Traffic Safety Products Market in the US 2016-2020
About Traffic Fatalities
In 2015, the US witnessed the highest increase in traffic fatalities in the last 50 years. With over 38,000 deaths, 2015 recorded the highest percentage increase in the number of traffic fatalities in the country. Among high-income countries, the US has the highest traffic fatalities rate worldwide. While countries such as France, the UK, and Australia have witnessed a sharp decline in annual traffic fatalities and fatality rates (per mile of travel) over the period of time, the US has shown limited improvement in this regard in the last 20 years.
Technavio’s analysts forecast the traffic safety products market in the US to grow at a CAGR of 5.24% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the traffic safety products market in the US for 2016-2020. To calculate the market size, the report considers the revenue generated from the retail sales of traffic safety products in the market.
The market is divided into the following segments based on products:
Technavio Announces the Publication of its Research Report – Traffic Safety Products Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the traffic safety products market in the US: 3M, Honeywell, Ergodyne, and The Traffic Safety Store.
Other Prominent Vendors in the market are: Emedco, Fastenal, Global Industrial, Highway Signals, MCR Safety, MSC Industrial Direct, Pexco Davidson Traffic Control Products, RoadSafe Traffic Systems, Roadtech Manufacturing, Safety Cones USA, Safety Smart Gear, SA-SO, STHIL, Tamis, The Cortina Companies, Traffic Safety and Supply Company, and W.W. Grainger.
Commenting on the report, an analyst from Technavio’s team said: “Increasing concern about worker safety will be a key trend for market growth. Many roads, bridges, and highways need repair in the US. It is estimated that more than $3.3 trillion will be required to repair and replace old infrastructure in the country. With the aging highway infrastructure, many transportation organizations are focusing on improving and rebuilding existing roadways. So, roadwork activities are increasing in the US. The construction work is carried out at night to avoid the heavy traffic during peak hours. This has increased safety concerns about highway workers.”
According to the report, short repurchase cycle will be a key driver for market growth. Traffic safety products have a short lifespan. For instance, manufacturers claim that a traffic cone made of PVC has an average lifespan of two to three years. However, these cones often do not last more than one year as many are either stolen or destroyed in accidents. Studies reveal that every year, about one-fifth of cones purchased by government bodies goes missing. These cones are either poached by small contractors or are destroyed or vandalized. Similarly, manufacturers claim that traffic vests and rainwear have an average lifespan of two to three years. However, depending on the weather conditions and the frequency of use, they last less than 1.5 years. The short repurchase cycle of traffic safety products costs millions to government bodies and increases the risks of traffic causalities in the country. However, it generates replacement demand for traffic safety products and contributes revenue to the overall market.
Further, the report states that decrease in recruitment of police officers will be a challenge for the market. The number of new police officers recruited has been witnessing a decline in various regions in the US. For instance, the number of vacant police officer positions in San José Police Department, out of a total of 871, grew from 40 in 2012 to 181 in 2015.
3M, Honeywell, Ergodyne, The Traffic Safety Store, Emedco, Fastenal, Global Industrial, Highway Signals, MCR Safety, MSC Industrial Direct, Pexco Davidson Traffic Control Products, RoadSafe Traffic Systems, Roadtech Manufacturing, Safety Cones USA, Safety Smart Gear, SA-SO, STHIL, Tamis, The Cortina Companies, Traffic Safety and Supply Company, W.W. Grainger.
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