PUBLISHER: Allied Market Research | PRODUCT CODE: 1140279
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140279
The global safety mirrors market is envisioned to garner $81,187.9 million by 2030, growing from $56,348.6 million in 2021 at a CAGR of 4.3% from 2022 to 2030.
The steadily rising number of traffic fatalities caused by poor vision in blind spots and poor road infrastructure in recent years is primarily responsible for the safety mirrors market's steady expansion. Safety mirrors offer a comprehensive and unobstructed view of the area where they are situated, which helps to prevent accidents. In order to improve security & safety and prevent collisions & accidents, the government and local authorities have also set tight regulations on the installation of safety mirrors in businesses, warehouses, residences, underpasses, hotel corridors, hospitals, and other locations.
However, high installation charges along with the poor maintenance of safety mirrors hamper the growth of the market. The forecasted expansion of the safety mirrors market is anticipated to be constrained by the relevant authorities' improper maintenance of safety mirrors.
To improve security and safety, governments all over the world have enacted regulations required for the installation of safety mirrors at blind spots, on roads, in factories, warehouses, and other locations. Because of this, producers will have more opportunities to invest in expanding their production of safety mirrors. Additionally, rising demand for safety mirrors as a result of an increase in traffic accidents would present possibilities for key players in the global safety mirrors market. Manufacturers are also investing in developing innovative safety mirrors with attributes like weather resistance and others. The market for safety mirrors will experience a rise within the anticipated time frame.
The global market for safety mirrors has been negatively damaged by the COVID-19 outbreak. Globally, numerous countries have enacted absolute lockdown, allowing transportation in times of emergency only. As a result, the supply chain was disrupted and there was a decrease in the demand for safety mirrors. Furthermore, the pandemic's reduced import and export activities led to high raw material costs, which in turn had an effect on the market's development.
The key players profiled in this report include: Fred Silver & Company, Inc, Lester L. Brossard Company, Clarke's Safety Mirrors Limited, Se-Kure Controls, DENIOS, Inc., Frontier Polymers Ltd, Smartech Safety Solutions Private Limited, Ashtree Vision & Safety, H2 Safety India Private Limited, and Honesty Automation Private Limited, among others.
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