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Safety Mirrors Market Report

RA08392

Safety Mirrors Market by Type (Flat Safety Mirrors, Convex Safety Mirrors, and Dome Safety Mirrors), Application (Regional, Commercial and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2020 - 2027

RA08392

Pages: 166

Apr 2021

COVID-19

pandemic has shown to have an enormous impact on most
industries.

Click Here to access our comprehensive analysis of the

Impact of covid-19 on Safety Mirrors Market

Safety Mirror Market Analysis

The safety mirrors market is predicted to garner $71,982.1 thousand in the 2020–2027 timeframe, growing from $57,071.9 thousand in 2019 at a healthy CAGR of 4.1%.

Market Synopsis

Rising cases of road fatalities due to poor visibility on blind turns and government implied rules to control major accidents are expected to drive the safety mirrors market.

However, high installation charges along with the poor maintenance of safety mirrors hampers the growth of the market.   

According to the regional analysis of the market, the Asia-Pacific safety mirrors market is anticipated to grow at a CAGR of 5.4% by generating a revenue of $18,698.6 thousand during the review period.

Safety Mirrors Overview

Safety mirrors are used to enhance safety, security, and surveillance at various places such as workspaces, blind spots on the roads, industries, warehouses, public parks, malls, and more. Convex mirrors are widely installed at blind spots on roads, under-passes, highways, and hilly regions to prevent road accidents. The dome safety mirrors are mainly installed in commercial buildings like hospital corridors, shopping complexes, malls, and intersection points in hotels and others. They increase the security and surveillance at the intersection points by providing a cross sectional view of the place. Flat safety mirrors are mainly used for inspection purposes and are majorly installed in residential areas, warehouses, in the industries to avoid collision. The flat safety mirrors are also used for the inspection of vehicles at the public parking areas, malls, hospitals, and other places. 

Impact Analysis of COVID-19 on the Safety Mirrors Market

The COVID-19 pandemic has caused a catastrophic impact on several industries, safety mirrors market being one of them. To prevent the spread of the virus, government bodies of many countries imposed complete lockdowns and restricted all the transportation facilities only for emergency situations. Due to this, the supply and demand for safety mirrors deteriorated in its application centers. Also, the cost of raw materials used for making safety mirrors, increased due to limited export and import activities in the pandemic. This also caused a major impact on the safety mirrors market.

Increasing Prevalence of Road Accidents to Surge the Market Growth

The safety mirrors industry is witnessing an exponential growth mainly due to increase in the number of road accidents that are caused due to poor visibility at blind turns and poor road infrastructure. Convex mirrors are usually installed at blind spots to provide a larger view of the turn and help the traveler to analyze road conditions and prevent any mis happenings. This factor is expected to accelerate the growth of the safety mirrors market. 

Stringent rules and regulations set by the government to install safety mirrors at various places to ensure road safety is expected to further drive the market.  For instance, in Australia, the Victoria government issued guidelines in Additional Network Standards & Guidelines for the installation of convex mirrors on public roads. The rule under section 63 of Road Management Act states that a convex safety mirror shall be installed on a public road at a specific place with the written consent of the local authority. Also, these safety mirrors mast be inspected regularly by the road authority to ensure that the safety mirror is in serviceable condition.

To know more about safety mirrors market drivers, get in touch with our analysts here.

Low Maintenance of Safety Mirrors to Restrain the Market Growth

Improper maintenance of safety mirrors by the concerned authorities, is expected to restrain the growth of the safety mirror market in the forecast period. Moreover, high installation cost of the safety mirrors may cause a negative impact on the growth of the market during the forecast period. 

Strict Government Rules to Install Safety Mirrors at the Blind Spots to Create Investment Opportunities

Governments across the world have introduced rules for installing safety mirrors at the blind spots, roads, industries, warehouses, and others to enhance security and safety. This will increase investment opportunities for manufacturers to increase their production of safety mirrors. Moreover, increasing demand for safety mirrors, due to increasing cases of road accidents will open opportunities for key players in the global safety mirrors market. Manufacturers are also investing in innovating safety mirrors with certain features like weather resistant, and others. This will boom the safety mirror market in the forecast period.
To know more about safety mirrors market opportunities, get in touch with our analysts here.

Safety Mirrors Market, by Type

Based on types, the safety mirror market is divided into flat, dome, and convex safety mirrors. Convex mirror sub-segment is projected to generate the maximum revenue and dome mirror sub-segment is predicted to show the fastest growth.

