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PORTLAND, OREGON, UNITED STATES, April 12, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Safety Mirrors Market,” The safety mirrors market size was valued at $56,348.60 thousand in 2021, and is estimated to reach $81,187.90 thousand by 2030, growing at a CAGR of 4.3% from 2022 to 2030.
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The safety mirrors industry is witnessing an exponential growth due to increase in the number of road accidents that are caused due to poor visibility at blind turns and poor road infrastructure. Convex mirrors are usually installed at blind spots to provide a larger view of the turn and help the traveller to analyze road conditions and prevent any miss happenings. This factor is expected to accelerate the growth of the safety mirrors market.
However convex mirrors as a safety mirror have the drawback of giving the impression that certain objects are farther away than they actually are. It always projects a distorted, imaginary, and erect appearance.
To improve security and safety, governments all over the world have established regulations for the installation of safety mirrors at blind spots, on roads, in factories, warehouses, and other locations. As a result, producers will have more options to invest in expanding their production of safety mirrors. Additionally, rising road accident rates will create chances for key players in the global safety mirrors market as the demand for safety mirrors rises. Additionally, producers are investing in developing innovative safety mirrors with attributes like weather resistance and others. The safety mirrors market will experience a rise during the anticipated timeframe. These factors are anticipated to increase the growth of safety mirrors market demand over the forecast period.
The global safety mirrors market share is segmented based on type, application, and region. By type, it is classified into convex safety mirrors, flat safety mirrors, and dome safety mirrors. By application, it is classified into commercial, residential, and others. By region, the global safety mirrors market growth is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the safety mirrors market report 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, among others.
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The report offers a comprehensive analysis of the global safety mirrors market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.
Impact of Covid-19 on the Global Safety Mirrors Industry
The sudden rise of the COVID-19 pandemic in the year 2020 has caused a severe impact on several industries, including the safety mirrors industry. Governments 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.
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
Key Findings of the Study
Based on type, the convex safety mirror sub-segment emerged as the global leader in 2021 and dome safety mirror sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
Based on application, the commercial sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years.
Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
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Article originally published on www.einpresswire.com as Safety Mirrors Market Size Exceed $81,187.90 Thousand by 2030