The Asia Pacific Smart Mirror Market would witness market growth of 16.7% CAGR during the forecast period (2022-2028).
Using facial recognition technology, smart mirrors are primarily used in hospitals & clinics to determine each patient's health status. The demand for smart mirrors is expanding as smart consumer electronics like tablets, smartphones, digital watches, and other devices become more widely utilized. The entire mirror industry has undergone a revolution due to these new-generation products. Because they can draw customers' attention to the various products kept in the stores, smart mirrors with face and speech recognition systems built in are very popular among supermarkets and retail establishments.
A smart mirror is a highly advanced mirror that incorporates embedded electronics like cameras, sensors, and displays into its construction. Smart mirrors offer a variety of features, including touchscreen functionality and internet connectivity. A large display made up of cameras & other gadgets are called a memory mirror. To try on clothing, the smart mirrors are employed in showrooms. Many governments have increased their attention to traffic accidents brought on by vehicles backing up. As a result, they are moving forward with installing smart rear vision systems for vehicles. Intriguingly, the Russian government has mandated that all new cars come with rear cameras so that drivers can easily reverse. Thus, during the anticipated period, these factors are anticipated to fuel market growth.
According to estimates by the National Investment Promotion & Facility Agency of India, the Indian retail market will grow to $2 trillion by 2032 due to sociodemographic and economic factors like urbanization, income growth, and an increase in nuclear families. E-commerce accounted for nearly a third of sales in some electronic categories, nearly half of smartphones were sold, and roughly a fifth of all apparel sales in India during the first half of 2021.
Consumer internet and e-commerce businesses raised US$38 billion in 2021, up from US$8 billion in 2020, as the Indian start-up ecosystem continues to develop and large-scale investments are made in the fintech, hyperlocal, and e-commerce sectors. By 2030, India will have a projected annual gross merchandise value of $350 billion, making it the third-largest online retail market. Thus, the market for smart mirrors would grow in the Asia Pacific region.
The China market dominated the Asia Pacific Smart Mirror Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $565.5 million by 2028. The Japan market is anticipated to grow at a CAGR of 16% during (2022 - 2028). Additionally, The India market would register a CAGR of 17.4% during (2022 - 2028).
Based on Sales Channel, the market is segmented into Indirect Sales and Direct Sales. Based on Offering, the market is segmented into Hardware (Displays, Cameras, Sensors, and Others), Software, and Services. Based on Technology, the market is segmented into Electro Chromatic and Others. Based on Installation Type, the market is segmented into Fixed and Free Style. Based on Application, the market is segmented into Automotive, Residential, Retail, Hospitality, Healthcare, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Mirror Market is Projected to reach USD 6.6 Billion by 2028, at a CAGR of 15.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Murakami Corporation, Japan Display, Inc., Gentex Corporation, Magna International, Inc., Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Seura Solutions, ad notam AG, Dension Kft., Keonn Technologies, and Ficosa International, S.A.
By Sales Channel
By Offering
By Technology
By Installation Type
By Application
By Country
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