New York, USA, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global safety mirrors market. According to the report, the global market is projected to surpass $81,187.90 million and grow with a CAGR of 4.3% in the estimated period, 2022–2030. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Safety Mirrors Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global safety mirrors market. During the pandemic, the growth in raw material costs contributed to the decline in the growth of safety mirrors market share. Additionally, owing to lockdown restrictions implemented by governmental entities globally and the resultant supply chain disruptions and absence of workers months-long negatively impacted the market growth. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Safety Mirrors Market Growth
The key factor boosting the growth of the global safety mirrors market is owing to the government's strict regulations and laws for the installation of safety mirrors in several regions. Additionally, the growing need for safety mirrors as a result of a growth in traffic accidents is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high installation costs and improper maintenance of safety mirrors are expected to hinder the market’s growth.
The report segments the global safety mirrors market into type, application, and region.
Convex Safety Mirror Sub-Segment to Grab a Foremost Share of the Market
The convex safety mirror sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to the strict guidelines by governments of several nations to install safety mirrors in notably blind turns, accident-prone locations on steep roads, flyovers, at parking lots, swimming pools, underpasses, and many more.
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Commercial Sub-Segment to Witness Swift Growth
The commercial sub-segment of the application segment is projected to grow enormously in the forecast period. This growth is mainly due to increasing construction plans including those for hospitals, hotels, and other facilities.
North America Region to Perceive Maximum Growth
The report analyzes the global safety mirrors market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is expected to observe significant growth in the projected period. This growth is mainly owing to the local government initiatives to place safety mirrors for a better view of the turn for drivers on roads and the presence of leading market players such as Ashtree Vision & Safety, Clarke’s Safety Mirrors Limited, and others in this region.
Broader Insights Pertaining for the Specific Segments or Regions of the Safety Mirrors Market
Key Players of the Global Market
The report states some of the foremost players operating in the global safety mirrors market including
- Fred Silver & Company Inc
- Clarke’s Safety Mirrors Limited
- Smartech Safety Solutions Private Limited
- H2 Safety India Private Limited
- Se-Kure Controls
- DENIOS Inc.
- Lester L. Brossard Company
- Frontier Polymers Ltd
- Ashtree Vision & Safety
- Honesty Automation Private Limited
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in November 2021, Installed Building Products, Inc., the foremost installation servicer for insulation for commercial and residential builders, declared that it has acquired Denison Glass and Mirror, Inc., a well-known US-based provider of mirrors and glass. With this acquisition, the company aims to develop novel products and hold a robust position in the industry.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Safety Mirrors Market:
- The Importance of Safety Mirrors and Some Factors to Consider Before Buying One
- 6 Main Types of Safety Mirrors and Applications of Safety Mirrors
- Safety Mirrors Market to Observe Significant Growth Due to Product Launches and Acquisitions by Market Players, such as Pilkington United Kingdom Limited and Others
