costs associated with the smart mirrors is a major threat for the market growth in the coming future.
On the contrary, the increasing emphasis on digital transformation and innovations across multiple businesses such as footwear, fashion, eyewear, and beauty are anticipated to propel the demand for smart mirrors, thereby, sustaining the market growth.
Strategies of Market Players to Sustain in the Pandemic
The major players of the global smart mirror market include GENTEX CORPORATION, Magna International Inc., Ficosa Internacional SA, SAMSUNG, Murakami Corporation., DENSION LTD, Séura, Kickstarter, Japan Display Inc., ELECTRIC MIRROR, INC., and PBC. These players are adopting multiple strategies such as technological advancements and product innovations to sustain in this pandemic situation. For instance, Kohler has manufactured a technologically and highly advanced bathroom mirror powered by Amazon Alexa. This mirror has various inbuilt integrated features such as the voice command, full stereo sound, updated news, and many others.
In March 2020, a new series of televisions is launched by Samsung. The multinational conglomerate company has claimed that the new TV sets come with improved picture quality and excellent contrast levels & visual experience.
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Pink Tech Design, a New Delhi-based firm has launched a smart mirror in India also known for Miaza mirror or health mirror in the COVID-19 chaos. The miaza mirror uses a dynamic sensor to detect human presence and shows the multi-step hand-washing technique in the 35-second video acclaimed by the World Health Organization (WHO).
As per the report, the global smart mirror market is anticipated to witness impressive growth post-COVID-19 pandemic. The governments of various countries all across the globe are providing support to the many industry players to grow in the global market, post the pandemic situation. The rising trend towards fitness of people all across the globe will be the major factor boosting the market growth during the forecast period. In addition, as smart mirrors focus on pain points commonly faced by customers, it offers in-depth information such as customer demographics, brand loyalty, and shopping preferences. These factors will also help to contribute to the growth of the market after COVID-19 pandemic.
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