Safety Mirrors Market, by Type

Source: Research Dive Analysis

The convex mirror sub-segment is predicted to have a dominating market share in the safety mirrors market and is expected to register a revenue of $47,986.6 thousand during the forecast period. The high growth rate of the convex mirror sub-segment is due to the stringent regulations laid by government bodies of various countries to install mirrors at the accident-prone site on the hilly roads, especially blind turns, at parking areas, flyovers, underpasses, swimming pool, and many more. The convex mirrors provide a wider and a distorted view of the area and thus are the first choices for increasing safety at the workplaces, construction sites, roads, and more.  

The dome safety mirror sub-segment is anticipated to have the fastest market growth and generate a revenue of $10951.9 thousand by 2027, growing from $8111.8 thousand in 2019. The growth of the dome safety mirror sub-segment for the safety mirrors market is mainly attributed to its increasing application in improving visual security and surveillance at the intersection points and corridors in the hotels, hospitals, dormitories, malls, shops, and more.  The increasing constructional activities in the developing countries is also promoting an exponential growth of the dome safety mirror sub-segment in safety mirrors market. 

Safety Mirrors Market, by Application

Based on application, the safety mirror market is divided into residential, commercial and others. Commercial sub-segment is projected to generate the maximum revenue and others sub-segment is predicted to show the fastest growth.

Safety Mirrors Market, by Application

Source: Research Dive Analysis

The commercial sub-segment is predicted to have a dominating market share in the safety mirrors market and is expected to register a revenue of $33407.4 thousand during the forecast period. The exponential growth of the commercial sub-segment owes to the increasing constructional activities such as construction hotels, hospitals, and others. Emphasis on the surveillance in the commercial places has further accelerated the growth of the safety mirrors market, globally. The commercial sub-segment generally involves installation of dome shaped safety mirrors. These mirrors are mainly installed in commercial buildings like hospital, schools, hotels and motels, among others because the dome mirrors provides a high the visibility of the area, and thus will reduce the incidents of collisions.

Others sub-segment is anticipated to have the fastest market growth and it is predicted that the other sub-segment shall generate a revenue of $16479.0 thousand by 2027, growing from $12800.7 thousand in 2019. The high growth of the others sub-segment is mainly attributed to emphasis given to road safety by the government. Government rules for installing safety mirrors at blind turns, hilly areas, highways, and others to prevent accidents has further accelerated the growth of the safety mirrors market across the globe. Also, increasing safety issues in the industries has emphasized to install safety mirrors will help in safety mirrors market growth.

Safety Mirrors Market, Regional Insights:

The safety mirrors market was investigated across North America, Europe, Asia-Pacific, and LAMEA.

Safety Mirrors Market, Regional Insights

Source: Research Dive Analysis

The Market for Safety Mirrors in North America to be the Most Dominant

The North America safety mirrors market accounted $19942.9 thousand in 2019 and is projected to register a revenue of $23301.3 thousand by 2027. The extensive growth of the North America safety mirrors market is mainly driven by the presence of established manufacturing companies of safety mirrors in the region. Moreover, increasing cases of road and industrial accidents due to blind spots and strict government rules for the installation of safety mirrors at accident prone areas will further expand the safety mirrors market in the region. Further, initiatives taken by the local authorities to install the safety mirrors for the ease of the motorists in the lane will help the safety mirror market to expand in North America.

The Market for Safety Mirrors in Asia-Pacific to be the Fastest Growing

The share of Asia-Pacific safety mirrors market is anticipated to grow at a CAGR of 5.4% by registering a revenue of $18698.6 thousand by 2027. The growth shall be a result of increasing constructional activities and installation of the safety mirrors at the construction site. Also, in relation to the rising number of accidents on road and industries due to poor visibility at the blind spots many government authorities of countries has directed the concerned people to install convex safety mirrors to avoid such circumstances. Such initiatives will increase the market growth, which will eventually boost the Asia-Pacific safety mirror market in the upcoming years.

Competitive Scenario in the Global Safety Mirrors Market

Some of the leading global 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.

