U.S LED MIRRORS MARKET REPORT 2023

ECONOMIC FACTORS

Country's exchange rates, rising taxation, high import export duties, inflation, recession, wars, currency rate, stock market, brand reputation are the economic factors in different countries that affect the LED mirror companies. Due to the covid-19 pandemic, the market of LED mirror has dropped enormously as U.S. has to enforce lockdown that halted the progress of construction of new properties and households due to the outbreak of the COVID-19 pandemic. The demand for LED mirrors has also decreased as consumers do not find it a necessity. Moreover, the disruption is supplying chain coupled with a lack of sufficient labor has resulted into a dip in production of LED mirrors.

The consumer electronics industry plays a significant role in the U.S. economy, both in terms of its direct economic impact. In terms of its direct impact, the consumer electronics industry generates billions of dollars in revenue and employs hundreds of thousands of workers across a range of occupations, from manufacturing and design to sales and marketing. According to the Consumer Technology Association, the consumer technology industry estimates the USD 505 billion in the U.S. and supports more than 18 million U.S. jobs. In the United States, electronics manufacturers directly employ more than 1.3 million workers, contribute USD 165.7 billion in labor income and USD 307.6 billion to GDP, and produce nearly USD 710 billion in output. The electronics manufacturing sector plays a vital role in the national economy, accounting for 1.6 percent of GDP and 0.7 percent of jobs.

SOCIAL FACTORS

Organizational culture derives strong influence from the societal norms, values and trends. Understanding the consumers need and spending structure, demographic trends, geographic wealth, and shared beliefs can help the LED mirror manufacturer in designing effective marketing strategy. The society has an influence on the lifestyle and the purchasing decisions by an individual or a family. The demographics such as age, gender, education and job also have a hand involved in making people buy certain products in their life. Changes in demographic structure like aging population, migration and socio-economic variables need to consider for any international business organization.

The LED mirrors are becoming popular day by day due to its number of benefits. For instance, LED lights with backlit mirrors emit more lumen and are energy-efficient. In addition, they remove the need for extra light as they spread light towards user, providing a clear image of yourself while cutting the electricity cost and lightening up the whole area. The Illuminated mirrors come in large variety including different shapes and sizes with different types of lighting features. The growing demand of modern and stylish illuminated mirrors coupled with increasing home decor awareness due to the growing digitization expected to increase the demand of LED mirrors in the U.S. Moreover, the growing disposable income of people increasing the interior design industry. The demand for interior designing in the United States has been steadily growing over the past few years, driven by a range of factors, including changes in lifestyle, rising disposable incomes, and increased interest in home renovation and design.The online shopping has become increasingly popular in the United States in recent years, with more and more Americans turning to e-commerce platforms to buy goods and services. This trend has been driven by a number of factors, including convenience, greater variety and selection, and competitive pricing. The growth of the LED mirror market is majorly attributed to the growth of the e-commerce industry.

LEGAL FACTORS

There are number of regulations and legal factors mandatory to follow in manufacturing of consumer electronics. For international companies, the regulations, standard, compliances may change country wise. Factors such as consumer protection laws, intellectual property laws, data protection and health and safety laws etc. have a major importance for sustaining and growing the market share. The companies operating in the electronic product manufacturing are required to follow the standards compliance set by various bodies such as Federal Communications Commission (U.S.).

The Federal Communications Commission (FCC) is an independent agency of the U.S. government that is responsible for regulating and overseeing all forms of interstate and international communication by wire, radio, television, satellite, and cable. It sets standards for electromagnetic compatibility, radio frequency emissions, and other safety and performance requirements for consumer electronics products. The FCC also enforces rules related to the labeling, marketing, and sale of consumer electronics products, including requirements for certification and compliance testing.

ENVIRONMENTAL FACTORS

LED lighting solutions itself a low consumption, with minimal environmental impact and have a better quality of light emitted. LEDs decrease energy consumption by up to 75%, while at the same time assuring better lighting quality. Unlike traditional lamps these lights need a much lower amount of current and can be powered by renewable energy. These lights required minimal maintenance and it last over 50,000 hours. Furthermore, once exhausted, since they do not contain toxic or harmful substances, they do not represent a danger to the environment during disposal.

However, LED mirrors can also have negative environmental impacts. The manufacturing process of LED mirrors involves the use of various materials, some of which are not environmentally friendly. For instance, the production of the LED chips that power the lights requires rare earth metals that are often mined in environmentally sensitive areas. Additionally, the manufacturing process can result in air and water pollution, and waste generation. In addition, disposal of LED mirrors at the end of their useful life can also have environmental impacts. If not properly recycled or disposed of, the electronic components in LED mirrors can release toxic substances into the environment, such as mercury, lead, and other hazardous materials.

The companies involved in manufacturing of LED mirror also focuses on reducing the environmental impact. For instance, at Kohler, in 2021, the sales and production of company increased substantially leading to an increase in absolute net GHG emission of 64,165 metric tons CO2e. The emission increase was lower than increase in sales. The result was a 10% decrease in net GHG emission intensity (net emission).