According to the FMI survey reports, with a CAGR of 7.8% from 2018 to 2022, sales of convex safety mirrors have risen rapidly in recent years. The overall market’s worth increased to USD 59.9 million in 2022 and is estimated to be around USD 64.4 million in 2023.
As per the new market analysis report by FMI, the demand for convex safety mirrors is projected to grow by 6.5% through 2033. By the end of this forecast period, the net worth of the globe is anticipated to reach up to USD 121.4 million.
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.
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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.
Key Takeaways from the Convex Safety Mirrors Market Study Report
- The over market is projected to witness an absolute dollar growth of USD 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 USD 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.
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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 Segments Covered by Convex Safety Mirrors Industry Survey Report
Convex Safety Mirror Industry Segment by Mirror Type:
- Full Dome Mirror
- Half Dome Mirror
- Quarter Dome Mirror
Convex Safety Mirror Industry Segment by Application:
- Traffic & Road Safety
- Industrial & Warehouse Safety
- Retail& Commercial Safety
- Institutional Safety
- Other Safety Applications
Convex Safety Mirror Industry Segment by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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