Safety Mirrors Market Report
Safety Mirrors Market by Type (Flat Safety Mirror, Convex Safety Mirror, and Dome Safety Mirror), Application (Commercial, Residential, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030
Global Safety Mirrors Market Analysis
The global safety mirrors market size was $56,348.60 million in 2021 and is predicted to grow with a CAGR of 4.3%, by generating a revenue of $81,187.90 million by 2030.
Global Safety Mirrors Market Synopsis
Safety convex mirrors have a variety of use many of which are for security purposes, as well as to help drivers on the road. Automobile enthusiasts call convex safety mirror the fisheye mirror due to its shape, while scientists call it a diverging mirror. This stems from the fact that when light rays reflect off of a convex mirror, they diverge. As a result, light rays that were once parallel to one another would eventually diverge. The form permits a greater field of vision, hence enhancing the observer's sight. Convex mirrors have the advantage of allowing store owners and other security workers to observe blind spots, corners, and difficult-to-see locations while monitoring from a single point, which makes them a practical security choice. These factors are anticipated to boost the safety mirrors market growth in the upcoming years.
However, high installation charges along with the poor maintenance of safety mirrors hamper the safety mirror market share. Furthermore, convex mirrors give the illusion that objects are smaller than they actually are, allowing for a wider perspective in a constrained area. Due to their convex design, convex mirrors reflect pictures in a distorted manner. It can be challenging to tell where things are actually placed. The fundamental drawback is that, unless the object is held between P (pole) and F (principal focus), it produces genuine and inverted images. Concave mirrors have a smaller field of view, making them ineffective as security or rearview mirrors.
There are numerous prospects for manufacturers in the safety mirrors market trend due to recent breakthroughs and advances including smart safety mirrors, weather resistance, and corrosion & abrasion resistant mirrors. For instance, in 2018, Pilkington United Kingdom Ltd, a manufacturer of safety mirrors in the UK, unveiled a brand-new safety mirror called Pilkington Optimirror Protect Plus that offers improved safety features like a wider visual angle and sharp reflection. The need for safety mirrors will also expand as a result of the government-mandated installation of convex safety mirrors in blind spots along the road in a number of different nations. Due to this element, producers will have the opportunity to expand their supply networks and satisfy customer demand. It is anticipated that these elements will propel the market for safety mirrors.
According to regional analysis, the Asia-Pacific safety mirrors market analysis is predicted to grow in the projected timeframe. The growth shall be a result of increasing constructional activities and installation of the safety mirrors at the construction site.
Safety Mirrors Overview
Safety mirrors are used in a variety of locations to improve safety, security, and surveillance, including workplaces, traffic blind spots, businesses, warehouses, public parks, and more. To reduce the risk of accidents, convex mirrors are frequently put at blind spots along highways, underpasses, and in hilly terrain. The dome safety mirrors are typically put in commercial structures like hospital corridors, retail centers, malls, and intersections in hotels and other establishments. By giving a cross-sectional view of the area, they improve security and surveillance at crossing locations. For inspection purposes, flat safety mirrors are mostly put in residential areas, warehouses, and industries to prevent collisions. Additionally, the flat safety mirrors are utilized to inspect vehicles in public parking lots, shopping centers, hospitals, and other locations.
COVID-19 Impact on Global Safety Mirrors Market
According to estimates, the COVID-19 pandemic caused a fall in the safety mirrors market. Due to limits on transportation infrastructure imposed by governmental entities around the world, a reduced or nonexistent supply of raw materials was witnessed. The rise in raw material costs during the COVID-19 situation also contributed to the decline in safety mirrors market share. Additionally, enforced lockdowns in several nations became a significant factor in the decline in demand for safety mirrors. The safety mirror market growth had been negatively impacted by the workforce's months-long absence. Because the manufacturers were unable to continue their R&D efforts in innovations, the COVID-19 impact on safety mirrors market got negatively impacted. The construction operations got suspended, which had a negative impact on the need for safety mirror installation.
Increasing Prevalence of Road Accidents to Surge the Market Growth
The safety mirrors market is expanding exponentially, largely because more accidents are occurring on the roads because of poor road infrastructure and limited sight at blind bends. Convex mirrors are frequently fitted in blind areas to give drivers a better view of the turn, aid in their analysis of the road's circumstances, and help them avoid mishaps. The market for safety mirrors is predicted to expand more quickly as a result of this reason.
