Saudi Arabia Smart Mirror Market
Saudi Arabia Smart Mirror Market Witnessing Growth at Impressive 14.3% CAGR during 2022–2028
Published | 10 November 2022
Saudi Arabia smart mirror market is flourishing because of an increasing use of smart mirrors as a replacement for convex mirrors for improved vehicle safety features, soaring demand for smart homes, emergence of numerous startups, and innovative smart mirror features.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia smart mirror market size to grow at a significant CAGR of 14.3% during the forecast period between 2022 and 2028. The expansion of Saudi Arabia smart mirror market is driven by the growing adoption of ADAS (Advanced Driver Assistance Systems) in the automotive domain, rising demand for connected devices, and growing preference for smart homes. Rapid digitization as well as advancements in smart mirrors equipped with IoT (internet of things) and AI (artificial intelligence) solutions are also propelling the market growth.
Rising demand for smart mirrors in the automotive sector combined with smart mirror’s lower power consumption further drive the overall market growth. Saudi Arabia smart mirror market also benefits from the widespread adoption of technology due to its favorable capabilities, such as increased convenience and improved reliability and quality. Furthermore, rapid population growth, lifestyle changes, an increase in financial assets, and rising consumer spending are all expected to drive the Saudi Arabia mirror market even further during the forecast period. However, high costs in manufacturing and installation of smart mirror devices are anticipated to restrain the growth of Saudi Arabia mirror market during the period in analysis.
Saudi Arabia Smart Mirror Market – Overview
A smart mirror is a two-way digital mirror that is outfitted with sensing devices, cameras, electronic displays, and connectivity systems. It also includes technologies, such as self-dimming, self-cleaning, and other integrated electronics components. By executing commands, the user can gain access to the device and communicate with contextual information. Smart mirrors provide shoppers with the possibility of trying on new clothes, check the sizes or varieties of clothes in a store, and share information about the tried clothes on social media platforms. Favorable factors, such as technology advancements, innovations, increasing adoption of smart home concepts, increased car production across countries, and changing lifestyles are expected to boost the growth Saudi Arabia smart mirror market.
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Saudi Arabia Smart Mirror Market
Saudi Arabia Smart Mirror Market – By Application
Based on application, Saudi Arabia smart mirror market has Automotive, Retail, Residential, Hospitality, and Healthcare segments. The automotive segment dominated the market in 2021 and is expected to grow further due to increasing adoption of digital rear-view mirrors in vehicles. The market is evolving due to the rising popularity of mirrorless vehicles and the deployment of display mirrors based on smart cameras. Inside mirrors with built-in electrochromic technology are found in approximately 30% of high-end automobiles currently on the road, compared to 10–15% of exterior mirrors.
Impact of COVID-19 on Saudi Arabia Smart Mirror Market
COVID-19 pandemic adversely affected the smart mirror market, because of stringent lockdowns measures and social distancing to prevent the virus's spread. Economic instability, a partial industry closure, and poor consumer confidence all had negatively impacted the demand for smart mirrors. During the pandemic, the supply chain was hampered, as were logistics activities. However, post the relaxation of COVID-19 pandemic-related restrictions and an increasing demand from the automotive and retail industries, Saudi Arabia smart mirror market is forecast to expand in the coming years.
Saudi Arabia smart mirror market is highly competitive. Prominent players in the market with Electric Mirror, Inc., Murakami Corporation, Ficosa Internacional SA, Mirrocool, On The Wall, Inc., Gentex Corporation, Memomi, and Magna International Inc. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Smart Mirror Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Smart Mirror Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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