The net worth of the total convex safety mirrors sold globally in 2023 is estimated to be USD 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.
FMI forecasts the growing demand for convex safety mirrors can strengthen the market by 2033 when it is predicted to be worth USD 121.4 million. Convex safety mirrors, in particular, have become essential for improving vision and eliminating the risk of accidents by providing users with an extensive view. Moreover, safety convex mirrors also increase safety on local roads, private properties, and other places by successfully removing blind spots.
The market has expanded with government and municipal authorities' strict rules for installing convex safety mirrors aimed at boosting security, safety, and accident avoidance. The adoption of convex safety mirrors has also surged in a variety of other locations, including buildings, warehouses, stores, underpasses, hotel corridors, hospitals, and more.
Convex mirrors are being recognized as a practical solution, which has increased consumer interest and sales for using them as safety mirrors. Convex safety mirrors now perform and last longer because of improvements in mirror technology, including anti-fog coatings and shatterproof materials.
Although the sales of convex safety mirrors are expected to rise, several restrictions may limit the rate of growth over the forecast years. The high expense of installing and maintaining convex safety mirrors, particularly at remote locations, is a crucial determining factor.
Manufacturers and suppliers might concentrate on creating cutting-edge solutions to lessen the effects of high maintenance expenses associated with convex road safety mirrors. For instance, improvements in mirror technology, such as self-cleaning coatings or tough materials, can significantly lessen how often intensive maintenance is needed.
| Attribute | Details |
|---|---|
| Global Convex Safety Mirrors Market Valuation in 2022 | USD 59.9 million |
| Estimated Global Market Share in 2023 | USD 64.4 million |
| Forecasted Global Market Size by 2033 | USD 121.4 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 6.5% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 7.8% CAGR |
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As per the FMI market survey reports, the net worth of total convex safety mirrors sold in 2018 was USD 44.4 million. With a CAGR of 7.8% from 2018 to 2022, the global sales of convex safety mirrors represented a promising trend for its producers.
By the end of 2023, the net valuation of the market is expected to reach a valuation of USD 64.4 million. However, the market is observed to have slowed down in comparison to the evaluated period in light of reducing prices of CCTV cameras.
| Top Mirror Type Segment | Full Dome Mirrors |
|---|---|
| Top Market Segment Historical CAGR from 2018 to 2022 | 7.5% |
| Top Market Segment Forecasted CAGR from 2023 to 2033 | 6.2% |
The rise in traffic fatalities and inadequate visibility at turnings have contributed to an increase in traffic accidents across the countries. So, government requirements and strict rules to increase the installation of safety mirrors on highways and hill roads are projected to boost sales. Moreover, the market for convex safety mirrors may continue to grow by concentrating on cutting-edge technologies, highlighting long-term advantages, and resolving cost issues.
| Top Application Segment | Traffic and Road Safety |
|---|---|
| Top Market Segment Historical CAGR from 2018 to 2022 | 7.4% |
| Top Market Segment Forecasted CAGR from 2023 to 2033 | 6% |
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the United States Market from 2018 to 2022 | 7.6% |
| Forecasted CAGR of the United States Market from 2023 to 2033 | 6.3% |
| Anticipated Overall Market Value in the United States by 2033 | USD 20.7 million |
| The United States Market Absolute Dollar Growth Until 2033 | USD 9.5 million |
To curb road accidents, the United States enacts strict restrictions, and convex safety mirrors are among the safety devices following these standards. Over the forecasted period, the sales of convex safety mirrors in the United are poised to remain profitable as per the analysis report.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the United Kingdom Market from 2018 to 2022 | 7.2% |
| Forecasted CAGR of the United Kingdom Market from 2023 to 2033 | 6.4% |
| Anticipated Overall Market Value in the United Kingdom by 2033 | USD 4.5 million |
| Projected Growth of the Market Until 2033 in Absolute Dollar | USD 2.1 million |
The European market is constantly looking for chances to create and release cutting-edge products in response to the changing safety requirements of diverse industries. Leading convex safety mirror producers based in Europe are improving their functionality and performance by adopting smart mirror technologies.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the China Market from 2018 to 2022 | 7.6% |
| Forecasted CAGR of the China Market from 2023 to 2033 | 6.4% |
| Anticipated Overall Market Value in China by 2033 | USD 24.4 million |
| China Market Absolute Dollar Growth Until 2033 | USD 11.3 million |
China is anticipated to lead the convex safety mirror market in the anticipated year with the emergence of important players. Moreover, China's strong export base for Asia Pacific countries is also anticipated to favor its market to sell convex safety mirrors through 2033.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the Japan Market from 2018 to 2022 | 7.6% |
| Forecasted CAGR of the Japan Market from 2023 to 2033 | 6.4% |
| Anticipated Overall Market Value in Japan by 2033 | USD 17.6 million |
| Japan Market Absolute Dollar Growth Until 2033 | USD 8.2 million |
Manufacturers and suppliers in Japan and South Korea have built up a sizable market presence and support the development and innovation of the mirrors. FMI forecasts the rise of some regional players in these countries to the global level by improving the quality of safety convex safety mirrors.
