Rockville, March 22, 2023 (GLOBE NEWSWIRE) -- Dome safety mirrors are widely installed in hotels, hospitals, hostels, malls, and other places to improve visual security and monitor intersections
A 10-year projection from 2023 to 2033 is provided in Fact.MR's recent study on the Safety Mirrors market. Other details include significant market-shaping aspects including drivers, constraints, and opportunities. The market is segmented into product type, modality, application, end user, and region to make the information for clear understanding of key trends.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per this new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global safety mirrors market is valued at US$ 69 million in 2023 and is predicted to expand at a CAGR of 5% from 2023 to 2033.
Safety mirrors provide a wider and more thorough view of any object. Depending on the security objectives of the site, a convex mirror offers various advantages in terms of safety and security. To prevent collisions or accidents, security mirrors are deployed in locations such as parking lots, crossroads, garages, production sites, highways, and basements of commercial structures.
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Some types of safety mirrors are convex safety mirrors, flat safety mirrors, and dome safety mirrors. Sales of convex mirrors are expected to register a healthy growth rate during the next 10 years. Due to an increase in the cases of road accidents brought on by poor visibility in blind spots and bad road infrastructure, demand for convex safety mirrors is considerably rising.
Safety mirrors are typically installed at blind spots to provide a larger, more comprehensive view of the turn to aid drivers in assessing the condition of the road and avoiding collisions. The respective government's strict rules and regulations requiring the installation of safety mirrors in accident-prone locations to improve safety are also anticipated to increase sales of safety mirrors.
Key Takeaways from Market Study
- The market for safety mirrors is predicted to reach US$ 112.3 million by 2033.
- China’s market for safety mirrors is predicted to expand at a CAGR of 6% during the forecast period.
- Demand for convex safety mirrors is expected to rise at a CAGR of 5% during the next 10 years.
- Sales of safety mirrors in Canada are predicted to increase at a CAGR of 4.5% from 2023 to 2033.
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Competitive Landscape
Peterson Manufacturing Company Bright Pancar Sdn Bhd, PAN Taiwan Enterprise Co., Ltd., GrayGlass Company, and Se-Kure Controls, Inc. are some of the key players in the safety mirrors market.
According to Fact.MR, a market research and competitive intelligence provider, leading companies in the safety mirrors market are investing heavily in innovating safety mirrors such as weather resistance and others to generate more revenue.
- Recently, Pilkington United Kingdom Limited introduced Pilkington OptimirrorTM Protect Plus, a modern safety mirror that provides better safety competency without the need for extra processing.
Key Segments of Safety Mirrors Industry Research
- By Product :
- Convex Safety Mirrors
- Flat Safety Mirrors
- Dome Safety Mirrors
- By Application :
- Commercial
- Residential
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Regional Analysis
The Asia Pacific market is seeing a boom due to factors such as rapidly increasing construction activities, rising cases of road accidents, and strict government and industry regulations for the installation of safety mirrors. Convex mirrors offer an angled perspective for sites that require surveillance, including blind spot corners. These can be applied to vehicles and equipment on construction sites, including mechanical diggers. The presence of several manufacturers of safety mirrors is also supporting market growth in the region.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global safety mirrors market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (convex safety mirrors, flat safety mirrors, dome safety mirrors) and application (commercial, residential), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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