The traffic equipment market has grown significantly in recent years. It is expected to expand from $7.17 billion in 2023 to $7.64 billion in 2024, at a CAGR of 6.6%. Factors contributing to this growth include increased investment, a higher incidence of accidents, growing traffic volumes, road infrastructure development, and stricter government regulations.
The traffic equipment market is expected to grow steadily, reaching $9.90 billion by 2028 at a CAGR of 6.7%. This growth is attributed to the increasing demand for sustainable traffic solutions, concerns over carbon emissions, growing populations, greater needs for public security, and the adoption of smart traffic management solutions. Key trends include advancements in traffic management technologies, mobility as a service (MaaS), automated technology solutions, and integrated sensors.
Major Driver In The Traffic Equipment Market
The rising number of road accidents is expected to drive the growth of the traffic equipment market. Road accidents, involving vehicles, pedestrians, or cyclists, can result in injuries and property damage, often due to factors like distracted driving, speeding, and poor road conditions. Traffic equipment such as cones, barriers, and warning signs are essential for managing road accidents, directing traffic, and ensuring safety. In January 2024, the Road Safety Authority reported a 19% rise in road fatalities in 2023, with 184 deaths in 173 fatal collisions, compared to 155 deaths in 149 collisions in 2022. As road accidents continue to rise, the demand for traffic equipment will increase, driving market growth.
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Traffic Equipment Market Competitive Landscape
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
Key Traffic Equipment Market Trend
Companies in the traffic equipment market are working on advanced products like next-generation traffic controllers to improve traffic flow and road safety. These systems integrate real-time data from various sources, including sensors and connected vehicles, and leverage artificial intelligence for better decision-making. In April 2023, Yunex Traffic, a Germany-based mobility solutions provider, launched the Yutraffic Blade Advanced Traffic Controller Platform, designed with cutting-edge computing capabilities and a touchscreen interface to manage complex intersection traffic control.
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Global Traffic Equipment Market Segmentation
The traffic equipment market covered in this report is segmented –
1) By Equipment Type: Traffic Safety Barriers, Traffic Cones, Traffic Safety Signs, Shell Protection, Digital Products, Running Plates, Traffic Beams, Shut-off Gates, Tenting, Other Equipment Types
2) By 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, Other Traffic Management Solutions
3) By Traffic Control Application: Urban Traffic, Highway Management, Inter-urban, Parking Management, Info-mobility, Public Transport, Tolling, Construction Zone, Other Traffic Control Applications
4) By Distribution Channel: Direct Sales, Government Agencies, Distributors Or Online Platform
5) By End-user: Government And Municipal Authorities, Construction Companies, Transportation Agencies, Commercial And Residential Areas, Education Institutions, Airports And Seaports, Industrial, Other End-users
By Geography:The regions covered in the traffic equipment market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the traffic equipment market in 2023.
The Traffic Equipment Global Market Report 2024 furnishes information about the global traffic equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
