New York, USA, July 13, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global safety mirrors market is projected to register a revenue of $71,982.1 thousand at a CAGR of 4.1% during the forecast period from 2020 to 2027, increasing from $57,071.9 thousand in 2019. The comprehensive report provides a brief summary of the current market scenario including major aspects of the market such as growth factors, challenges, restraints, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
Market Dynamics
As per the analysts of Research Dive, the increase in number of cases of road fatalities due to blind turns and poor visibility, and the stringent rules implied by governments to control major accidents are the significant factor expected to propel the growth of the global safety mirrors market during the analysis period. Moreover, the increasing investments by manufacturers in innovating safety mirrors with features like weather resistant, and others is projected to create huge growth opportunities for the global market by 2027. However, the improper and low maintenance of safety mirrors by the concerned authorities is estimated to hinder the market growth in the coming years.
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Impact of COVID-19 on the Market
The COVID 19 pandemic has unfavorably impacted the global safety mirrors market. The government of various countries across the globe imposed complete lockdown and restricted the transportation facilities only during emergency. This resulted in disruption in supply chain and deteriorating demand for safety mirrors. In addition, the cost of raw materials increased due to limited import and export activities during the pandemic, which affected the market growth.
Convex Mirror Sub-segment to Hold Largest Market Share
By type, the convex mirror sub-segment is estimated to hold a dominant share in the global industry and generate $47,986.6 thousand revenue over the forecast period. This growth can be attributed to the strict rules & regulations laid by government bodies of numerous countries to install mirrors at the accident-prone site such as, hilly roads, parking areas, blind turns, flyovers, swimming pool, underpasses, and many more.
Commercial Sub-segment to be Most Profitable
By application, the commercial sub-segment is predicted to account for the maximum market share and surpass $33407.4 thousand by 2027. The increasing number of constructional activities such as construction of hospitals, hotels, and others, and the substantial emphasis on the surveillance in the commercial places are the factors expected to accelerate the sub-segment’s growth.
North America Region to Lead the Market
By region, the North America market for safety mirrors valued for $19,942.9 thousand in 2019 and is projected to subjugate in the global industry throughout the forecast period. The presence of established manufacturing companies and the rising cases of road & industrial accidents in the region are the major factors responsible for regional market growth. Besides, growing initiatives by the local authorities to install safety mirrors for the ease of the motorists is driving the growth of the North America market.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/8392
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global safety mirrors industry are:
- Fred Silver & Company, Inc
- Honesty Automation Private Limited
- H2 Safety India Private Limited
- Lester L. Brossard Company
- Ashtree Vision & Safety
- Clarke’s Safety Mirrors Limited
- Smartech Safety Solutions Private Limited
- Frontier Polymers Ltd
- Se-Kure Controls
- DENIOS, Inc.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in February 2020, Lexus developed a digital side-view mirror system for its ES 300h executive saloon, switching conventional door mirrors with a camera & monitor. This safety mirror system offers an improved view of the area besides and behind the vehicle, thus decreasing the driver’s blind spots.
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