Saudi Arabia Smart Mirror Market
Saudi Arabia Smart Mirror Market, By Offering (Hardware, Software, Services); By Technology (Smart Material, Embedded Technologies); By Type (Exterior Mirror, Interior Mirror); By Functionality (Connected, Non-Connected); By Application (Automotive, Retail, Residential, Hospitality, Healthcare); By Sales Channel (Indirect sales, Direct Sales), Trend Analysis, Competitive Landscape & Forecast, 2022–2028
- Published Date: November 2022
- Report ID: BWC22511
- Available Format: PDF
- Page: 107
Report Overview
Increasing use of smart mirrors as a substitute to convex mirrors for improved vehicle safety features, growing adoption for smart homes, emergence of various startups, and innovative smart mirror attributes are projected to propel the expansion of Saudi Arabia Smart Mirror Market size at a significant growth rate during forecast period 2022 and 2028.
Saudi Arabia Smart Mirror Market - Industry Trends & Forecast Report, 2028
Saudi Arabia Smart Mirror Market size is expected to expand at a steady CAGR of 14.3% during the forecast period between 2022 and 2028. Saudi Arabia smart mirror market is being driven by an increasing adoption of ADAS (Advanced Driver Assistance Systems) in automotive domain, a surging demand for connect devices, and growing preference to smart homes. Furthermore, rapid digitization, the development of smart mirrors equipped with internet of things (IoT) and artificial intelligence (AI) solutions, and the soaring demand for smart mirrors for automotive sector, combined with reduced power consumption, drive the market growth. The rapid adoption of technology due to features, such as increased convenience and improved reliability and quality, has a favorable impact on the market. In addition, rapid population growth, lifestyle changes, an increase in financial assets, and rising consumer spending all are expected to further boost the 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.
Saudi Arabia Smart Mirror Market
Growth Drivers
Increasing use of smart mirrors for improved safety features in automotives
Vehicles equipped with smart mirrors play a vital role in securing driver comfort and safety. The electro-chromatic auto-dimming mirror utilized in high-end vehicle smart mirrors helps in decreasing driver eye strain and fatigue while improving visibility in low-light conditions. Smart mirrors promote safety by providing better rear-view images that help drivers make safe decisions while driving. By displaying all the relevant information on the mirror screen, smart mirrors help drivers save time. Smart mirrors can also detect and alert users to moving objects as well as automatically correct camera distortion. These favorable features are forecast to drive Saudi Arabia smart mirror market at a significant growth rate during the period in analysis.
Restraints
Concerns over breach of privacy and sensitive data
One of the main impediments for the high adoption of smart mirrors could be the security breach caused by smart mirrors tracking users' personal information. Smart mirrors fitted in retail locations can easily track customer purchasing and spending patterns. The smart mirrors can also obtain other critical consumer data, such as previous buying history, continuous interaction with store employees, and a large number of other data points concerning to customer behavior and purchasing preferences. Retailers can use the information they have gathered to target the prospective customers for selling products in the future by running sales and marketing campaigns based on consumers' previous purchasing interests. Consequently, the market's growth over the forecast period may be stymied by rising concerns about personal security and privacy.
Impact of COVID – 19 on Saudi Arabia Smart Mirror Market
COVID-19 virus had a detrimental effect on the smart mirror market, because of stringent lockdowns and social distancing to prevent the virus's spread. Economic instability, a partial industry closure, and poor consumer confidence all had an influence on demand for smart mirrors. During the pandemic, the supply chain was hampered, as were logistics activities. However, post covid related relaxation and increased demand from the automotive and retail industries, Saudi Arabia smart mirror market is predicted to gain in the coming years.
Saudi Arabia Smart Mirror Market
Segmental Coverage
Saudi Arabia Smart Mirror Market - By Offering
Based on offering, Saudi Arabia Smart Mirror Market has Hardware, Software, and Services segment. The hardware segment holds the highest share in the market due to the high demand for its components, such as displays, audio, cameras, and sensors coupled with better connectivity for the complete smart mirror system.
Saudi Arabia Smart Mirror Market - By Technology
Based on technology, Saudi Arabia smart mirror market is bifurcated into Smart Material and Embedded Technologies segments.
Saudi Arabia Smart Mirror Market - By Type
Based on type, Saudi Arabia smart mirror market is divided into Exterior Mirror and Interior Mirror segments.
Saudi Arabia Smart Mirror Market - By Functionality
Based on sales, Saudi Arabia smart mirror market is split into Connected and Non-Connected segments.
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.
Saudi Arabia Smart Mirror Market - By Sales Channel
Based on sales channel, Saudi Arabia smart mirror market is bifurcated into Direct sales and Indirect Sales segments. In 2021, the indirect sales segment dominated the market due to its strategy to persuade indirect sellers to purchase a product or service, but they can also cause channel conflict and other issues. Indirect sales can be used instead of or in addition to direct sales efforts.
Competitive Landscape
Saudi Arabia smart mirror market is competitive. Major companies in the market include 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.
Recent Developments
-
In January 2022 - MySize, Inc. introduced FirstLook Smart Mirror National Retail Federation.
