Impact of COVID-19 on Smart Mirror Market

The global smart mirror market is likely to witness a decrease in the growth rate due to the COVID-19 pandemic. According to a new report published by Research Dive, the global smart mirror market accounted for $2,046.1 million in 2018 and is projected to surpass $4,028.3 million by 2026. Comprehensive analysis on drivers, restraints, growth opportunities, and strategies executed by various governments & major market players to sustain in the COVID-19 pandemic are further provided in the report.

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Pre Market Scenario Vs Current Market Situation

The global smart mirror market was estimated to grow at a CAGR of 9.5% by 2026 prior to the COVID-19 crisis. Although due to the rise of the COVID-19 pandemic, now the market is projected to exhibit a CAGR of 8.8% during the forecast period. This is majorly owing to the shutting down of various end use industries to prevent the spread of COVID-19 disease.

The predicted pre-COVID-19 market size for smart mirror market was $1,415.2 million in 2020 and is expected to witness a tremendous growth and reach up to $1,450.9 million due to the COVID-19 pandemic. The majority of the developed as well as developing countries have implemented lockdowns to avert the spread of deadly COVID-19 virus, which has tremendously impacted the business processes in the global market. However, to sustain in this pandemic situation, several market players are increasingly focusing on several strategies to sustain and strengthen their position in the COVID-19 crisis. For instance, Samsung, in March 2020, launched a new series of televisions (TVs). These TV sets come with better contrast levels, visual experience, and enhanced picture, claims the company.

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Bouncing Back After Pandemic Crisis

The global market is anticipated to observe a significant growth post-COVID-19 pandemic and recover by Q3/Q4 of 2022. This is majorly owing to the increasing emphasis on digital transformations and innovations across various businesses such as eyewear, beauty, footwear, and fashion, which is estimated to boost the demand for smart mirrors in the global market by 2026. Besides, the growing popularity of smart mirrors as an exceptional home feature and the increasing trend towards fitness are some other factors which are likely to propel the growth of the global smart mirror market after the end of the COVID-19 pandemic. Furthermore, the key industry players are implementing multiple strategies such as technological advancements and product innovations in this field. For instance, a highly advanced bathroom mirror by Kohler is built-in with many integrated features such as the voice command, updated news, full stereo sound, and others.

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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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