The traffic equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Traffic Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 in the historic period can be attributed to growth in investment, high incidence of accidents, increasing traffic volumes, development of road infrastructure, and stringent government regulations.
The traffic equipment market size is expected to see strong growth in the next few years. It will grow to $9.90 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to the surge in demand for sustainable traffic solutions, concerns related to carbon emissions, growth in the population, increasing need for public security, and increasing adoption of smart traffic management solutions. Major trends in the forecast period include technological advancements, developments in traffic management technologies, the introduction of mobility as a service (MaaS), automated technology solutions, and integrated sensors.
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Scope Of Traffic Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Traffic Equipment Market Overview
Market Drivers –
The growing number of road accidents is expected to propel the growth of the traffic equipment market going forward. Road accidents are incidents that occur on roadways involving vehicles, pedestrians, or cyclists, leading to injuries, fatalities, or damage to property, often caused by factors such as human error, vehicle malfunction, or adverse weather conditions. The growing number of road accidents can be attributed to several factors, including distracted driving, speeding, driving under the influence of alcohol or drugs, poor road conditions, and inexperienced drivers. Traffic equipment, such as cones, barriers, and warning signs, helps manage road accidents by directing traffic, ensuring safety, and preventing further collisions. For instance, in January 2024, according to the Road Safety Authority, an Ireland-based state agency that promotes road safety, in 2023, road fatalities rose by 19%, with 184 deaths in 173 fatal collisions, compared to 155 deaths in 149 collisions in 2022, marking an increase of 29 deaths. Therefore, the growing number of road accidents is driving the traffic equipment market.
Market Trends –
Major companies operating in the traffic equipment market are focusing on developing advanced products such as next-generation traffic controllers to improve traffic flow efficiency and enhance road safety. Next-generation traffic controllers are advanced traffic management systems designed to optimize traffic flow and enhance safety by integrating real-time data from various sources, including sensors and connected vehicles while utilizing cutting-edge technologies such as artificial intelligence and machine learning for improved decision-making and operational efficiency. For instance, in April 2023, Yunex Traffic, a Germany-based company that develops innovative mobility ecosystems, launched the Yutraffic Blade Advanced Traffic Controller Platform, a cutting-edge computing system with a dual-core processor, customizable analytics, CV2X capabilities, and a 7-inch touchscreen, designed to handle complex intersection traffic control now and in the future.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Traffic Equipment Market Report Structure
3. Traffic Equipment Market Trends And Strategies
4. Traffic Equipment Market – Macro Economic Scenario
5. Traffic Equipment Market Size And Growth
…..
27. Traffic Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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