The Safety Mirrors Market Anticipated to Generate a Revenue of $71,982.1 Thousand, Growing at a CAGR of 4.1% from 2019 - Research DiveDownload Sample Reports Overview
The safety mirrors market is estimated to be valued at $71,982.0 thousand by 2027, surging from $57,071.9 thousand in 2027 at a noteworthy CAGR of 4.1%.
Impact Analysis of COVID-19 on the Safety Mirrors Market
The safety mirrors market is estimated to decline amid the COVID-19 pandemic. This decrease is due to less or no supply of raw materials due to restrictions on transportation facilities imposed by government bodies across the world. Increase in the prices of raw materials during the COVID-19 situation has also contribute to the decrease in the market share of the safety mirrors. Moreover, complete lockdown imposed in different countries became a major reason for the decrease in demand of safety mirrors. Thus, the demand for safety mirrors in the market are reduced which further impacted the growth of the safety mirrors market.
Non-availability of workforce for months has had an adverse effect on the market growth. The manufacturers are not able to continue their research and development activities in innovations due to which the market is adversely affected. The construction activities are further halted due to which the demand for installation of safety mirrors have been severely affected.
Safety Mirrors Market Analysis
The consistent growth of the safety mirrors market in the previous years is mainly attributed to the increasing number of road fatalities due to poor visibility at the blind spots and poor road infrastructure. Safety mirrors provide a wide and clear view of the place where they are installed and thus helps in the prevention of accidents. Also, strict rules have been imposed by the government and local authorities to install safety mirrors in industries, warehouse, residents, underpasses, hotel corridors, hospitals, and more to enhance security and safety and prevent collisions and accidents.
However, high maintenance and installation cost of safety mirrors will restrain the market growth. Convex mirrors require constant watch and maintenance like polishing, cleaning, and many others. This requires a lot of money and hence can negatively impact the market growth.
Latest innovations and developments in safety mirrors market such as smart safety mirrors, weather resistant, and corrosion & abrasion resistant mirrors will create many opportunities for the manufacturers in the market. For instance, in 2018, Pilkington United Kingdom Ltd, a safety mirrors manufacturing company in the UK, launched a new safety mirror called Pilkington Optimirror Protect Plus which provides enhanced safety features like wider visual angle, and sharp reflection. Furthermore, compulsory installation of convex safety mirrors at blind spots along the road as directed by the government for various countries will increase the demand for the safety mirrors. This factor will give the chance to the manufacturers to raise their supply chain and meet the demands. These factors are expected to drive the safety mirrors market.
Safety Mirrors Market, Segmentation
The safety mirrors market is segmented based on type, application, and region.
The type segment is further classified into flat, dome, and convex safety mirrors. Among these, dome safety mirrors sub-segment is anticipated to have the fastest growth and surpass $10,951.9 thousand by 2027, with an increase from $8111.8 thousand in 2019.
The market growth can be attributed to the wider view provided by convex lenses. The convex lenses have a positive focal length which allows the passerby to view the turns and blind spots with a wider area at view and thus analyze the traffic or any coming object. Also, governments have directed the installation of these convex safety mirrors at various high traffic and accident-prone areas to ensure more safety for the travelers. These factors will further contribute to the growth of the sub-segment in the market.
The application segment is further classified into residential, commercial, and others. Among these, others sub-segment is expected to have the fastest growth and surpass $16,479.0 thousand by 2027, with an increase from $12,800.7 thousand in 2019.
The market growth can be attributed to an increase in the number of road accidents occurring due to less visibility at the turns or blind spots and poor road infrastructure. Also, emphasis on the safety and security at industries, warehouses, parking garages, underpasses, swimming pools, and more are further expected to accelerate the segment market.
The safety mirrors market for the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $13,428.6 thousand in 2019 and is further projected to reach up to $18,698.6 thousand by 2027.
The demand for safety mirrors is surging in the Asia-Pacific region specifically because of factors such as accelerating constructional activities, increasing number road accident cases, and strict government & industry regulations for installation of safety mirrors in the vicinity. Moreover, the presence of leading manufacturers is one of the key factors for the growth of the convex safety mirrors market in the near future.
Key Players in the 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.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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 as the safety mirror market is limited to specific users. Therefore, the suppliers are at an advantage to demand the value for their product as per their criteria.
Thus, the bargaining power suppliers is high.
- Bargaining Power of Buyers: Buyers, in the safety mirrors market have less demand owing to the limited use of the safety mirrors. Thus, the buyers don’t have a wide range of choices hence, they have to pay for the safety mirrors as per the supplier’s demand.
Thus, the bargaining power of the buyers is low.
- Threat of New Entrants: The global safety mirror market is represented by some of the prominent industry players such as DuraVision and Fred Silver & Co. However, the scope of the safety mirrors is limited to parking space, blind spot, and for inspection of vehicles. Apart from this, the players operating in the market have gained reputation for their product and service, owing to which it will be difficult for the new entrant to gain market share.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: Many companies have started to launch new products which are constantly substituting the concept to mirrors like smart screens.
Thus, the threat of substitutes is high.
- 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.