Porter’s Five Forces Analysis for the Safety Mirrors Market:

  • Bargaining Power of Suppliers: The suppliers in the safety mirrors market are limited in number and thus they hold a strong position in the safety mirrors market. Since the quantity ordered by the end-users is low, the suppliers can demand the cost as per their criteria. 
    Thus, the bargaining power suppliers is high.
  • Bargaining Power of Buyers: Buyers, in the safety mirrors market are limited in numbers and their demand in quantity for the mirrors are less. Thus, the buyers don’t have much option other than to pay for the product as demanded by the suppliers.  
    Thus, the bargaining power of the buyers is low.
  • Threat of New Entrants: Since the safety mirrors market is very limited and the market growth is also moderate, new companies hesitate from entering the safety mirrors market owing to the less scope in the company growth. 
    Thus, the threat of the new entrants is low.
  • Threat of Substitutes: Safety mirrors manufacturing companies are innovating new products which are constantly substituting the concept to mirrors like smart screens, and others. 
    Thus, the threat of substitutes is moderate.
  • Competitive Rivalry in the Market: The competitive rivalry among industry leaders is less because the market expansion is less and the buyers are also limited.
    Therefore, competitive rivalry in the market is low. 

Aspect

Particulars

  Historical Market Estimations

  2019

  Base Year for Market Estimation

  2020

  Forecast Timeline for Market Projection

  2021-2027

  Geographical Scope

 North America, Europe, Asia-Pacific, LAMEA

  Segmentation by Type

  • Flat Safety Mirrors
  • Dome Safety Mirrors
  • Convex Safety Mirrors

  Segmentation by Application

  • Residential
  • Commercial
  • Others

  Key Companies Profiled

  • 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
  • Honesty Automation Private Limited

Frequently Asked Questions
 

A. Fred Silver & Company, Inc., Lester L. Brossard Company, Ashtree Vision & Safety are some of the key players in the global safety mirrors market.

A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.

A. Asia Pacific safety mirrors market is anticipated to grow at 5.4% CAGR during the forecast period.

A. Technological advancements and innovations are the key strategies opted by the operating companies in this market.

A. The other segment is anticipated to grow in the market in the forecast period.

CHAPTER 1:INTRODUCTION

1.1.Research methodology

1.1.1.Desk research
1.1.2.Real-time insights and validation
1.1.3.Forecast model
1.1.4.Assumptions & forecast parameters

CHAPTER 2:EXECUTIVE SUMMARY

2.1.360° summary
2.2.Type trends
2.3.Application trends

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key takeaways

3.2.1.Top investment pockets

3.3.Porter's five forces analysis
3.4.Market dynamics
3.5.Drivers
3.6.Restraints
3.7.Opportunities
3.8.Market value chain analysis

CHAPTER 4:IMPACT OF COVID19 ON GLOBAL SAFETY MIRRORS  MARKET

4.1.Introduction

4.2.COVID-19 health assessment
4.3.Impact of COVID-19 on the global economy
4.4.Impact of COVID-19 on global safety mirrors  market

4.4.1.Technological impact
4.4.2.Investment scenario

4.5.Safety mirrors  market size and forecast, by region, 2026-2033

CHAPTER 5:GLOBAL SAFETY MIRRORS  MARKET, BY TYPE

5.1.Overview

5.1.1.Market size and forecast, by type

5.2.Convex Safety Mirrors

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region
5.2.3.Market share analysis, by country

5.3.Flat Safety Mirrors

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region
5.3.3.Market share analysis, by country

5.4.Dome Safety Mirror

5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast, by region
5.4.3.Market share analysis, by country

CHAPTER 6:GLOBAL SAFETY MIRRORS  MARKET, BY APPLICATION

6.1.Overview

6.1.1.Market size and forecast, by application

6.2.Commercial

6.2.1.Key market trends, growth factors and opportunities
6.2.2.Market size and forecast, by region
6.2.3.Market share analysis, by country

6.3.Residential

6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast, by region
6.3.3.Market share analysis, by country

6.4.Others

6.4.1.Key market trends, growth factors and opportunities
6.4.2.Market size and forecast, by region
6.4.3.Market share analysis, by country

CHAPTER 7:GLOBAL SAFETY MIRRORS  MARKET, BY REGION

7.1.Overview

7.1.1.Market size and forecast, by region

7.2 North America

7.2.1Key market trends, growth factors, and opportunities
7.2.2Market size and forecast, by type
7.2.3Market size and forecast, by application
7.2.4Market size and forecast, by country

7.2.1U.S.

