Instruments or equipment that are specially designed to resolve traffic congestion and improve commutation are called traffic equipment. With the use of such equipment, the probability of road accident fatalities can be reduced, improving the traveling experience.
WILMINGTON, Del., July 24, 2024 /PRNewswire/ -- The estimated size of the worldwide traffic equipment market [https://www.transparencymarketresearch.com/traffic-equipment-market.html] is likely to reach USD 14 billion by 2034, which was measured at USD 7.7 billion in 2023. Owing to various key industrial forces, the ecosystem was set to progress at a moderate CAGR of 5.6% through the forecast period, creating opportunities for key players in the sector.
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The growing focus on developing infrastructure in cities and towns to improve connectivity with other cities is likely to improve roads and other commutation facilities. This improvement in road infrastructure is expected to surge traffic, which might need effective traffic management systems to avoid congestion. To cater to this demand, the requirement for traffic equipment elevates, driving the size of the ecosystem.
Owing to the increasing trade, leading manufacturers have been using roads as the foremost media for the transportation of goods and commodities. To cater to effective trade within different cities or countries, robust infrastructure has been developed, which elevates the demand for proper traffic management.
To improve the quality of life and to reduce travel time, governments have been investing heavily in the development of roads and transport media. Such rising investments have been beneficial in terms of boosting the infrastructure. The growing population and the growing disposable income levels of consumers are responsible for the propulsion of the automobile sector. Consumers can buy multiple vehicles more easily, increasing the total number of vehicles on roads.
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The growing sales of automobiles indicate the growing traffic on roads. Owing to the need to effectively manage traffic conditions, the demand for effective traffic management equipment is expected to proliferate. With the rising traffic levels on roads, various issues like traffic congestion have been increasing. To control and regulate such scenarios, effective tools must be incorporated, which can curb such adversities.
A key objective of governments of various countries is to control the rate of road accidents. The prevalence of road accidents has led governments to take actions that can arrest the rate of collisions, improve the visibility of roadside signs, and so on. To cater to road safety regulations, appropriate systems must be installed. The demand for the same is observed to have increased recently, which drives the global traffic equipment market.
Key Findings from the Market Report
-- The competitive landscape of the traffic equipment market is segmented
into different categories, depending on various governing factors.
Traffic safety barriers are widely used in cities, which yield
substantial revenue to the segment.
-- Based on the material segment, steel is used the highest, due to better
physical and chemical properties of the metal.
-- Smart signaling solutions of the traffic management solution segment can
generate the highest revenue, due to the rising demand for transforming
traffic management systems.
-- The growing urban traffic secures a respectable share of the traffic
control application segment. Due to the growing urbanization rate, the
demand for the category is set to increase.
Regional Profile
-- With the rising government investments in the development of
infrastructure in Asia-Pacific, prospects for key manufacturers in the
traffic equipment industry can be enhanced.
-- The emphasis on research and development in Europe can augment
technology related to traffic equipment. This can fuel the size of the
ecosystem.
-- Technological innovations in North America can drive the growth of the
industry in the region. The efficiency of traffic management systems can
be enhanced by channeling such innovations.
Traffic Equipment Market Report Scope:
Report Coverage Details Forecast Period 2024-2034 Base Year 2020-2022 Size in 2023 US$ 7.7 Bn Forecast (Value) in 2034 US$ 14.0 Bn Growth Rate (CAGR) 5.6 % No. of Pages 140 Pages Segments covered By Equipment Type, By Material, By Traffic Management Solution, By Traffic Control Application
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Competitive Landscape
Leading manufacturers in the traffic equipment industry expand using various key expansion strategies, including acquisitions, mergers, strategic partnerships, collaborations, and many more.
-- 3M Company is a key player offering abrasives, adhesives, sealants and
fillers, and automotive parts and hardware.
-- Honeywell International, Inc. is a global player producing solutions
like building management, fire life safety, and intrusion detection
solutions.
-- ALCOLITE is another key player in the competitive space offering
products like rigid delineators, aluminum road ST, and rubber dock
bumpers.
Key Players
-- 3A Composites GmbH
-- 3M Company
-- ALCOLITE
-- Brady Worldwide Inc.
-- Evelux USA
-- Fortran Traffic Systems Limited
-- Gatekeeper Security Inc.
-- Honeywell International Inc.
-- Indra Sistemas, S.A.
-- North America Traffic
-- Pexco LLC
-- RoadSafe Traffic Systems Inc.
-- Siemens Mobility
-- SWARCO
-- Tamis Corporation
-- Zhejiang Traffic Safety Products Co. Ltd.
-- Other Key Players
Key Developments in the Traffic Equipment Market
-- In March 2024, 3M Company invested and gained some stake in EVOLOH, a
hydrogen electrolyzer manufacturer.
-- In June 2024, Honeywell International, Inc. announced the acquisition of
CAES, aiming to elevate the quality of defense technology.
Market Segmentation
Equipment Type
-- Traffic Safety Barriers
-- Traffic Cones
-- Traffic Safety Signs
-- Shell Protection
-- Digital Products
-- Running Plates
-- Traffic Beams
-- Shut-off Gates
-- Tenting
-- Traffic Buffers
-- Entry Gates
-- Others
Material
-- Steel
-- Wood
-- Aluminum
-- Thermoplastics
-- PVC (Polyvinyl Chloride)
-- Rubber
-- Ceramic
-- Others
Traffic Management Solution
-- Smart Signaling
-- Route Guidance and Route Optimization
-- Traffic Analytics
-- Smart Surveillance
-- Automatic Number Plate Recognition System (ANPR)
-- Facial Recognition
-- Pedestrian Detection
-- Incident Detection
-- Others
Traffic Control Application
-- Urban Traffic
-- Highway Management
-- Inter-urban
-- Parking Management
-- Info-mobility
-- Public Transport
-- Tolling
-- Construction Zone
-- Others (Tunnel and Freeway)
Distribution Channel
-- Direct Sales
-- Government Agencies
-- Distributors or Online Platform
End-user
-- Government and Municipal Authorities
-- Construction Companies
-- Transportation Agencies
-- Commercial and Residential Areas
-- Education Institutions
-- Airports and Seaports
-- Industrial
-- Others
Region
-- North America
-- Central and South America
-- Europe
-- Asia Pacific
-- Middle East & Africa
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