-
In January 2022 - Wellnesys Inc., launched Aria, a smart mirror with AR/VR features.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2018–2021 |
Base Year – 2021 |
|
Estimated Year – 2022 |
|
Forecast – 2022–2028 |
|
Facts Covered |
Revenue in USD million |
Market Coverage |
Saudi Arabia |
Product/ Service Segmentation |
Offering, Technology, Type, Functionality, Application, Sales |
Key Players |
Electric Mirror Inc, Murakami Corporation, Ficosa Internacional SA, Mirrocool, On The Wall, Inc, Gentex Corporation, Memomi, Magna International Inc. |
By Offering
-
Hardware
-
Software
-
Services
By Technology
-
Smart Material
-
Embedded Technologies
By Type
-
Exterior Mirror
-
Interior Mirror
By Functionality
-
Connected
-
Non-Connected
By Application
-
Automotive
-
Retail
-
Residential
-
Hospitality
-
Healthcare
By Sales Channel
-
Direct sales
-
Indirect sales
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Saudi Arabia Smart Mirror Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing use of smart mirrors for improved safety features in automotives
- IoT gadgets powering smart houses
- Innovative elements
- Restraints
- Concerns over security breach of privacy and sensitive data
- Opportunity
- Online stores replacing traditional storefronts
- Industry 4.0 to present growth opportunities
- Challenges
- Lack of knowledge of smart mirrors
- Higher price than standard mirrors
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Saudi Arabia Smart Mirror Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Offering
- Hardware
- Displays
- Cameras
- Sensors
- Others
- Software
- Services
- Hardware
- By Technology
- Smart Material
- Embedded Technologies
- By Type
- Exterior Mirror
- Interior Mirror
- By Functionality
- Connected
- Non-Connected
- By Application
- Automotive
- Retail
- Residential
- Hospitality
- Healthcare
- Others
- By Sales Channel
- Direct sales
- Indirect sales
- By Offering
- Market Size & Forecast by Value, 2018–2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Saudi Arabia Smart Mirror Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- Electric Mirror, Inc
- Murakami Corporation
- Ficosa Internacional SA
- Mirrocool
- On The Wall, Inc
- Gentex Corporation
- Memomi
- Magna International Inc.
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 Saudi Arabia Smart Mirror Market Segmentation
Figure 2 Saudi Arabia Smart Mirror Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2021
Figure 4 Saudi Arabia Smart Mirror Market Size, By Value (USD Million), 2018–2028
Figure 5 Saudi Arabia Smart Mirror Market Share, By Offering, By Value, 2018–2028
Figure 6 Saudi Arabia Smart Mirror Market Share, By Technology, By Value, 2018–2028
Figure 7 Saudi Arabia Smart Mirror Market Share, By Type, By Value, 2018–2028
Figure 8 Saudi Arabia Smart Mirror Market Share, By Functionality, By Value, 2018–2028
Figure 9 Saudi Arabia Smart Mirror Market Share, By Application, By Value, 2018–2028
Figure 10 Saudi Arabia Smart Mirror Market Share, By Sales Channel, By Value, 2018–2028
List of Tables
Table 1 Saudi Arabia Smart Mirror Market Size, By Offering, By Value (USD Million), 2018–2028
Table 2 Saudi Arabia Smart Mirror Market Size, By Technology, By Value (USD Million), 2018–2028
Table 3 Saudi Arabia Smart Mirror Market Size, By Type, By Value (USD Million), 2018–2028
Table 4 Saudi Arabia Smart Mirror Market Size, By Functionality, By Value (USD Million), 2018–2028
Table 5 Saudi Arabia Smart Mirror Market Size, By Application, By Value (USD Million), 2018–2028
Table 6 Saudi Arabia Smart Mirror Market Size, By Sales Channel, By Value (USD Million), 2018–2028
Table 7 Electric Mirror, Inc Company Overview
Table 8 Electric Mirror, Inc Financial Overview
Table 9 Murakami Corporation Company Overview
Table 10 Murakami Corporation Financial Overview
Table 11 Ficosa Internacional SA Company Overview
Table 12 Ficosa Internacional SA Financial Overview
Table 13 Mirrocool Company Overview
Table 14 Mirrocool Financial Overview
Table 15 On The Wall, Inc Company Overview
Table 16 On The Wall, Inc Financial Overview
Table 17 Gentex Corporation Company Overview
Table 18 Gentex Corporation Financial Overview
Table 19 Memomi Company Overview
Table 20 Memomi Financial Overview
Table 21 Magna International Inc. Company Overview
Table 22 Magna International Inc. Financial Overview
Market Segmentation
By Offering
-
Hardware
-
Software
-
Services
By Technology
-
Smart Material
-
Embedded Technologies
By Type
-
Exterior Mirror
-
Interior Mirror
By Functionality
-
Connected
-
Non-Connected
By Application
-
Automotive
-
Retail
-
Residential
-
Hospitality
-
Healthcare
By Sales Channel
-
Direct sales
-
Indirect sales
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
Frequently Asked Questions (FAQs):
RELATED REPORTS
WHY CHOOSE US
-
24/7 Research Support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
-
Custom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
-
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
-
Data Visualization
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
-
Information security
We never share your personal and confidential information. Your personal information is safe and secure with us.