7.2.1.1 Market size and forecast, by type
7.2.1.2 Market size and forecast, by application

7.2.2Canada

7.2.2.1 Market size and forecast, by type
7.2.2.2 Market size and forecast, by application

7.2.3Mexico

7.2.3.1 Market size and forecast, by type
7.2.3.2 Market size and forecast, by application

7.3Europe

7.3.1Key market trends, growth factors, and opportunities
7.3.2Market size and forecast, by type
7.3.3Market size and forecast, by application
7.3.4Market size and forecast, by country

7.3.1Germany

7.3.1.1  Market size and forecast, by type
7.3.3.2 Market size and forecast, by application

7.3.2UK

7.3.2.1 Market size and forecast, by type
7.3.2.2 Market size and forecast, by application

7.3.3France

7.3.3.1 Market size and forecast, by type
7.3.3.2 Market size and forecast, by application

7.3.4Spain

7.3.4.1 Market size and forecast, by type
7.3.4.2 Market size and forecast, by application

7.3.5Italy

7.3.5.1Market size and forecast, by type
7.3.5.2Market size and forecast, by application

7.3.6Rest Of Europe

7.3.6.1Market size and forecast, by type
7.3.6.2Market size and forecast, by application

7.8Asia-Pacific

7.8.1Key market trends, growth factors, and opportunities
7.8.2Market size and forecast, by type
7.8.3Market size and forecast, by application
7.8.4Market size and forecast, by country

7.8.1China

7.8.1.1 Market size and forecast, by type
7.8.1.2 Market size and forecast, by application

7.8.2Japan

7.8.2.1 Market size and forecast, by type
7.8.2.2Market size and forecast, by application

7.8.3Australia

7.8.3.1Market size and forecast, by type
7.8.3.2Market size and forecast, by application

7.8.4South Korea

7.8.4.1Market size and forecast, by technology
7.8.1.2Market size and forecast, by application

7.8.2India

7.8.2.1Market size and forecast, by type
7.8.2.2Market size and forecast, by application

7.8.3Rest of Asia-Pacific

7.8.3.1Market size and forecast, by type
7.8.3.2Market size and forecast, by application

7.9LAMEA

7.9.1Key market trends, growth factors, and opportunities
7.9.2Market size and forecast, by type
7.9.3Market size and forecast, by application
7.9.4Market size and forecast, by country

7.9.1Latin America

7.9.1.1Market size and forecast, by type
7.9.1.2Market size and forecast, by application

7.9.2Middle East

7.9.2.1Market size and forecast, by type
7.9.2.2Market size and forecast, by application

7.9.3Africa

7.9.3.1Market size and forecast, by type
7.9.3.2Market size and forecast, by application

CHAPTER 8 COMPANY PROFILES

8.1Fred Silver & Company, Inc

8.1.1 Company Overview
8.1.2 Company Snapshot
8.1.3Product portfolio

8.2Lester L. Brossard Company

8.2.1 Company Overview
8.2.3Company Snapshot
8.2.4Product Portfolio

8.3Clarke’s Safety Mirrors Limited

8.3.1 Company Overview
8.3.2 Company Snapshot
8.3.3Product Portfolio

8.4Se-Kure Controls

8.4.1 Company Overview
8.4.2 Company Snapshot
8.4.3Product Portfolio

8.5DENIOS, Inc.

8.5.1Company Overview
8.5.2Company Snapshot
8.5.3Product Portfolio

8.6Frontier Polymers Ltd

8.6.1Company Overview
8.6.2Company Snapshot
8.6.3Product Portfolio

8.7Smartech Safety Solutions Private Limited

8.7.1Company Overview
8.7.2Company Snapshot
8.7.3Product Portfolio
8.8Ashtree Vision & Safety
8.8.1Company Overview
8.8.2Company Snapshot
8.8.3Product Portfolio

8.9H2 Safety India Private Limited

8.9.1Company Overview
8.9.2Company Snapshot
8.9.3Product Portfolio

8.10Honesty Automation Private Limited

8.10.1Company Profile
8.10.2Company Snapshot
8.10.3Product Portfolio

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 360? 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.

In addition, safety mirrors form a major part of road traffic and safety solutions. These mirrors are an ideal way to maintain safety for pedestrians and manage vehicle traffic particularly in areas where forklifts are used. Safety mirrors offer a great field of vision and can help people in detecting hazards and hence avoiding accidents.

Moreover, safety mirrors are beneficial for high-security application areas where surveillance is of supreme importance. Besides using safety mirrors for traffic control and management, they are also used for anti-theft purpose. Many retail shops install security mirrors to keep an eye on a large number of people, sitting at one place.

What is driving the Demand for Safety Mirrors?

The safety mirrors industry 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 $71,982.1 thousand, growing at a healthy CAGR of 4.1% from 2020 to 2027. 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 in the Safety Mirrors Market

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 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.
  • 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.

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 industry. 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.

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