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Top Scenario: Smart Mirror Market Update | Increasing Investment Is Expected To Boost Market Growth

Pune, New York, USA, November 17 2020 (Wiredrelease) Research Dive –:The COVID-19 pandemic has negatively impacted the global smart mirror market. However, the market is expected to recover by Q3/Q4 of 2022.

The COVID-19 pandemic has adversely affected the global smart mirror market and a slight drop is witnessed in the growth rate from former predictions. As per new Research Dive published report, the global smart mirror market is anticipated to grow at a CAGR of 8.8% by 2026, generating a revenue of $4,028.3 million in the period of forecast from 2019 to 2026. While there is a decrease in the growth rate owing to the COVID-19 chaos, the market is estimated to recover by Q3/Q4 of 2022.

Key Features of the Market

– As per our analysts, the adaptability and versatility of smart mirrors in multiple industries is a significant factor impelling the growth of global smart mirror market.

– The projected market size for the smart industry prior to COVID-19 chaos was $2,433.8 million in 2020 and this number is predicted to decrease down to $1,460.3 million post-coronavirus pandemic.

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– The rising emphasis on digital innovations and transformation across various businesses such as beauty, fashion, eyewear, and footwear are anticipated to drive the demand for smart mirrors in the coming future.

Adopting Several Strategies to Sustain in the Crisis

The leading players of the global smart mirror industry include Ficosa Internacional SA, GENTEX CORPORATION, SAMSUNG, Magna International Inc., DENSION LTD, Murakami Corporation., Kickstarter, Séura, Japan Display Inc., PBC, and ELECTRIC MIRROR, INC. These players are implementing various strategies such as product innovations and technological advancements to sustain in this unprecedented situation. For instance, in March 2020, Samsung launched a new series of televisions with improved picture quality and excellent visual experience & contrast levels.

Also, an India-based company, Pink Tech Design, launched a smart mirror namely, Miaza mirror during the COVID-19 crisis. This smart mirror uses a dynamic sensor to detect human presence and shows the multi-step hand-washing technique in the 35-second video recommended by the World Health Organization (WHO).

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Global Industry to Grow Exponentially Post Pandemic Chaos

Research Dive states that the global smart mirror market is projected grow exponentially post-coronavirus pandemic. The industry players are getting immense support from the governments to grow in the global market. 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, smart mirrors offer thorough information by focusing on common pain points of customers such as brand loyalty, shopping preferences, and customer demographics. These factors are expected to propel the market growth after COVID-19 pandemic.

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Last Updated: 17-Nov-2020