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The traffic safety products market is estimated to grow by USD 1.21 billion at a CAGR of 6.43% between 2022 and 2027. The focus on developing road infrastructure is crucial for improving connectivity and transportation efficiency, leading to increased demand for road construction materials and equipment. The rising number of road accidents has prompted governments and organizations to invest in technologies and solutions for road safety, which can drive market growth in the safety equipment and infrastructure sectors. Additionally, increasing investments in the construction of industrial and commercial areas contribute to the demand for construction materials and equipment, boosting market growth in these sectors.
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This report extensively covers market segmentation by product (traffic vests and rainwear, tube delineators, traffic cones, traffic barricades, and others), end-user (municipal, industrial, and commercial), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth of the traffic vests and rainwear segment will be significant during the forecast period. Safety vests are primarily used by workers who handle industrial and commercial building construction and construction activities. Such vests feature a reflective material coating that helps in locating the presence of workers wearing them. On the roads, the use of safety vests makes it easier to see construction workers or safety personnel, which enhances their safety. These vests are bright-colored, owing to which drivers can easily locate workers, especially in accident-prone areas.
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The traffic vests and rainwear segment was valued at USD 1.67 billion in 2017. Bad weather conditions, such as rain and fog, reduce drivers' visibility, which can lead to accidents at construction sites. Thus, law enforcement personnel and construction workers use vests and rainwear. The demand for vests and rainwear is increasing with the rising number of construction and expansion activities. Moreover, the increasing number of road safety programs and associated policies being implemented across the globe is likely to propel the demand for vests and rainwear during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC also has a large number of commercial and industrial projects. At the end of 2018, China accounted for about half of the total SEZs across the globe. The growing FDI across the region and the expansion of several manufacturing industries are further bolstering the growth of the industrial sector in the region. Since industries are some of the prominent end-users of these products, the growth of the industrial sector is anticipated to enhance the business prospects of the regional market in focus during the forecast period.
Countries such as China, Japan, South Korea, and India were highly affected by the COVID-19 pandemic. However, the market is expected to witness a rise in the manufacture and sales of such products during the forecast period. Furthermore, in 2021, the initiation of vaccination drives in APAC led to the lifting of lockdown restrictions and manufacturing units resumed their operations, which created a demand for these products. A shift in marketing strategies by the market players, along with mass vaccination drives conducted by the governments of the region, helped the regional economy revive and attain steady growth momentum.
The market is witnessing growth due to increasing concerns over road accidents and fatalities. Essential for public security and road infrastructure, these products are in demand by transport operators and governments worldwide. Technological advancements are driving the market, with a focus on digital services and connected commercial vehicles. The demand for system integration and deployment services is rising, along with the need for traffic management solutions. As urbanization and motorization continue, the market is expected to expand further to address road safety for all users, including drivers, passengers, and pedestrians, aligning with the World Health Organization's (WHO) initiatives. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The development of road infrastructure is notably driving the market growth. The transportation sector is a key contributor to the GDP of many countries and plays a crucial role in their economic development, impacting various industries. Technological advancements are driving changes in the sector, influencing sources of revenue, business operations, and the demand for system integration and deployment services. Traffic management solutions are becoming increasingly important in addressing issues such as accidents and congestion. The growing global population and expanding industrial sector are driving the need for efficient road transportation. However, the increasing number of vehicles on the road is leading to congestion, particularly in areas with high tourism activity. To address this, governments are investing in expanding and building new roads and highways, focusing on motorization and public security. These efforts aim to improve road safety and infrastructure, reducing accidents and increasing the demand for road safety products. These infrastructure development efforts also drive the demand for these products, essential for ensuring worker safety in construction zones.
The development of traffic safety products made of eco-friendly and recycled materials is a traffic safety equipment market trend that is expected to have a positive impact in the coming years. Most of these products are made of PVC and rubber, owing to which such products are hard to degrade, which can cause environmental pollution. Therefore, due to the implementation of policies regarding global pollution, the companies operating in this market are focusing on the development of products made from eco-friendly or recycled materials. Several manufacturers are using recycled rubber from waste tires as the raw material for manufacturing these products such as cones, barricades, and delineators. Since stringent environmental policies are being implemented by various countries, such eco-friendly products are likely to be adopted for manufacturing these products in the future.
The lack of awareness about road safety will be a major challenge for the market during the forecast period. The lack of awareness of road safety, improper infrastructure planning, and a subsequent reduction in the expenditure on infrastructure development in several underdeveloped and developing countries are the major reasons for recurring road accidents. The absence of road safety standards in some countries is limiting the development of road infrastructure in those countries. Furthermore, an inadequate policy formulation is restricting investments in the systematic mainstreaming of road safety in many countries. This can result in a significant number of road accidents and related fatal injuries. Owing to the poor road infrastructure, these countries are lagging in terms of the implementation of these regulations. Thus, the lack of awareness about road safety is expected to limit the growth of the market.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Traffic Technologies Ltd. - The company offers traffic safety products that include road safety signage, regulatory traffic signs, bollards, and traffic control products, for road traffic authorities, councils, and the construction industry under its traffic products segment as the key offering. The company offers traffic safety products such as signage, safety products, and technical products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is experiencing growth due to increasing digitalization and adoption of latest technologies like computer vision, IoT sensors, and artificial intelligence. These advancements enable better monitoring of pedestrian, vehicle, and cyclist movement, improving road safety. GIS and GPS technologies provide granular data for traffic management, while drones and social media enhance surveillance and incident detection. Intelligent transportation systems are key, supported by hardware, software, and communication standards. Despite challenges like cybersecurity threats, the market is driven by initiatives like the Road to Zero program, aiming to reduce road fatalities with innovative solutions and smart city integration.
The market is evolving rapidly with advancements in computing technology and Big Data, enabling better incident detection and response. Cameras, radar, and ALPR/ANPR systems enhance surveillance and enforcement. GIS and GPS technologies provide valuable insights into traffic volume and movement patterns. Virtual reality and simulators aid in training and smart city planning. Autonomous vehicles and new technologies are reshaping road safety, supported by professional services and support. Despite challenges like lack of standardized technologies, the market is driven by the goal of reducing deaths and improving highway safety.
The market is crucial for ensuring road safety and managing transport demand effectively. It addresses challenges like pedestrian movement and vehicle safety at intersections. GIS and GPS technologies play a key role in traffic management, despite lack of standardized technologies. The market offers solutions for railroad crossing safety, school bus stop-arm enforcement, and speed enforcement through red light and speed monitoring systems. Consulting and training services support smart city initiatives, especially in developing economies. With a focus on reducing road traffic incidents and motorcyclist fatalities, the market aligns with global initiatives like the Road to Zero campaign.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.43% |
Market growth 2023-2027 |
USD 1.21 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.26 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Avery Dennison Corp., Brady Corp., Conduent Inc., eTrans Solutions Pvt Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., Jenoptik AG, Kapsch TrafficCom AG, Lindsay Corp., RoadSafe Traffic Systems Inc., Saferoad Holding AS, Shenzhen LuMing Traffic Equipment Co. Ltd., SWARCO AG, Teledyne Technologies Inc., Traffic Technologies Ltd., Valmont Industries Inc., Vectus Industries Ltd., Verra Mobility Corp., and W.W. Grainger Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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