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Saudi Arabia Smart Mirror Market

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

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.

Saudi Arabia Smart Mirror Market Share

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

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Saudi Arabia Smart Mirror Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing use of smart mirrors for improved safety features in automotives
        2. IoT gadgets powering smart houses
        3. Innovative elements
      2. Restraints
        1. Concerns over security breach of privacy and sensitive data
      3. Opportunity
        1. Online stores replacing traditional storefronts
        2. Industry 4.0 to present growth opportunities
      4. Challenges
        1. Lack of knowledge of smart mirrors
        2. Higher price than standard mirrors
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Saudi Arabia Smart Mirror Market Overview
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Offering
        1. Hardware
          1. Displays
          2. Cameras
          3. Sensors
          4. Others
        2. Software
        3. Services
      2. By Technology
        1. Smart Material
        2. Embedded Technologies
      3. By Type
        1. Exterior Mirror
        2. Interior Mirror
      4. By Functionality
        1. Connected
        2. Non-Connected
      5. By Application
        1. Automotive
        2. Retail
        3. Residential
        4. Hospitality
        5. Healthcare
        6. Others
      6. By Sales Channel
        1. Direct sales
        2. Indirect sales
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid-19 on Saudi Arabia Smart Mirror Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Electric Mirror, Inc
    2. Murakami Corporation
    3. Ficosa Internacional SA
    4. Mirrocool
    5. On The Wall, Inc
    6. Gentex Corporation
    7. Memomi
    8. Magna International Inc.
    9. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*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

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