The steadily rising number of traffic fatalities caused by poor vision in blind spots and poor road infrastructure in recent years is primarily responsible for the safety mirrors market's steady expansion. Safety mirrors offer a comprehensive and unobstructed view of the area where they are situated, which helps to prevent accidents. In order to improve security & safety and prevent collisions & accidents, the government and local authorities have also set tight regulations on the installation of safety mirrors in businesses, warehouses, residences, underpasses, hotel corridors, hospitals, and other locations.
However, high installation charges along with the poor maintenance of safety mirrors hamper the growth of the market. The forecasted expansion of the safety mirrors market is anticipated to be constrained by the relevant authorities' improper maintenance of safety mirrors.
To improve security and safety, governments all over the world have enacted regulations required for the installation of safety mirrors at blind spots, on roads, in factories, warehouses, and other locations. Because of this, producers will have more opportunities 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 possibilities for key players in the global safety mirrors market. Manufacturers are also investing in developing innovative safety mirrors with attributes like weather resistance and others. The market for safety mirrors will experience a rise within the anticipated time frame.
The global market for safety mirrors has been negatively damaged by the COVID 19 outbreak. Globally, numerous countries have enacted absolute lockdown, allowing transportation in times of emergency only. As a result, the supply chain was disrupted and there was a decrease in the demand for safety mirrors. Furthermore, the pandemic's reduced import and export activities led to high raw material costs, which in turn had an effect on the market's development.
The key players profiled in this report 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, among others.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the safety mirrors market analysis from 2021 to 2030 to identify the prevailing safety mirrors market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the safety mirrors market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global safety mirrors market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Convex Safety Mirror
- Flat Safety Mirror
- Dome Safety Mirror
By Application
- Commercial
- Residential
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest Of Asia Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key 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
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Table of Contents
Executive Summary
According to the report, titled, “Safety Mirrors Market," the safety mirrors market size was valued at $56,348.60 thousand in 2021, and is estimated to reach $81,187.90 thousand by 2030, growing at a CAGR of 4.3% from 2022 to 2030.The safety mirrors industry is witnessing an exponential growth 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 traveller to analyse road conditions and prevent any miss happenings. This factor is expected to accelerate the growth of the safety mirrors market.
However convex mirrors as a safety mirror have the drawback of giving the impression that certain objects are farther away than they actually are. It always projects a distorted, imaginary, and erect appearance.
To improve security and safety, governments all over the world have established regulations for the installation of safety mirrors at blind spots, on roads, in factories, warehouses, and other locations. As a result, producers will have more options to invest in expanding their production of safety mirrors. Additionally, rising road accident rates will create chances for key players in the global safety mirrors market as the demand for safety mirrors rises. Additionally, producers are investing in developing innovative safety mirrors with attributes like weather resistance and others. The safety mirrors market will experience a rise during the anticipated timeframe. These factors are anticipated to increase the growth of safety mirrors market demand over the forecast period.
The global safety mirrors market share is segmented based on type, application, and region. By type, it is classified into convex safety mirrors, flat safety mirrors, and dome safety mirrors. By application, it is classified into commercial, residential, and others. By region, the global safety mirrors market growth is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the safety mirrors market report 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, among others.
The report offers a comprehensive analysis of the global safety mirrors market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of Covid-19 on the Global Safety Mirrors Industry
- 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. Governments 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.
- 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
Key Findings of the Study
- Based on type, the convex safety mirror sub-segment emerged as the global leader in 2021 and dome safety mirror sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
- Based on application, the commercial sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years.
- Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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