Safety Mirrors Market Size Exceed to Reach Generate $81.18 Million by 2030 | Asia-Pacific region is expected to witness the fastest CAGR of 5.5%
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 million in 2021, and is anticipated to generate $81.18millionby 2030, witnessing a CAGR of 4.3% from 2022 to 2030.
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Increase in demand for convex safety mirror is the key factor that is projected to drive the growth of the safety mirrors market during the forecast period. Convex mirrors give drivers a wider range of view by shrinking the things they reflect, which increases visibility. In contrast, concave mirrors often reverse images even though they can display true images and show things at precise distances and sizes. The forecasted expansion of the safety mirrors market is anticipated to be constrained by the relevant authorities' improper maintenance of safety mirrors. Additionally, the high cost of safety mirror installation could have a detrimental effect on the market's expansion throughout the course of the projected period. 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.
Among the analyzed regions, Asia-Pacific market is expected to account for the highest revenue in the market by the end of 2030, followed by Europe, North America, and LAMEA. Rapid industrialization and rising demand for convex safety mirror are the key factors responsible for leading position of Asia-Pacific in the global safety mirrors market.
Prime determinants of growth
Increase in the number of road accidents that are caused due to poor visibility at blind turns and poor road infrastructure drive 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 mirrors present new opportunities in the coming years.
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 mirror segment 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.
Frontier Polymers Ltd.
Smartech Safety Solutions Private Limited
Ashtree Vision & Safety
H2 Safety India Private Limited
Honesty Automation Private Limited
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