The Safety mirrors market is expected to grow by 2030 due to increasing prevalence of road accidents. The Commercial sub-segment is expected to be the most dominant. The Market in North America to be the most dominant.
NEW YORK, Aug. 9, 2022 /PRNewswire/ –Research Dive has added a new report to its offering titled, “Safety Mirrors Market by Type (Flat Safety Mirror, Convex Safety Mirror, and Dome Safety Mirror), Application (Commercial, Residential, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030“.
As per the report, the global safety mirrors market is predicted to grow at a noteworthy CAGR of 4.3% in the 2022-2030 timeframe, thereby gathering $81,187.90 million by 2030.
Dynamics of the Safety Mirrors Market
Drivers: Over the years, there has been an increase in the number of road accidents occurring at the blind bends due to poor infrastructure. This phenomenon is predicted to be the primary growth driver of the safety mirrors market in the forecast period. Additionally, various governments have enacted strict regulations so as to make installation of safety mirrors mandatory. Such legislations are further expected to push the market further.
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Opportunities: Growing usage of safety convex mirrors for security purposes is predicted to offer numerous growth and investment opportunities to the market. Moreover, the increasing number of road accidents are estimated to take the market forward in the analysis timeframe.
Restraints: However, the high installation charges associated with safety mirrors is expected to hamper the growth of the safety mirrors market.
Impact of Covid-19 on the Safety Mirrors Market
The Covid-19 pandemic, since its outbreak, had been catastrophic for several industries and businesses across the globe. The subsequent lockdowns ordered by various governments made the situation worse by hampering global supply chains. The safety mirrors market, too, witnessed a similar situation. Travel restrictions imposed by various countries firstly decreased the demand for safety mirrors. Also, disruptions in the supply of raw materials resulted in irregular manufacturing cycles, which further led to a decline in the growth rate of the market.
Segments of the Safety Mirrors Market
The report has fragmented the safety mirrors market into different segments based on type, applications, and region.
- By type, the convex safety mirror sub-segment is predicted to have the most dominant market share by 2030. The wide use of convex safety mirrors at various places such as blind turns, swimming pools, parking lots, underpasses, etc. is predicted to be the primary growth driver of the sub-segment in the forecast period.
- By application, the commercial sub-segment of the safety mirrors market is expected to have the highest market share in the forecast period. Safety mirrors are widely used in commercial building such as hotels, hospitals, schools, etc. Moreover, there is an overall growth in the construction of commercial buildings across the globe. Both these factors are expected to play a role in the growth of this sub-segment in the forecast period.
- By regional analysis, the safety mirrors market in North America region is expected to be the most dominant by 2030. The presence of large safety mirror manufacturing companies in this region coupled with growing number of road accidents is predicted to offer numerous growth opportunities for the market in this region.
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Significant Safety Mirrors Market Players
The significant market players of the safety mirrors market are
1. Fred Silver & Company, Inc
2. Lester L. Brossard Company
3. Clarke’s Safety Mirrors Limited
4. Se-Kure Controls
5. DENIOS, Inc.
6. Frontier Polymers Ltd
7. Smartech Safety Solutions Private Limited
8. Ashtree Vision & Safety
9. H2 Safety India Private Limited
10. Honesty Automation Private Limited, among others.
These key market players are developing different business strategies like product development, merger and acquisitions, partnerships and collaborations to gain a commanding position in the market. – Inquire here to download key companies’ development strategic report
For instance, in July 2020, Basemark, a Finland-based software company, and Digital Media Professionals Inc., a Japanese semiconductor vendor, announced a partnership in order to develop smart mirror systems for the global commercial vehicle industry which will help in bringing down the number of road accidents. This partnership is predicted to help both the companies to increase their foothold in the market substantially in the coming years.
The Research Dive report also summarizes many crucial aspects of the safety mirrors market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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