The government's strict laws and regulations requiring the installation of safety mirrors in a number of locations to maintain traffic safety are anticipated to further fuel safety mirrors market growth. To put convex mirrors on public highways, for instance, government of Australia published Additional Network Standards & Guidelines. According to the requirement of Section 63 of the Road Management Act, a convex safety mirror must be put on a public road at a designated location with the written permission of the local government. The road authorities must also test these safety mirrors on a regular basis to make sure they are in good working order.
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Low Maintenance of Safety Mirrors to Restrain the Market Growth
The forecast years are expected to see a slowdown in the market growth for safety mirrors due to improper maintenance by the relevant authorities. Additionally, the market's expansion throughout the projected period may be negatively impacted by the high installation costs of safety mirrors.
Strict Government Rules to Install Safety Mirrors at the Blind Spots to Create Investment Opportunities
To improve security and safety, governments from all over the world have enacted regulations requiring the installation of safety mirrors at blind spots, on roads, in factories, and other locations. As a result, there will be more opportunities for manufacturers to invest in expanding their production of safety mirrors. Additionally, rising demand for safety mirrors as a result of an increase in traffic accidents would present chances for major players in the global safety mirrors market. Innovating safety mirrors with features like weather resistance and others is something that manufacturers are also investing on. The market for safety mirrors will experience a growth during the anticipated period.
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Global Safety Mirrors Market, by Type
Based on type, the market has been divided into convex safety mirror, flat safety mirror, and dome safety mirror. Among these, the convex safety mirror sub-segment accounted for the highest market share in 2021 whereas the dome safety mirror sub-segment is estimated to show the fastest growth during the forecast period.
Global Safety Mirrors Market Share, by Type, 2021
Source: Research Dive Analysis
The convex safety mirror sub-type is anticipated to have a dominant market share in the timeframe. Convex mirrors offer an angled perspective for areas that require surveillance, including risky corners. On the job site, they can be applied to machinery like mechanical diggers and other vehicles. Furthermore, the strict rules established by government bodies of many nations to place mirrors in accident-prone locations on the steep roads, notably blind turns, at parking lots, flyovers, underpasses, swimming pools, and many more are the cause of the convex mirror sub-rapid segment's rise. Convex mirrors are the primary options for enhancing safety at workplaces, building sites, roadways, and other locations since they offer a larger and distorted picture of the surroundings.
The dome safety mirror sub-type is anticipated to show the fastest growth during the timeframe. The increase in use of dome safety mirrors in strengthening visual security and surveillance at crossing points and corridors in hotels, hospitals, dorms, malls, stores, and other locations is primarily responsible for the sub- segment's rise in the safety mirrors market. The dome safety mirror sub-segment of the safety mirrors market is expanding exponentially as a result of the rising construction activity in developing nations.
Global Safety Mirrors Market, by Application
Based on application, the market has been divided into commercial, residential, and others. Among these, the commercial sub-segment accounted for highest revenue share in 2021.
Global Safety Mirrors Market Share, by Application, 2021
Source: Research Dive Analysis
The commercial sub-segment is anticipated to have a dominant market share and in the timeframe. The exponential growth of the commercial sub-segment is attributable to the expansion of construction projects including those for hotels, hospitals, and other facilities. Global market growth for safety mirrors has been further pushed by the focus on monitoring in commercial settings. In the commercial sub-segment, safety mirrors in the shape of domes are typically installed. Due to the dome mirrors' high level of area visibility and consequent reduction in collision occurrences, these mirrors are typically erected in commercial buildings including hospitals, schools, hotels, and motels.
Global Safety Mirrors Market, Regional Insights
The safety mirrors market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Global Safety Mirrors Market Size & Forecast, by Region, 2021-2030 (USD Million)
Source: Research Dive Analysis
The Market for Safety Mirrors in North America to be the Most Dominant
The North America safety mirrors market is expected to be the dominating region market. The presence of established safety mirror manufacturing companies in the region is primarily responsible for the market for safety mirrors in North America's rapid expansion. The market for safety mirrors in the region will also grow as a result of rising instances of industrial and traffic accidents caused by blind spots and tight government regulations for the installation of safety mirrors in accident-prone locations. Additionally, local government initiatives to install safety mirrors for the convenience of drivers in lanes will support the growth of the safety mirrors market size in North America.
