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 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.
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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