Traffic Equipment Market Report 2024

This Traffic Equipment market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The traffic equipment market size has grown strongly in recent years. It will grow from $7.17 billion in 2023 to $7.64 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed during the historical period can be attributed to several key factors such as increased investment, a high incidence of accidents, rising traffic volumes, advancements in road infrastructure, and the implementation of stringent government regulations.

The traffic equipment market size is expected to see strong growth in the next few years. It will grow to $9.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth during the forecast period is driven by a rising demand for sustainable traffic solutions, heightened concerns regarding carbon emissions, population growth, an increasing need for public safety, and the growing adoption of smart traffic management systems. Key trends shaping this period include technological advancements, innovations in traffic management technologies, the emergence of mobility as a service (MaaS), the implementation of automated technology solutions, and the integration of sensors.

The increasing incidence of road accidents is anticipated to drive growth in the traffic equipment market in the coming years. Road accidents are defined as incidents occurring on roadways involving vehicles, pedestrians, or cyclists, resulting in injuries, fatalities, or property damage. These accidents are often attributed to factors such as human error, vehicle malfunctions, and adverse weather conditions. Contributing factors to the rising number of road accidents include distracted driving, speeding, driving under the influence of alcohol or drugs, poor road conditions, and a lack of experience among drivers. Traffic equipment, including cones, barriers, and warning signs, plays a crucial role in managing road accidents by directing traffic, ensuring safety, and preventing additional collisions. For example, in January 2024, the Road Safety Authority, an Ireland-based state agency dedicated to promoting road safety, reported a 19% increase in road fatalities in 2023, with 184 deaths in 173 fatal collisions, compared to 155 deaths in 149 collisions in 2022. Therefore, the growing number of road accidents is propelling the traffic equipment market.

Key companies within the traffic equipment sector are focusing on the development of advanced products, such as next-generation traffic controllers, to improve traffic flow efficiency and enhance road safety. Next-generation traffic controllers are sophisticated traffic management systems designed to optimize traffic flow and improve safety by integrating real-time data from various sources, including sensors and connected vehicles, while employing cutting-edge technologies such as artificial intelligence and machine learning for enhanced decision-making and operational efficiency. For instance, in April 2023, Yunex Traffic, a Germany-based company that specializes in developing innovative mobility ecosystems, launched the Yutraffic Blade Advanced Traffic Controller Platform. This advanced computing system features a dual-core processor, customizable analytics, CV2X capabilities, and a 7-inch touchscreen, making it capable of managing complex intersection traffic control both now and in the future.

In January 2024, RoadSafe Traffic Systems, a US-based company providing traffic control and pavement marking services, acquired B.C. Cannon Co. Inc. for an undisclosed sum. This acquisition aims to expand RoadSafe's presence in the traffic safety industry, while B.C. Cannon Co. Inc. will enhance its service offerings and strengthen its position in the traffic control market. B.C. Cannon Co., Inc. is a US-based provider specializing in traffic safety solutions.

Major companies operating in the traffic equipment market are Honeywell International Inc., 3M Company, Siemens Mobility, Indra Sistemas S.A., Brady Worldwide Inc., SWARCO, Jenoptik Group, 3A Composites GmbH, Kapsch TrafficCom, RoadSafe Traffic Systems Inc., Pexco LLC, The Cortina Companies, TrafFix Devices Inc., Fortran Traffic Systems Limited, Metro Infrasys Pvt. Ltd., Omnitec Group, All Traffic Solutions, Gatekeeper Security Inc., Evelux USA, North America Traffic, Roadtech Manufacturing, Cubic Corporation.

Asia-Pacific was the largest region in the traffic equipment market in 2023. The regions covered in the traffic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the traffic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Traffic equipment encompasses a range of tools and devices designed to regulate, manage, and monitor the movement of vehicles and pedestrians on roads and highways. This category includes traffic lights, signage, cones, barriers, speed cameras, and electronic signaling systems, all of which play a crucial role in enhancing road safety, optimizing traffic flow, and minimizing accidents.

The primary types of traffic equipment include traffic safety barriers, traffic cones, traffic safety signs, shell protection, digital solutions, running plates, traffic beams, shut-off gates, tenting, among others. Traffic safety barriers are longitudinal systems deployed to protect vehicles from roadside hazards, effectively preventing them from veering off the roadway and colliding with dangerous obstacles such as steep slopes, boulders, or bridge abutments. Traffic management solutions comprise smart signaling, route guidance and optimization, traffic analytics, smart surveillance, automatic number plate recognition (ANPR), facial recognition, pedestrian detection, incident detection, and more. The applications for traffic control include urban traffic management, highway oversight, inter-urban transit, parking management, info-mobility, public transport, tolling, construction zone management, and others. Distribution channels for these products include direct sales, government agencies, distributors, and online platforms. The end-users span a diverse range of sectors, including government and municipal authorities, construction firms, transportation agencies, commercial and residential properties, educational institutions, airports and seaports, industrial entities, and more.

The traffic equipment market research report is one of a series of new reports that provides traffic equipment market statistics, including traffic equipment industry global market size, regional shares, competitors with a traffic equipment market share, detailed traffic equipment market segments, market trends and opportunities, and any further data you may need to thrive in the traffic equipment industry. This traffic equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The traffic equipment market consists of sales of products such as warning signs, folding barricades, and reflective tape. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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