Competitive Scenario in the Global Safety Mirrors Market
Investment and agreement are common strategies followed by major market players. For instance, in December 2021, in Chandigarh, India, 107 convex mirrors (curved mirrors) were put up in an effort to lower the rising number of traffic accidents that occurred over the previous six months. The blind spots in residential and commercial areas, ISBT 43 and ISBT 17, Rock Garden, Sukhna Lake, Sector 17 market, Industrial Area, bus stops, tiny crossroads, and more have these installed.
Source: Research Dive Analysis
Some of the leading safety mirrors market players are Fred Silver & Company, Inc, Lester L. Brossard Company, Clarke’s Safety Mirrors Limited, Se-Kure Controls, DENIOS, Inc., Frontier Polymers Ltd, Smartech Safety Solutions Private Limited, Ashtree Vision & Safety, H2 Safety India Private Limited, and Honesty Automation Private Limited, among others.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by Application
Key Companies Profiled
Q1. What is the size of the global safety mirrors market?
A. The size of the global safety market was over $56,348.60 million in 2021 and is predicted to grow with a CAGR of 4.3%, by generating a revenue of $81,187.90 million by 2030.
Q2. Which are the major companies in the safety mirrors market?
A. Brossard Company and Ash tree Vision & Safety are some of the key players in the global safety mirrors market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific safety mirrors market?
A. Asia-Pacific safety mirrors market is anticipated to grow at 5.5% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on global safety mirrors market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on safety mirrors market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Safety Mirrors Market Analysis, by Type
5.2.Convex safety mirror
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region, 2021-2030
5.2.3.Market share analysis, by country, 2021-2030
5.3. Flat safety mirror
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region, 2021-2030
5.3.3.Market share analysis, by country, 2021-2030
5.4. Dome safety mirror
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region, 2021-2030
5.4.3.Market share analysis, by country, 2021-2030
5.5.Research Dive Exclusive Insights
6.Safety Mirrors Market Analysis, by Application
6.1.1.Definition, key trends, growth factors, and opportunities
6.1.2.Market size analysis, by region, 2021-2030
6.1.3.Market share analysis, by country, 2021-2030
6.2.1.Definition, key trends, growth factors, and opportunities
6.2.2.Market size analysis, by region, 2021-2030
6.2.3.Market share analysis, by country, 2021-2030
6.3.1.Definition, key trends, growth factors, and opportunities
6.3.2.Market size analysis, by region, 2021-2030
6.3.3.Market share analysis, by country, 2021-2030
6.4.Research Dive Exclusive Insights
7.Safety Mirrors Market, by Region
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by End-use Industry, 2021-2030
18.104.22.168.Market size analysis, by Type, 2021-2030
22.214.171.124.Market size analysis, by Application, 2021-2030
7.1.4.Research Dive Exclusive Insights
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by Application, 2021-2030
18.104.22.168.Market size analysis, by Type, 2021-2030
22.214.171.124.Market size analysis, by Application, 2021-2030
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by Application, 2021-2030
7.2.6.Rest of Europe
18.104.22.168.Market size analysis, by Type, 2021-2030
22.214.171.124.Market size analysis, by Application, 2021-2030
7.2.7.Research Dive Exclusive Insights
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by Application, 2021-2030
18.104.22.168.Market size analysis, by Type, 2021-2030
22.214.171.124.Market size analysis, by Application, 2021-2030
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by Application, 2021-2030
7.3.6.Rest of Asia-Pacific
18.104.22.168.Market size analysis, by Type, 2021-2030
22.214.171.124.Market size analysis, by Application, 2021-2030
7.3.7.Research Dive Exclusive Insights
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by Application, 2021-2030
18.104.22.168.Market size analysis, by Type, 2021-2030
22.214.171.124.Market size analysis, by Application, 2021-2030
126.96.36.199.Market size analysis, by Type, 2021-2030
188.8.131.52.Market size analysis, by Application, 2021-2030
7.4.5.Rest of LAMEA
184.108.40.206.Market size analysis, by Type, 2021-2030
220.127.116.11.Market size analysis, by Application, 2021-2030
7.4.6.Research Dive Exclusive Insights
8.1.Top winning strategies, 2021
8.3.Market share analysis, 2021
9.1.Fred Silver & Company, Inc
9.2.Lester L. Brossard Company
9.3.Clarke’s Safety Mirrors Limited
9.5.Frontier Polymers Ltd
9.6.Smartech Safety Solutions Private Limited
9.7.Ashtree Vision & Safety
9.8.H2 Safety India Private Limited
9.9.Honesty Automation Private Limited
10.1.Parent & peer market analysis
10.2.Premium insights from industry experts
Workspaces, industries, blind spots on the roads, warehouses, public parks, malls, and many other similar locations are prone to accidents. Apart from various other tools or equipment that ensure the safety of these places, safety mirrors have significant importance. Safety mirrors are highly used among such places as they offer the ability to see in a 360o View.
