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PORTLAND, OREGON, UNITED STATES, March 27, 2023 /einpresswire.com / -- Allied Market Research published a report, titled,“fogless mirrors market by Type (Portable and Stationary), End Use (Residential and Commercial) and Sales Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2019–2026.”According to the report, the global fogless mirrors market generated $494.1 million in 2018, and is projected to generate $787.1 million by 2026, growing at a CAGR of 6.1% from 2019 to 2026.
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Growth in online retailing has fueled the demand for the fogless mirrors market in the last few years. Online retailing offers various benefits over brick-and-mortar stores. It allows consumer to access diversified products online and enable them to compare prices. High penetration of smartphones and increased usage of internet have resulted into improved retailing. As a result, players in the industry are strengthening their digital presence in order to cater to the growing demand from online consumers. In this hectic lifestyle, consumers prefer to shop online rather than visit stores, as online retailers offer the best price deals.
Fogless mirrors manufacturers find promising opportunities in emerging countries due to presence of large population, increase in number of residential and commercial space, and rise in disposable income. All these factors have led to increase in demand for fogless mirrors in emerging countries such as ASEAN, Africa, and Latin America.
The global fogless mirrors market is expected to witness growth owing to the emergence of concept bathroom. High popularity of concept washrooms have resulted in a paradigm shift for engaged stakeholders in the industry. Leading players in the industry are offering a one-stop shop solution for all bathroom accessory requirements. Consequently, the importance of in-store experience has increased many folds. Engaged stakeholders in the industry have established experience-centers where a customer can view all bathroom vanities at a single place. The emergence of concept bathroom is estimated to provide lucrative opportunities for the fogless mirror manufacturers during the forecast period.
Key Take Away :
Asia-Pacific leads in terms of the fogless mirrors market share and is expected to retain its dominance during the forecast period.
U.S. was the highest contributor to the North America fogless mirrors market, with $66.5 million in 2018. The country is expected to generate revenue of $92.6 million towards the end of the forecast period.
Based on type, the stationary segment dominated in terms of market share in 2018, and is expected to maintain the same in the upcoming years.
The residential segment accounted for about 79% share of the fogless mirrors market in 2018,and is poised to grow at significant CAGR during the forecast period.
The online sales channel segment is anticipated to gain significant traction in the upcoming years and is expected to witness CAGR of 7.7% during the forecast period.
Based on region, Asia-Pacific is anticipated to grow with a robust CAGR of 6.5% during the forecast period.
The global fogless mirrors market remains fragmented with the presence of high number of regional players concentrated in Asia-Pacific region mainly China.
Prime determinants of growth
Expansion of urban dwelling in emerging nations and prevalence of concept bathrooms drive the growth of the global fogless mirrors market. However, presence of counterfeit products hinders the market growth. On the other hand, technological innovations and adoption of omnichannel approach present new opportunities in the next few years.
Based on type, the stationary segment contributed to the highest share of the global fogless mirrors market in 2018, accounting for more than two-thirds of the total share, and will maintain its dominant share during the forecast period. Moreover, this segment is expected to register the fastest CAGR of 6.4% from 2019 to 2026.This is due to convenience offered by them to rotate 360 degrees and their characteristics such as rustproof, shatterproof, and others. The report also offers analysis of the portable segment.
The residential segment to maintain its dominance throughout the forecast period
Based on end use, the residential segment held the largest market share of the global fogless mirrors market, contributing to nearly four-fifths of the total share in 2018, and is projected to maintain its dominance throughout the forecast period. This is due totechnological advancements and affordability in residential applications. However, the commercial segment is estimated to grow at the highest CAGR of 7.1% from 2019 to 2026, owing to wide acceptance in the hospitality industry and emergence of luxury bathroom trends.
Asia-Pacific to continue its leadership status during the forecast period
Based on region, Asia-Pacific accounted for the highest market share based on revenue in 2018, contributing to more than half of the total share of the global fogless mirrors market, and will continue its leadership status during the forecast period. Moreover, this region is expected to portray the highest CAGR of 6.5% from 2019 to 2026. This is due to changes in lifestyle, adoption of online shopping, and demand for LED-equipped fogless mirrors in the region. However, North America is expected to manifest a CAGR of 4.7% during the forecast period.
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Leading market players
Foshan Sino Hardware Products Co., Ltd.
WeProFab
The Shave Well Company
New Home Bath & Mirror Inc.
Zadro Products, Inc.
Henan Jiazhidong Sanitary Ware Co., Ltd.
YD Valve Co. Ltd.
Shanghai Bagen Electronic Science & Technology Co.
ToiletTree Products, Inc.
Electric Mirror, Inc.
David Correa
Allied Analytics LLP
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