According to Research Dive analysis, the safety mirror market is estimated to generate a revenue of $71,982.1 thousand by 2027, increasing from $57,071.9 thousand in 2019, at a healthy CAGR of 4.1%.
Impact Analysis of COVID-19 on the Safety Mirrors Market
The safety mirrors market experienced a major decline during the COVID-19 pandemic. Due to complete shutdown of all kinds of work and other employments during the pandemic, the demand of safety mirrors drastically reduced. This restricted the manufacturers from producing safety mirrors in bulk. Less demand and supply of safety mirrors have also reduced the investment budget of leading companies.
It is expected that the safety mirrors market will rise rapidly owing to the rise in the constructional and transportation activities. Increase in such activities after the lockdown phase will also raise the cases of accidents and collisions on roads and various other places. To avoid such cases, safety mirrors will then be helpful in providing a visual protection to the people around.
Safety Mirror Market Analysis
The safety mirror market is expected to grow at an exceptional rate owing to the increasing cases of road fatalities due to poor road infrastructure and poor visibility at the corners. Also, high risk of collisions and accidents between big machines and trucks carrying chemicals in the industries will also increase the demand of safety mirrors in the market. Furthermore, certain rules and regulations set by government bodies to install safety mirrors on roads and other places will drive the safety mirror market. For instance, in India, in 2019, Uttrakhand police in collaboration with the Uttarakhand state government initiated to install large convex safety mirrors on the blind spots on all roads. Such type of initiatives may lead to a surge in the demand for safety mirrors and market growth during the analysis frame.
High installation cost and improper maintenance of safety convex mirrors may create a negative impact on the market in the forecast period.
Rising demand for the installation of safety mirrors along the roads, industries, warehouses, and more due to increasing cases of accidents on roads and industries, have created enormous opportunities for the manufacturing companies in the global safety mirrors market. Also, latest innovations in the safety mirrors that are resistant from weather and UV rays will further help the companies to increase their market revenue. For instance, in October 2018, Pilkington United Kingdom Ltd Company, a safety mirrors manufacturing company in the UK, launched a new safety mirror called Pilkington Optimirror Protect Plus to enhance the security and safety level at the places where they are installed.
Based on type, the safety mirrors market is divided into flat, dome, and convex safety mirrors. The dome safety mirrors sub-segment shall have the fastest market growth and it is anticipated to generate a revenue of $10,951.9 thousand by 2027.
Based on application, the safety mirrors market is divided into residential, commercial and others. The others sub-segment shall have the fastest market growth and it is anticipated to generate a revenue of $16,479 thousand by 2027.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. North America region market accounted for $19,942.9 thousand in 2019 and is anticipated to show steady growth.
The companies involved in the global market 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.