The Safety Mirrors Market Projected to Grow at a CAGR of 4.3% and Generate a Revenue of $81,187.90 million by 2030Download Sample Reports Overview
The global safety mirrors market is predicted to be valued at $81,187.90 million by 2030, surging from $56,348.60 million in 2021, at a noteworthy CAGR of 4.3%.
Impact Analysis of COVID-19 on the Safety Mirrors Market
The COVID-19 pandemic's rapid emergence in the year 2020 had a significant negative influence on a number of industries, including the safety mirrors sector. To stop the virus from spreading, the government of several regions implemented severe lockdown regulations and limited the use of transportation services to only emergency situations. Since many industries were shut down as a result of the pandemic, the supply and demand for safety mirrors significantly decreased. Moreover, because of restrictions on export and import activity during the pandemic time, the price of raw materials needed to make safety mirrors increased. Also, the market expansion was negatively impacted by the lack of personnel availability for months. Due to the manufacturers' inability to continue their research and development efforts on advancements, the market was negatively impacted. The construction operations were put on hold, which had a negative impact on the need for installing safety mirrors.
Global Safety Mirrors Market Analysis
Convex mirrors are eco-friendly because they are made from recycled materials. Eco-friendly factor of safety mirror is expected to drive the safety mirrors market. Convex mirrors also eliminate the need for power while attempting to see what is happening in those difficult-to-reach corners. This benefits store owners and improves their field of view without increasing their energy costs in any way. And you may still rely on convex mirrors to assist you keep an eye on the institution in the event of a power loss or equipment malfunction.
The market's expansion will be constrained by safety mirrors' high maintenance and installation costs. Convex mirrors require ongoing care, including polishing, cleaning, and other tasks. This costs a lot of money, which may have a detrimental effect on market expansion.
There are numerous prospects for manufacturers in the safety mirrors market 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.
Global Safety Mirrors Market, Segmentation
The global safety mirrors market is segmented based on type, application, and region.
The type segment is further classified into convex safety mirror, flat safety mirror, and dome safety mirror. Among these, the convex safety mirror sub-segment is anticipated to have a dominant market share in the forecast period. The broader field of vision offered by convex lenses is responsible for the market expansion. The convex lenses' positive focal length enables onlookers to assess oncoming traffic or other objects by providing a larger field of view to view turns and blind spots. In order to increase traveler safety, governments have also mandated the construction of these convex safety mirrors in a number of areas with high traffic and a history of accidents. These elements will help the sub-segment in the industry expand even further.
The application industry segment is further classified into commercial, residential, others. Among these, the commercial sub-segment is anticipated to have a dominant market share in the timeframe. The market expansion might be ascribed to an increase in traffic accidents brought on by inadequate road infrastructure, reduced visibility during turns, and blind spots. The category market is also anticipated to grow quickly due to the focus on safety and security at businesses, warehouses, parking lots, underpasses, swimming pools, and other locations.
The safety mirrors market in the Asia-Pacific region is projected to show the fastest growth. In particular, the Asia-Pacific area is experiencing a surge in demand for safety mirrors due to reasons like rapid building activity, an uptick in incidents of traffic accidents, and stringent government & industry rules for the installation of safety mirrors nearby. Additionally, one of the major drivers for the convex safety mirrors market's expansion in the near future is the existence of top producers.
Key Players in the Global Safety Mirrors Market
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
- Honesty Automation Private Limited, among others.
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.