Safety Mirrors Market (Industry) – Presents Strong Revenue Visibility in Near Future Booming at a CAGR during 2021-2030

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Safety Mirrors Market (Industry) – Presents Strong Revenue Visibility in Near Future Booming at a CAGR during 2021-2030

PORTLAND, OREGON, UNITED STATES, September 19, 2022 /EINPresswire.com/ — Allied Market Research has published a report, titled, “Safety Mirrors Market by Type (Convex Safety Mirror, Flat Safety Mirror, Dome Safety Mirror), by Application (Commercial, Residential, Other): Global Opportunity Analysis and Industry Forecast, 2021-2030″. According to the report, the global safety mirror industry generated $56.34 million in 2021, and is expected to generate $81.18 million by 2030, with a CAGR of 4.3% from 2022 to 2030.

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Increase in demand for convex safety mirrors is the key factor expected to drive the growth of the safety mirrors market during the forecast period. Convex mirrors give drivers a wider range of vision by reducing the things they reflect, increasing visibility. In contrast, concave mirrors often invert 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 expected to be restricted by the concerned authorities’ improper maintenance of safety mirrors. Additionally, the high cost of safety mirror installation may adversely affect the market’s expansion over the course of the projected period. To improve security and safety, governments around the world have introduced regulations for the installation of safety mirrors at blind spots, on roads, in factories, warehouses and other places. As a result, manufacturers will have more options to invest in expanding their production of safety mirrors.

Among the analyzed regions, the Asia Pacific market is expected to account for the highest market revenue by the end of 2030, followed by Europe, North America, and LAMEA. Rapid industrialization and increasing demand for convex safety mirrors are the key factors responsible for the leading position of Asia Pacific in the global safety mirrors market.

Main determinants of growth

Increase in the number of road accidents caused due to poor visibility at blind corners and poor road infrastructure is driving the growth of the global safety mirrors market. However, high cost of installation and maintenance for safety mirrors is restraining the market growth. Moreover, the latest innovations and developments in the safety mirror market, such as smart safety mirrors, weather-resistant and corrosion- and abrasion-resistant mirrors, provide new opportunities in the coming years.

The convex safety mirror segment to maintain its leadership status during the forecast period

On the basis of type, the convex safety mirror segment held the highest market share in 2021, accounting for nearly two-thirds of the global safety mirror market, and is estimated to maintain its leadership status during the forecast period. The strict rules set by government bodies of many nations to place mirrors at accident-prone places on the steep roads, especially blind turns, at parking lots, overpasses, underpasses, swimming pools, and many more, is the cause of the convex mirror sub – fast 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 the increase in the use of dome safety mirrors to enhance visual security and surveillance at intersections and corridors in hotels, hospitals, dormitories, shopping malls. , shops and other locations.

The commercial segment to maintain its leading position during the forecast period

On the basis of application, the commercial segment accounted for the largest share in 2021, contributing more than two-fifths of the global safety mirror market, and is projected to maintain its leading position during the forecast period. Moreover, the same segment is expected to exhibit 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 mirror market, owing to the 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 construction activity in various countries of the region, including China, Japan and India will cause the expansion. In addition, many government authorities of these countries have instructed the concerned people to install convex safety mirrors to prevent such incidents in view of the increasing number of accidents on roads and in industries due to insufficient visibility 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

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David Correa
Allied Analytics LLP
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