|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 218.39 Million||USD 298.67 Million||4.00%||2022|
Lighted Mirror Medicine Cabinets Market
The global lighted mirror medicine cabinets market size was worth around USD 218.39 million in 2022 and is predicted to grow to around USD 298.67 million by 2030 with a compound annual growth rate (CAGR) of roughly 4.00% between 2023 and 2030.
Lighted mirror medicine cabinets are bathroom products used in residential homes and commercial spaces such as hotels. They are an advanced form of traditional medicine cabinets as they are fitted with lights that can be turned off and on depending on the user’s preference. The lights are placed on the mirror at the front of the cabinet facing the user while having in-built discreet space for storing personal belongings such as medicines and personal care products. In most cases, lighted mirror medicine cabinets use light-emitting diode (LED) lights due to associated advantages such as improved energy efficiency and low cost in terms of installation and maintenance. Lighted mirror medicine cabinets are known to improve the overall aesthetics of the bathroom and are currently growing in demand due to several factors including higher product awareness and changing consumer preference. However, the market is also plagued with several challenges and growth restrictions limiting industry revenue for lighted mirror medicine cabinets.
Booming interior design industry to directly impact market growth
The global lighted mirror medicine cabinets market is projected to grow owing to the thriving interior design industry across residential and non-residential settings. Lighted mirror medicine cabinets are exquisitely designed to meet the contemporary expectations of customers. They provide multiple advantages that include the primary role of storing medicinal and personal products while also providing radiant illumination. Significant growth propellers for the growing rate of interior designing projects include rapid urbanization, growing income, and booming population rate across the globe. Most modern residential settings are built under the guidance of architects and interior designers as preference patterns of home buyers are increasingly evolving. Awareness about the latest trends available in the market as a result of higher access to social media such as Instagram and Pinterest for inspiration are leading reasons for customers to know exactly what they want in their new homes. As per the India Confederation of Indian Industry (CII), the enrollment rate in the country’s interior design course has now reached 6.81%.
Increasing interest in energy-efficient cabinets may propel the market expansion rate
The players operating in the lighted mirror medicine cabinets industry can benefit from the growing awareness about the importance of energy-efficiency among end-users resulting in higher demand for medicine cabinets that are energy efficient while appearing exquisite. This trend has also resulted in greater emphasis on research and innovation from the manufacturer's end as companies are experimenting with additional features that can be accommodated in the cabinets.
High cost of cabinets to restrict market growth
The global lighted mirror medicine cabinet market growth trend will be limited due to the high cost of lighted mirror medicine cabinets as compared to conventional cabinets with simple mirror structures. For instance, cabinets offered by a leading provider in the market Mirrors & Marble start from USD 469 and go upward for superior-grade features. Although these products are energy efficient, they currently cater to the needs of a specific segment of potential consumers that have access to high disposable income. Expensive lighted mirror medicine cabinets are unaffordable for low-income families or the country's population suffering from the economic slowdown. In addition to this, there are several other affordable alternatives available in the market including simple lighted mirrors without a product storing facility that perform similar roles.
Surging use in commercial centers to create growth opportunities
The lighted mirror medicine cabinet industry expansion rate may encounter significant growth opportunities during the projection period led by the increasing use of lighted mirror medicine cabinets in commercial units such as hotels and Airbnbs. The rising investment in the hospitality sector influenced by growing international and domestic tourism is expected to create excellent expansion possibilities for manufacturers of high-end lighted mirror medicine cabinets. Hotel architects and designers are constantly seeking state-of-the-art amenities and products that can be offered to customers as they directly impact brand value. As per research, 2022 witnessed the inauguration of more than 1850 hotels across the globe. For instance, in February 2023, VIA Riyadh became Saudi Arabia’s latest luxury hotel upon its inauguration. It took around 20 months to complete and is built in Salmani style meaning that it integrates modern luxuries with architectural heritage and identity.
Growing partnerships between commercial centers and bathroom ware partners may deliver better revenue scope
The ongoing increase in strategic collaboration between hotel owners and providers of magnificent bathroomware products such as cabinets and other fixtures is projected to result in excellent growth prospects for lighted mirror medicine cabinet producers. A recent example is the 2021 collaboration between TEAM7 and KEUCO for the supply of lighted mirror medicine cabinets, washbasins, fittings, and other accessories.