Why are Safety Mirrors so Important?
Safety mirrors are convex mirrors that offer a broader and complete view of any object. A simple convex mirror offers various benefits in terms of safety and security depending on the locations’ security goals. These mirrors are used in areas such as parking lots, fatal junctions, garages, production sites, roads, and basements in order to avoid accidents or collisions. There are different types of safety or security mirrors available in the market.
Safety mirrors also come in a variety of sizes and shapes to coincide with the locations’ requirements they are installed in. Even though their installation can be costly, over the years they will safeguard employees at workspaces and vehicles from collisions. Installing safety mirrors at risk-prone areas can help employees to take the required safety measures; though they cannot avert all calamities, they can reduce the risk or frequency of accidents.
What is Driving the Demand for Safety Mirrors Market?
The safety mirrors market is experiencing accelerated growth due to growing applications of safety mirrors in a variety of areas prone to accidents. A market research company, Research Dive, states that the global safety mirrors market is foreseen to hit $81,187.90 million, growing at a healthy CAGR of 4.3% from 2022 to 2030. The demand for safety mirrors is significantly increasing due to a rise in the number of road accidents owed to poor visibility at the blind spots and poor road infrastructure. Safety mirrors are usually fitted at the blind spots to offer a bigger and detailed view of the turn to help the person travelling on the road in analyzing the road conditions and prevent any collisions. Moreover, stringent government rules and regulations to fix safety mirrors at accident-prone areas to ensure enhanced safety is projected to further boost the demand for safety mirrors.
Recent Trends and Developments in the Safety Mirrors Market
The leading players of the safety mirrors market include Fred Silver & Company, Inc, Lester L. Brossard Company, Clarke’s Safety Mirrors Limited, Se-Kure Controls, DENIOS, Inc., Frontier Polymers Ltd, Smartech Safety Solutions Private Limited, Ashtree Vision & Safety, H2 Safety India Private Limited, and Honesty Automation Private Limited. Several leading manufacturers in the safety mirrors arena are investing in the development of innovative safety mirrors with improved features. For instance,
- In December 2018, Pilkington United Kingdom Limited, a manufacturer of glass for use in buildings and vehicles, launched Pilkington Optimirror™ Protect Plus, a new safety mirror that offers improved safety competency without the requirement for secondary processing.
- In February 2020, Lexus, the luxury vehicle division of the Japanese automaker Toyota, developed a digital side-view mirror system for its ES 300h executive saloon, substituting conventional door mirrors with a monitor and camera. This system was at first launched in 2018 in Japan and offers an improved view of the area behind and besides the vehicle, decreasing the driver’s blind spots.
- In January 2021, Delhi Traffic Police launched an awareness camp on rear-view mirrors to build awareness and inform people about their duty to avert any loss of lives in case of an accident. The Delhi traffic police explained that unavailability of rear view mirror or not wearing rear seat belts can cause serious damages and losses during accidents.
How has COVID-19 Pandemic Impacted the Safety Mirrors Market?
The sudden rise of the COVID-19 pandemic in the year 2020 has caused a severe impact on several industries, including the safety mirrors market. The government of various regions have imposed strict lockdown rules and restricted the transport services only for emergency situations to avert the spread of the virus. As a result, owing to the stoppage of many industries, the supply and demand of safety mirrors has significantly dropped during the pandemic situation. Moreover, the cost of raw materials used for producing safety mirrors has surged owing to restrictions on export and import activities during the pandemic period. This has also caused a major impact on the safety mirrors market. However, market experts have predicted that the safety mirrors industry is expected to recuperate from the incurred losses as soon as the pandemic relaxes and gain accelerated growth in the upcoming years.