Allied Market Research published a report, titled, “Safety Mirrors Market by Type (Convex Safety Mirror, Flat Safety Mirror, Dome Safety Mirror), by Application (Commercial, Residential, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030″. According to the report, the global safety mirrors industry generated $56.34 millionin 2021, and is anticipated to generate $81.18millionby 2030, witnessing a CAGR of 4.3% from 2022 to 2030.
Prime determinants of growth
Increase in the number of road accidents that are caused due to poor visibility at blind turns and poor road infrastructuredrive the growth of the global safety mirrors market. However,high cost of installation and maintenance for safety mirrors restricts the market growth. Moreover, latest innovations and developments in safety mirrors market such as smart safety mirrors, weather resistant, and corrosion & abrasion resistant mirrorspresent new opportunities in the coming years.
Covid-19 Scenario:
- The outbreak of the COVID 19 pandemic had a negative impact on the growth of the global safety mirrors market. Various governments around the world implemented stringent lockdown and restricted access to transportation facilities. As a result, the supply chain was disrupted and the demand for safety mirrors declined considerably.
- In addition, the pandemic resulted to limit import and export activities, which, in turn,led to higher raw material costs. This madea negative impact on the market’s expansion.
- Moreover, the construction activities across the world were halted, due to which, the demand for installation of safety mirrors was hampered.
- China is the leading producer and exporter of raw materials such as glass mirror, which is required for safety mirrors’ production. However, China being the epicenter of the coronavirus pandemic, its export was severely affected, leading to a decline in mirror production.
- Non-availability of workforce, especially in the initial period of the pandemic, had an adverse effect on the global safety mirrors market growth. The manufacturers were not able to continue their research and development activities for innovations.
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The convex safety mirror segment to maintain its leadership status throughout the forecast period
Based on type, the convex safety mirror segment held the highest market share in 2021, accounting for nearly two-thirds of the global safety mirrors market, and is estimated to maintain its leadership status throughout the forecast period. 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. However, the dome safety mirrorsegment is projected to manifest the highest CAGR of 5.2% from 2022 to 2030, owing to 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.
The commercial segment to maintain its lead position during the forecast period
Based on application, the commercial segment accounted for the largest share in 2021, contributing to more than two-fifths of the global safety mirrors market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.8% from 2022 to 2030, attributable to the expansion of construction projects including those for hotels, hospitals, and other facilities. The report also analyzes the residential segment.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global safety mirrors market, due to presence of established safety mirror manufacturing companies in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 5.5% from 2022 to 2030. The installation of safety mirrors at the construction site and increased building activity in different countries of the region, including China, Japan, and India will cause the expansion. Additionally, many government authorities of these countries have instructed the concerned people to install convex safety mirrors to prevent such occurrences in light of the rising number of accidents on roads and in industries as a result of inadequate sight at the blind spots.
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Leading Market Players:
- Fred Silver & Company, Inc.
- Lester L. Brossard Company
- Clarke’s Safety Mirrors Limited
- se-kure controls, Inc.
- DENIOS, Inc.
- Frontier Polymers Ltd.
- Smartech Safety Solutions Private Limited
- Ashtree Vision & Safety
- H2 Safety India Private Limited
- Honesty Automation Private Limited