May 12, 21

The Safety Mirrors Market Anticipated To Generate A Revenue Of $71,982.1 Thousand, Growing At A CAGR Of 4.1% From 2019 - Research Dive

The safety mirrors market is estimated to decline amid the COVID-19 pandemic. This decrease is due to less or no supply of raw materials due to restrictions on transportation facilities imposed by government bodies across the world. Increase in the prices of raw materials during the COVID-19 situation has also contribute to the decrease in the market share of the safety mirrors. Moreover, complete lockdown imposed in different countries became a major reason for the decrease in demand of safety mirrors. Thus, the demand for safety mirrors in the market are reduced which further impacted the growth of the safety mirrors market.

Non-availability of workforce for months has had an adverse effect on the market growth. The manufacturers are not able to continue their research and development activities in innovations due to which the market is adversely affected. The construction activities are further halted due to which the demand for installation of safety mirrors have been severely affected.

Safety Mirrors Market Analysis

The consistent growth of the safety mirrors market in the previous years is mainly attributed to the increasing number of road fatalities due to poor visibility at the blind spots and poor road infrastructure. Safety mirrors provide a wide and clear view of the place where they are installed and thus helps in the prevention of accidents. Also, strict rules have been imposed by the government and local authorities to install safety mirrors in industries, warehouse, residents, underpasses, hotel corridors, hospitals, and more to enhance security and safety and prevent collisions and accidents.

However, high maintenance and installation cost of safety mirrors will restrain the market growth. Convex mirrors require constant watch and maintenance like polishing, cleaning, and many others. This requires a lot of money and hence can negatively impact the market growth.

Latest innovations and developments in safety mirrors market such as smart safety mirrors, weather resistant, and corrosion & abrasion resistant mirrors will create many opportunities for the manufacturers in the market. For instance, in 2018, Pilkington United Kingdom Ltd, a safety mirrors manufacturing company in the UK, launched a new safety mirror called Pilkington Optimirror Protect Plus which provides enhanced safety features like wider visual angle, and sharp reflection. Furthermore, compulsory installation of convex safety mirrors at blind spots along the road as directed by the government for various countries will increase the demand for the safety mirrors. This factor will give the chance to the manufacturers to raise their supply chain and meet the demands. These factors are expected to drive the safety mirrors market.   

Safety Mirrors Market, Segmentation

The safety mirrors market is segmented based on type, application, and region.