The net worth of the total convex safety mirrors market sold globally in 2023 is estimated to be US$ 64.4 million. The sales have been steadily rising in recent years, which is anticipated at a CAGR of 6.5% from 2023 to 2033. The rising incidence of traffic fatalities brought on by insufficient road infrastructure and limited visibility in blind areas is mainly contributing to this development.
Convex safety mirrors have become a helpful safety feature in a variety of setups, decreasing the chances of vehicle collisions and accidents caused by increased visibility. The rules set out by local governments and the government for installing safety mirrors at blind spots have significantly fuelled market opportunities. Similar laws are now followed at public buildings, warehouses, stores, underpasses, hospitals, hotel corridors, and other places to reduce collisions and accidents.
Convex safety mirror affordability and wide adoption may be hampered by the high maintenance expenses associated with routine cleaning and polishing activities. So, the overall market is anticipated to progress through increased funding for research and development to increase the durability and effectiveness of convex mirrors.
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Key Takeaways from the Convex Safety Mirrors Market Study Report:
- The over market is projected to witness an absolute dollar growth of US$ 57 million over the next ten years.
- The use of convex safety mirrors is higher in the United States in comparison to other countries. In 2022, it dominated the global market by contributing more than 18% of the revenue alone.
- The demand for safety convex mirrors is comparatively lower in Europe than in North American countries. However, the market in the United Kingdom holds a significant share of global revenue and is poised to grow by 6.4% through 2033.
- Countries in the Asia Pacific are emerging fast with higher spending governments on road infrastructure and road safety. China’s net sales of convex safety mirrors could progress at 6.4% CAGR, concluding at US$ 24.4 million by 2033.
- Japan and South Korea are the other two lucrative regional markets for convex safety mirrors poised to witness 6.4% and 6.1% CAGRs, respectively, through 2033.
- Based on type, the dome-type convex safety mirror segment is poised to retain its dominance by capturing a 6.2% CAGR through 2033.
Competitive Landscape for the Convex Safety Mirrors Market Players
Several significant companies dominate the convex safety mirrors market with their extensive distribution networks and support the development and innovation of the sector. A few well-known firms referenced in the study are Ashtree Vision and Safety Mirrors, Clarke`s Safety Mirrors, DuraVision, Fred Silver Mirrors, and H2 Mirrors. These market participants help the market remain consolidated by providing cutting-edge solutions, growing their product lines, and meeting the changing requirements of various industries.
Overall, it is projected that developing cutting-edge convex mirror technologies, awareness campaigns, and governmental requirements might fuel the expansion of the market. Manufacturers may use these possibilities by creating sophisticated and robust solutions and adjusting their product lines to meet changing client needs.
Key Players:
- Ashtree Vision and Safety Mirrors
- Clarke`s Safety Mirrors
- DuraVision Mirrors
- Fred Silver Mirrors
- H2 Mirrors