Convex Safety Mirror Market Size, Share, Growth, And Industry Analysis By Type (Indoor Mirror and Outdoor Mirror) By Application (Commercial and Residential), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Convex Safety Mirror Market Report Overview

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The global convex safety mirror market size is anticipated to be USD 61 million in 2021 and is projected to touch USD 86.98 million by 2031, at a CAGR of 3.7% during the forecast period.

A convex mirror is a curved mirror often called a diverging mirror in the scientific term. It enables a greater vision and provides added security. At present times, the convex mirror (safety mirror) is gaining popularity to increased usage by automobile aesthetics.

The fast-paced lifestyle and urbanization have resulted in an increased number of vehicles on the roads. As a result of congestion and lack of infrastructure, traffic accidents have been the most common reported mishap.  The prevalence measure has become a necessity in the present times. Moreover, the surge in commercial spaces has paved the way for extra security. In all these scenarios, the convex mirror (safety mirror) has ample opportunities to improve its market demands.

COVID-19 Impact: Frequent Lockdowns to Hamper the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the convex mirrors (safety mirrors) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 created havoc and the sudden surge in cases has affected all the industries and end-user market. The global lockdowns-imposed restriction on transportation and movement of vehicles. As a result, the automotive sector witnessed slow growth influencing the market share of the convex mirror (safety mirror). The lack of public gatherings and limited construction activities has hampered the convex safety mirror market growth. The investments were paused as the primary focus was to restructure healthcare and develop vaccines. The manufacturing units were shut down and a dearth of workforce negatively affected production. The high cost of raw materials was a rising concern during the pandemic times. As the normalization period begins, the market is expected to bounce back due to increased demand.

LATEST TRENDS

"New Developments and Investments to Boost the Market Demand"

Innovation has become urgent in every sector. The convex mirror (safety mirror) industry is focusing on research to increase the effectiveness of the product. There are ample opportunities to develop and a few breakthrough improvements include smart safety mirrors, weather resistance, and corrosion & abrasion resistant mirrors. In addition to these, the huge government investments help the convex safety mirror market size.

Convex Safety Mirror Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into indoor mirrors and outdoor mirrors. The indoor mirror is expected to lead this segment in the forecasted year.

• By Application Analysis

Based on application, the market can be divided into commercial and residential. The commercial segment is anticipated to lead this segment.

DRIVING FACTORS

"Increased Number of Road Accidents to Accelerate the Product Sales"

The latest survey published by World Health Organization (WHO) conveys that more than 1.3 million people lose their lives due to road accidents. It has been estimated that the leading cause of death of young adults has been road crashes. The study finds that the cause of the accidents is predominantly the poor infrastructure in underdeveloped and developing countries. The dramatic increase in accidents has compelled all nations to establish stringent rules and regulations as a prevalence method. Awareness campaigns are being conducted to educate citizens about the effects of unsafe driving. Not only it affects the personal lives and productivity of the family but also increases the nation's economic burden.

The demand for convex mirrors (safety mirrors) has witnessed major growth in the application of vehicles. It is utilized as a rear mirror as it provides a wide-angle vision eliminating blind spots and helps in the prevention of major road mishaps. The government has advised placing a convex mirror (sharp mirror) at a critical junction and bends for better parking and vision of the traffic condition. The initiatives by the government and rapid installation of the convex (safety mirror) on public roads will fuel the market growth in the forecasted year.

"Increasing Construction Activities and Diverse Application to Propel the Convex Safety Mirror Market Demand"

The contemporary world and the strive towards the futuristic development of cities have led to the surge of construction activities worldwide. Safety is being taken as an important aspect and authorities are endeavouring to the establishment of a strong foundation to protect the workers and the citizens. As a result of consistent efforts, convex mirrors (safety mirrors) are being installed in warehouses, commercial spaces and near the construction areas to prevent catastrophe and to establish higher security measures.

Moreover, the application of convex mirrors (safety mirrors) has increased in ATMs and surveillance points. Educational institutions and commercial stores for added security and determent of shoplifters. All these factors and the surge in the installation are driving the convex mirror (safety mirror) in the upcoming years.

RESTRAINING FACTORS

"High Installation and Poor Maintenance to Hamper the Market Growth"

The high installation cost associated with the convex mirror (safety mirror) is the major challenge the industry is facing at present times. The underprivileged and the developing country people face difficulty to afford an expensive safety measure tool. The lack of affordability leads to road accidents. Furthermore, the authorities do not properly maintain it. In addition to these challenges, the convex mirror gives the illusion of the object presenting a distorted vision. The loss of efficiency due to negligence maintenance might be another restraining factor in the growth of convex mirrors (safety mirror

Convex Safety Mirror Market Regional Insights

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"Europe to Dominate the Market due to the Presence of Key Players"

Europe to dominate the convex mirror (safety mirror) in the forecasted year primarily due to the presence of the key players. The industry is constantly looking for opportunities to develop and bring innovation to existing products. The Europe government has taken stringent regulations to tackle the rise in traffic accidents and the government investment is intensifying the convex safety mirror market share in this region.

Key Industry Players

"Market Players Focus on New Product Launches to Strengthen Market Position"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Security (U.K.)
• Fred Silver (U.S.)
• DuraVision (U.S.)
• Ashtree Vision & Safety (U.K.)
• Se-Kure Domes & Mirrors (U.S.)
• H2 (U.S.)
• Clarke's Safety Mirrors (U.K.)
• Smartech Safety Solutions (India)
• Safe Fleet (U.S.)
• Walker Glass (U.S.)
• Lester L. Brossard Company (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.