Portland, OR, Nov. 16, 2020 (GLOBE NEWSWIRE) -- 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.
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 approachpresent new opportunities in the next few years.
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Covid-19 Scenario
- The lockdown restrictions in many countries enforced manufacturing facilities to close down their operations. Moreover, the supply of raw materials has been disrupted due to ban of import-export and interrupted the local supply chain.
- Online platforms have stopped the delivery of goods due to disrupted distribution network. Moreover, physical stores have been closed down to prevent the gathering of people.
- As lockdown restrictions have been lifted off, manufacturing activities, supply chain, and distribution networks would begin their operations and the demand would grow.
- Construction activities in the commercial and residential sectors have been paused. So, the demand for fogless mirrors for concept bathrooms has been reduced.
The stationary segment to maintain its dominant share during the forecast period
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 andemergence 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.
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