New York, USA, May 18, 2021 (GLOBE NEWSWIRE) -- A recently published report by Research Dive states that the global safety mirrors market is predicted to garner significant revenue of $71,982.2 Million at a stable CAGR of 4.1% from 2020-2027.
This detailed report also provides a glimpse into some of the important aspects of the market such as, the growth factor, challenges, varied opportunities, restraints, and more during the forecast period. Further, the report also provides market figures that help the new brands understand the market better.
Market Dynamics
Safety mirrors are installed in various locations such as malls, parks, warehouses, and roads, and help in increasing the security level of the location. Additionally, they are also used to check under cars and other vehicles for any sort of harmful items that maybe present.
The safety mirrors market has seen exponential growth in the past due to the high demand for its installation especially on highways and curved roads which have plenty of blind turns. These are identified as high risk zones which is where most of the convex mirrors are placed to prevent lethal accidents.
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Upon installation, the mirrors also need to undergo maintenance at regular intervals. They need polishing and replacement in case any cracks are formed. This is one of the primary factors that maybe preventing the industry for growing further.
But on the contrary, strict instructions and laws on the governments end are expected to further drive the market’s growth. Many locations are firmly instructed to have mirrors installed as the government wants to ensure the safety of their citizens.
Segmental Analysis
The report segregates the market into different segments – type, application, and regional analysis.
Convex Mirror sub-segment to Gain the Highest Share
In the type segment, the convex mirror sub-segment is predicted to gain revenue of $47,986.6 million in the forecast period. This growth is due to the government’s instructions to have them installed at various public places such as hilly roads and highways which are majorly prone to accidents. This is hence said to be the core factor for the growth of the segment.
Commercial sub-segment to Witness Highest Revenue Growth
From the application segment, the commercial sub-segment is set to garner a revenue of $33,407.4 million in the forecast period. Many commercial establishments such as construction sites, hospitals and malls are fitted with these mirrors to prevent any major collisions. These are expected to further boost the growth of the segment
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Regional Analysis
The North American region experienced a rise in revenue from $19,942.9 Million in 2019, to over $23,301.3 million in 2027. The growth of this segment is credited to the stricter government laws to curb the rising number of industrial accidents occurring around the region. North America also has a wide range of well established safety mirror manufacturing companies which are set to add to the growth of the market in the forecast period.
Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are:
- Fred Silver & Company
- Clarke’s Safety Mirrors Limited
- DENIOS, Inc.
- Smartech Safety Solutions Private Limited
- H2 Safety India Private Limited
- Lester L. Brossard Company
- Se-Kure Controls
- Frontier Polymers Ltd
- Ashtree Vision & Safety
- Honesty Automation Private Limited
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact of COVID-19 on the Global Safety Mirrors Market
The pandemic brought various industries to a standstill and also forced many others to shut down due to reduced profits and lack of human resource. When various countries around the world were put into a lockdown, it caused a widespread disruption of the supply chain. This also let to a decrease in the raw materials being both imported and exported which led to the drop in the growth of the safety mirrors market.
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