Safety Mirror Market Global Briefing and Future Outlook 2022 to 2030
The global safety mirrors market is predicted to be valued at $81,187.90 million by 2030, surging from $56,348.60 million in 2021, at a noteworthy CAGR of 4.3%.
Workspaces, industries, blind spots on the roads, warehouses, public parks, malls, and many other similar locations are prone to accidents. Apart from various other tools or equipment that ensure the safety of these places, safety mirrors have significant importance. Safety mirrors are highly used among such places as they offer the ability to see in a 360o View.
Why are Safety Mirrors so Important?
Safety mirrors are convex mirrors that offer a broader and complete view of any object. A simple convex mirror offers various benefits in terms of safety and security depending on the locations’ security goals. These mirrors are used in areas such as parking lots, fatal junctions, garages, production sites, roads, and basements in order to avoid accidents or collisions. There are different types of safety or security mirrors available in the market.
Safety mirrors also come in a variety of sizes and shapes to coincide with the locations’ requirements they are installed in. Even though their installation can be costly, over the years they will safeguard employees at workspaces and vehicles from collisions. Installing safety mirrors at risk-prone areas can help employees to take the required safety measures; though they cannot avert all calamities, they can reduce the risk or frequency of accidents.
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What is Driving the Demand for Safety Mirrors Market?
The safety mirrors market is experiencing accelerated growth due to growing applications of safety mirrors in a variety of areas prone to accidents. A market research company, Research Dive, states that the global safety mirrors market is foreseen to hit $81,187.90 million, growing at a healthy CAGR of 4.3% from 2022 to 2030. The demand for safety mirrors is significantly increasing due to a rise in the number of road accidents owed to poor visibility at the blind spots and poor road infrastructure. Safety mirrors are usually fitted at the blind spots to offer a bigger and detailed view of the turn to help the person travelling on the road in analyzing the road conditions and prevent any collisions. Moreover, stringent government rules and regulations to fix safety mirrors at accident-prone areas to ensure enhanced safety is projected to further boost the demand for safety mirrors.
Recent Trends and Developments in the Safety Mirrors Market
The leading players of the safety mirrors market include 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. Several leading manufacturers in the safety mirrors arena are investing in the development of innovative safety mirrors with improved features. For instance,
- In December 2018, Pilkington United Kingdom Limited, a manufacturer of glass for use in buildings and vehicles, launched Pilkington Optimirror™ Protect Plus, a new safety mirror that offers improved safety competency without the requirement for secondary processing.
- In February 2020, Lexus, the luxury vehicle division of the Japanese automaker Toyota, developed a digital side-view mirror system for its ES 300h executive saloon, substituting conventional door mirrors with a monitor and camera. This system was at first launched in 2018 in Japan and offers an improved view of the area behind and besides the vehicle, decreasing the driver’s blind spots.
- In January 2021, Delhi Traffic Police launched an awareness camp on rear-view mirrors to build awareness and inform people about their duty to avert any loss of lives in case of an accident. The Delhi traffic police explained that unavailability of rear view mirror or not wearing rear seat belts can cause serious damages and losses during accidents.
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How has COVID-19 Pandemic Impacted the Safety Mirrors Market?
The sudden rise of the COVID-19 pandemic in the year 2020 has caused a severe impact on several industries, including the safety mirrors market. The government of various regions have imposed strict lockdown rules and restricted the transport services only for emergency situations to avert the spread of the virus. As a result, owing to the stoppage of many industries, the supply and demand of safety mirrors has significantly dropped during the pandemic situation. Moreover, the cost of raw materials used for producing safety mirrors has surged owing to restrictions on export and import activities during the pandemic period. This has also caused a major impact on the safety mirrors market. However, market experts have predicted that the safety mirrors industry is expected to recuperate from the incurred losses as soon as the pandemic relaxes and gain accelerated growth in the upcoming years.
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