Forecasted CAGR of the South Korea Market from 2023 to 2033 6.1% Anticipated Overall Market Value in South Korea by 2033 USD 5.5 million South Korea Market Absolute Dollar Growth Until 2033 USD 2.5 million
Renowned market players specialize in producing and selling a broad selection of convex safety mirrors for different uses that have moderately consolidated the market. In addition to having a significant market presence, some leading players are now known for their skill in manufacturing premium convex safety mirrors.
Some convex safety producers have specialized over time by serving some distinct sectors for a very long time, including retail, healthcare, transportation, and more. For instance, Se-Kure Controls primarily specializes in designing and manufacturing convex security mirrors intended for retail establishments and storage facilities. Likewise, DENIOS is renowned for offering convex safety mirrors, emphasizing spill prevention and hazardous material containment, intended for industrial settings.
Recent Developments by the Convex Safety Mirrors Industry Players
Numerous improvements and advances have taken place on the convex safety mirror fueling the emerging trends in the market and presenting prospects to suppliers. For instance, smart safety mirrors, which integrate cutting-edge technology like sensors, cameras, and connection features, are one example of a recent development in this area. Such convex safety mirrors provide real-time information, spot possible dangers, and increase driving safety.
Furthermore, the creation of weather-resistant convex safety mirrors is becoming increasingly popular among buyers, particularly for installation in remote locations. Extreme temperatures, high humidity, and precipitation are some challenging climatic conditions in that these mirrors are made to survive. Since they are durable, constant operation is guaranteed, and frequent replacements or repairs can be avoided effectively by the installing party.
The end users likewise prefer mirrors that are resistant to corrosion and abrasion. Such mirrors are designed to withstand corrosion brought on by contact with corrosive chemicals, moisture, or other substances, particularly in industrial facilities. Additionally, they feature improved resistance to abrasions and scratches, assuring longevity and retaining ideal visibility for a more extended period.
How can Manufacturers Scale their Businesses in the Global Convex Safety Mirrors Market?
The features of convex safety mirrors are expected to develop further, which could offer chances for manufacturers to innovate and satisfy the rising demand. Sales are also anticipated to be stimulated by the need for convex safety mirrors to be installed along highways, as ordered by federal authorities. As a consequence, safety convex mirror producers may broaden their supply chain by entering into long-term agreements with road development and maintenance organizations.
Launching awareness programs to raise public knowledge of the use of safety mirrors in preventing accidents could be a positive strategy for the market players. As people become aware of the necessity for appropriate safety precautions, such awareness initiatives may raise the sales of rear-view or convex safety mirrors.
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| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the South Korea Market from 2018 to 2022 | 6.9% |
| Attribute | Details |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; the Middle East & Africa; East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Mirror Type, By Application, and By Region |
| Key Companies Profiled | Ashtree Vision and Safety Mirrors; Clarke`s Safety Mirrors; DuraVision Mirrors; Fred Silver Mirrors; H2 Mirrors |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is projected to grow at a CAGR of 6.5% through 2033.
China is expected to experience significant growth with a CAGR of 6.4% through 2033.
High installation and maintenance costs can hinder the market's growth potential.
Innovations in mirror technology, such as self-cleaning coatings, are positively influencing the market.
Strict rules and regulations mandating the installation of convex safety mirrors propel market growth.
| Market Size (2023) | USD 68.9 million |
|---|---|
| Market Projected Size (2033) | USD 107.4 million |
| Value CAGR (2023 to 2033) | 4.5% |
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