New York, USA, July 25, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global safety mirrors market is projected to generate a revenue of $81,187.90 million and rise at a CAGR of 4.3% during the forecast timeframe from 2022 to 2030.
As per our analysts, with the increasing pervasiveness of road accidents all across the globe owing to the poor road infrastructure and limited sight at blind ends, the safety mirrors market is expected to see prominent growth over the estimated period. Besides, the growing use of convex mirrors in blind areas to provide a better view to the drivers is expected to fortify the growth of the market during the analysis period. Moreover, the increasing government rules and regulations to install safety mirrors at blind spots to improve the safety and security of roads, factories, and other locations, and is expected to upsurge the growth of the market over the forecast period. However, the improper maintenance of safety mirrors by relevant authorities may hinder the growth of the market throughout the estimated period.
Segments of the Safety Mirrors Market
The report has divided the market into segments based on type, application, and region.
Type: Convex Safety Mirror Sub-Segment to be Most Profitable
The convex safety mirror sub-segment is expected to have the largest share of the market over the forecast period. This is mainly because convex mirrors provide an angled perspective for areas that include risky corners. Moreover, the increasing government rules to place convex mirrors in accident-prone locations on steep roads, at parking lots, underpasses, swimming pools, and many more, are predicted to propel the growth of the market sub-segment during the analysis timeframe.
Application: Commercial Sub-Segment to be Most Productive
The commercial sub-segment is predicted to have a dominant share of the market during the estimated period. The increasing expansion of construction projects for hospitals, hotels, schools, residences, and many more, to reduce collisions and improve safety is expected to fuel the growth of the market sub-segment over the forecast timeframe.
Region: North America Region to Have Huge Growth Opportunities
The North America region of the safety mirrors market is predicted to have a maximum share of the market and is expected to continue steady growth over the analysis period. This is mainly due to the strong presence of established safety mirror manufacturing companies in this region. Furthermore, the local government initiatives to install safety mirrors in lanes for the convenience of drivers are expected to drive the regional growth of the market throughout the forecast period.
Broader Insights Pertaining to a Specific Region or segment of Safety Mirrors Market & Avail 10&OFF
Covid-19 Impact on the Safety Mirrors Market
With the outbreak of the Covid-19 pandemic, the safety mirrors market has experienced a negative impact, likewise various other industries. This is mainly due to the transportation restrictions imposed by the government of many nations. This disrupted the supply chain of raw materials which further declined the share of the market. Moreover, the complete lockdown across many nations has also decreased the demand for safety mirrors as manufacturers were unable to continue their R&D efforts in innovations of products with a lack of workforce.
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Key Players of the Safety Mirrors Market
The major players of the safety mirrors market include
- Frontier Polymers Ltd
- DENIOS, Inc.
- Smartech Safety Solutions Private Limited
- Se-Kure Controls
- Ashtree Vision & Safety
- Clarke’s Safety Mirrors Limited
- H2 Safety India Private Limited
- Lester L. Brossard Company
- Honesty Automation Private Limited
- Fred Silver & Company, Inc, and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – Inquire Here to get access to the key manufacturer's Development Strategic Report
For instance, in March 2021, Installed Building Products, Inc., the premier installation contractor for insulation for residential and commercial builders announced its acquisition of Denison Glass and Mirror, Inc., a renowned US-based provider of glass and mirrors. With this acquisition, the companies aimed to new products for commercial construction projects and expand their pipeline across multiple geographies.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Safety Mirrors Market:
- Safety Mirrors Market to Observe Significant Growth Due to Product Launches and Acquisitions by Market Players, such as Pilkington United Kingdom Limited and Others
- The Importance of Safety Mirrors and Some Factors to Consider Before Buying One
- 6 Main Types of Safety Mirrors and Applications of Safety Mirrors
