Global Traffic Safety Equipment Market 2017-2021
About Traffic Safety Equipment
Traffic safety equipment plays a crucial role in road safety management. It is essential to maintain safety on the roads for pedestrians, as well as drivers. Increasing accidents and fatalities are driving the demand for traffic safety equipment. Another factor driving this demand is the rise in transport infrastructure investment worldwide to improve the operational performance of road transport, including traffic management, vehicle tracking, and additional road networks. APAC will have the largest transport infrastructure market with an investment increasing from $500 billion per year to nearly $850 billion per year by 2025.
Technavio’s analysts forecast the global traffic safety equipment market to grow at a CAGR of 6.60% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global traffic safety equipment market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of traffic safety equipment.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Traffic Safety Equipment Market 2017-2021
Technavio recognizes the following companies as the key players in the global traffic safety equipment market: 3M, Ergodyne, and Honeywell
Other Prominent Vendors in the market are: Emedco, Evelux USA, MCR Safety, Pexco Davidson Traffic Control Products, Roadtech Manufacturing, RoadSafe Traffic Systems, SWARCO, Tamis Corporation, The Cortina Companies, and TrafFix Devices
Commenting on the report, an analyst from Technavio’s team said: “Vendors in the market are focusing on providing environment-friendly traffic safety products, such as eco-friendly traffic cones and speed limits. They are using recycled materials for manufacturing these products. For instance, recycled rubber from tires is used for manufacturing these products. Waste tires are one of largest sources of landfills. Thus, using them for manufacturing traffic safety products not only helps to reduce waste but also increases the cost efficiency for the manufacturers. Another advantage of using eco-friendly traffic safety products is their durability. Tires from vehicles are made from strong rubber materials that are designed to last longer.”
According to the report, most incidences of road crashes occur due to human error, such as speed, drink and drive, and non-compliance with traffic and driving rules. With the rising number of vehicles on the road, accidents, injuries, and fatalities have increased over time. Every year, on an average 1.5 million people die because of road traffic crashes. Of this figure, around 50% of the people are vulnerable road users, such as pedestrians and motorcyclists. These road accidents have impacted the traffic safety equipment market as installing traffic cones, delineators, channelizers, and barriers at proper locations can reduce the chances of over-speeding, as well as the severity of injuries. Therefore, traffic engineers and manufacturers are increasing the visibility of traffic safety products by using retroflected borders and tapes. This can increase visibility during the night and enhance safety on the road. Road crashes often occur at intersections because these locations are more prone to crossing over and turning left and right. Therefore, installing traffic mirrors at these intersections can control accidents by providing an enlarged view of vehicles coming from the opposite direction.
Further, the report states that traffic congestion is one of the major problems in almost every densely-populated city. It leads to road rage, accidents, and affects the environment with pollution emitted from idling engines. Installing traffic safety products at appropriate locations can significantly improve traffic flow and safety. However, change in weather conditions have a negative impact on these products and can cause fading of colors, poor visibility, changed position due to heavy winds, accumulation of snow, and low visibility during foggy days. These weather conditions can lead to accidents or slow movement of vehicles resulting in congestion. Thus, there is a need for traffic safety products that are suitable for any type of environment.
3M, Ergodyne, Honeywell, Emedco, Evelux USA, MCR Safety, Pexco Davidson Traffic Control Products, Roadtech Manufacturing, RoadSafe Traffic Systems, SWARCO, Tamis Corporation, The Cortina Companies, and TrafFix Devices
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