Increasing focus on ambient lighting solutions may challenge market expansion
Even though lighted mirror medicine cabinets are considered energy-efficient they still consume significant energy leading to higher adoption of ambient lighting solutions in bathrooms for improved illumination from all angles. This trend could significantly impact the demand for lighted mirror solutions since they have limited illumination ability. Other factors such as changing intense competition in the market and rapidly evolving technology leading to risk obsolescence for older versions are additional growth barriers.
The global lighted mirror medicine cabinets market is segmented based on application, type, and region.
Based on application, the global market segments are commercial and household. In 2022, the highest growth was registered in the household segment due to the increasing popularity of effective lighting in home bathrooms. Evolving consumer requirements and increasing availability of lighted mirror medicine cabinets are leading factors for segmental growth. Moreover, the rising number of residential homes and surging home renovation projects further assist in a higher product market in the household segment. As per projections, the home remodeling market is expected to reach USD 1400 billion as of 2030. The commercial segment is also a significant growth generator led by the increasing strategic partnerships between hotels and innovative solutions providers catering to the specific needs of the hospitality sector.
Based on type, the lighted mirror medicine cabinets industry segments are metal-based, plastic-based, wood-based, and others. The industry growth was the highest in the metal-based segment since cabinets made of metals such as stainless steel are long-lasting, sturdy, and aesthetically pleasing, Plastic-based products are also growing at a steady pace since they are more affordable. The average cost of lighted mirror medicine cabinets may range between USD 200 to USD 3000.
|Report Attributes||Report Details|
|Report Name||Lighted Mirror Medicine Cabinets Market|
|Market Size in 2022||USD 218.39 Million|
|Market Forecast in 2030||USD 298.67 Million|
|Growth Rate||CAGR of 4%|
|Number of Pages||228|
|Key Companies Covered||Medicine Cabinet Shop, Kohler, Broan-NuTone, Ketcham, Keuco, Duravit, Robern, Zaca, American Pride, Jensen, Pegasus, Afina, Innoci-USA, Design House, Illumine, Fresca, Acquaviva, Foremost, DecoLav, Design Element, Ronbow, Roca, Zenith Products, Aquadom, Croydex, and others.|
|Segments Covered||By Application, By Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
North America to register the highest growth rate during the coming period
The global lighted mirror medicine cabinets market is expected to witness the highest growth rate in North America due to high product penetration across residential and commercial centers. Most homes in countries such as the US and Canada are equipped with medicine cabinets as standard bathroom fittings. With the high disposable income and higher access to modern devices, the demand for lighted mirror medicine cabinets is easily fulfilled in North American countries. Reports suggest that the region witnessed a significant surge in home remodeling procedures after COVID-19 that directly impacted the regional market sales. On the other hand, the presence of key bathroom fitting providers along with heavy investments in product innovation are crucial growth pillars in North America. In July 2023, American brand Robern announced the launch of Night Light and Auto Defogger complementing the existing line of M Series Reserve medicine cabinet series that has received high praises for attributes such as organizational features, unparalleled functionality, and innovative technology along with the availability of numerous sizes and dimensions.
Europe is a significant player in the global market. It is witnessing high product consumption due to the growing development of new commercial centers to house a surging number of international travelers. Asia-Pacific, on the other hand, has an extensive production line for lighted mirror medicine cabinets and growing consumers in countries such as Japan, China, South Korea, and India.
The global lighted mirror medicine cabinets market is led by players like:
Lighted mirror medicine cabinets are bathroom products used in residential homes and commercial spaces such as hotels.
The global lighted mirror medicine cabinets market is projected to grow owing to the thriving interior design industry across residential and non-residential settings.
According to study, the global lighted mirror medicine cabinets market size was worth around USD 218.39 million in 2022 and is predicted to grow to around USD 298.67 million by 2030.
The CAGR value of the lighted mirror medicine cabinets market is expected to be around 4.00% during 2023-2030.
The global lighted mirror medicine cabinets market is expected to witness the highest growth rate in North America.
The global lighted mirror medicine cabinets market is led by players like Medicine Cabinet Shop, Kohler, Broan-NuTone, Ketcham, Keuco, Duravit, Robern, Zaca, American Pride, Jensen, Pegasus, Afina, Innoci-USA, Design House, Illumine, Fresca, Acquaviva, Foremost, DecoLav, Design Element, Ronbow, Roca, Zenith Products, Aquadom, and Croydex.
The report explores crucial aspects of the lighted mirror medicine cabinets market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.