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Smart Mirror Market 2021 SWOT Analysis, Key Business Strategies, Leading Industry Players, Regional Growth, Demand, Share, Challenges, Opportunities and 2030 Forecast Research Report

In a recent published report, Kenneth Research has updated the market report for Smart Mirror Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Mirror Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

The Smart Mirror Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Smart Mirror Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022
Brief: Smart mirror is one of the growing priorities of modern days’ shopping community. It is an alternative to the traditional mirror being used in malls, automobiles, and homes. The smart mirror offers an effortless experience allowing the user to get access to the information like they will eventually get from other devices such as smartphones, laptops, and TV. It is an interactive touch-free device that will address the need of accessing up-to-date information required by the user. The combination of mirrors with RFID & display technology will be useful in displaying information and can be customized according to user-specific suggestions. As for now, consumers are interested in using technology in integrated mirrors, thereby creating opportunities for both manufacturers and fashion designers to come up with new innovative ideas to grab market share and standout in the competition.

Market Analysis: The automobile industry was the first to start the smart mirror trend, helping in collecting information such as newsfeed, music, calendar with an additional option of Bluetooth connectivity. The “Smart Mirror market is expected to reach $1,220.3 million by 2022, growing at a CAGR of 14.4% during the forecast period 2016–2022. The market is driven by the automotive sector as the innovative mirrors will play a major role in providing comfortable drive and safety to the driver. The mirrors are available in different modes offering complete rear-view and control over the reflections. There is a vast scope for embedded mirrors in other sectors such as retail, healthcare, and residential. The leading adoption of technology is driving various start-ups to enter the market along with electronic devices manufacturers.

Product Analysis: The market study of smart mirror will talk about smart materials and embedded technologies. In addition, the report talks about the regions and industry verticals. The smart material market is segmented into self-dimming, self-healing, and self-cleaning mirrors. Self-dimming mirrors hold the majority of the market share as automobiles are using rear-view mirrors. The embedded technologies include internet connectivity, RFID, Bluetooth, cameras, touchscreen, etc. The automotive sector holds the majority of the mirror market share followed by retail. The consumer and healthcare sectors have tremendous opportunities during the forecast years, and the market will see a lot of players entering the ecosystem. The smart material market is expected to reach $709.4 million by 2022, growing at a CAGR of 16.3%.

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Regional Analysis: As per the geographical segmentation, Europe holds the majority of the market share followed by North America. The wide acceptance of smart mirror in automobiles, retail and consumer sectors is the major driver for the growth of the market in these regions. APAC will grow the fastest due to the emergence of small start-ups and improvise in knowledge sharing. LAMEA has restrictions on clothes for women, reducing the opportunity for the global providers in the retail sector. However, the market for automobiles will be very strong in GCC countries.

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Key Players: Panasonic, Samsung, Seura, Magna International, Gentex, Evervue, Alke, Toshiba, Ad Notam AG, Pro Display, and Tech2o.
Competitive Analysis: The study covers and analyzes the “Smart Mirror” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, it helps the venture capitalists and other companies in understanding the companies better and take informed decisions.

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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