Increasing number of road accidents caused due to poor visibility at blind corners and poor road infrastructure driving the growth of the global security mirrors market.
PORTLAND, Ore., August 17, 2022 /PRNewswire/ — Allied Market Research released a report, titled, “Security Mirrors Market by Type (Convex Security Mirror, Flat Security Mirror, Dome Security Mirror), by Application (Commercial, Residential, Other): Global Opportunity Analysis and Industry Forecast, 2021-2030 “. According to the report, the global industry of safety mirrors generated $56.34 million in 2021, and is expected to be generated 81 dollars.18 million by 2030, witnessing a CAGR of 4.3% from 2022 to 2030.
Key determinants of growth
Increasing number of road accidents which are caused due to poor visibility in blind curves and poor road infrastructure drive the growth of the global safety mirrors market. However, high installation and maintenance cost for security mirrors restricts 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 provide new opportunities in the coming years.
The Covid-19 scenario:
- The spread of the COVID 19 pandemic had a negative impact on the growth of the global security mirrors market. Various governments around the world implemented strict lockdowns and restricted access to transportation facilities. As a result, the supply chain was disrupted and the demand for security mirrors fell sharply.
- Moreover, the pandemic resulted in the restriction of import and export activities, which, in turn, led to higher costs of raw materials. This negatively affected the expansion of the market.
- In addition, construction activities around the world were disrupted, due to which the demand for the installation of safety mirrors was hampered.
- China is the leading manufacturer and exporter of raw materials such as mirror glass, which is required for the production of safety mirrors. However, China being the epicenter of the coronavirus pandemic, its export was severely affected, leading to a decline in mirror production.
- The unavailability of manpower, especially in the initial period of the pandemic, had a negative effect on the growth of the global security mirrors market. Manufacturers were unable to continue their research and development activities for innovations.
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of convex safety mirror segment to maintain its leading status throughout the forecast period
Based on type, the convex safety mirrors 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 leading status throughout the forecast period. The strict rules set by the government bodies of many nations for the placement of mirrors in accident-prone places on steep roads, especially blind curves, in parking lots, overpasses, underpasses, swimming pools and many others are the cause of the convex mirror. Rapid growth of the segment. However, the dome security mirror segment is projected to manifest the highest CAGR of 5.2% from 2022 to 2030, owing to the increasing use of dome security mirrors in enhancing visual security and surveillance at crossing points and corridors in hotels, hospitals, dormitories, shopping centers. shops and other places.
The commercial segment to maintain its leading position during the forecast period
Based on application, the commercial segment accounts for the largest share in 2021, contributing to more than two-fifths of the global security mirrors market and is projected to maintain its leading position during the forecast period. Furthermore, the same segment is expected to portray the largest CAGR of 4.8% from 2022 to 2030, attributed 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 until 2031
Based on the region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global security mirror market, owing to the presence of established security mirror manufacturing companies in the region. However, to Asia-Pacific the region is expected to witness the fastest CAGR of 5.5% from 2022 to 2030. Installation of safety mirrors at the construction site and increase in construction activity in various locations of the region including China, JapanAND India will cause the expansion. Moreover, many government authorities of these countries have instructed people concerned to install convex safety mirrors to prevent such occurrences in light of the increasing number of accidents on the road and in industry as a result of insufficient vision in the blind spots.
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Major Market Players:
- Fred Silver & Company, Inc.
- The 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 and Security
- H2 Safety India Private Limited
- Honesty Automation Private Limited
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