Press release
Traffic Equipment Market Size to Reach $10.21 Billion by 2029 | Growth at 6.1% CAGR Forecast
Traffic Equipment Market
What is the Projected Market Size of the Traffic Equipment Industry?
In recent times, the market size for traffic equipment has seen a solid increase. It's expected to escalate from $7.64 billion in 2024 to $8.06 billion in 2025, marking a compound annual growth rate (CAGR) of 5.5%. The rise observed in the historic context is largely due to factors such as an increase in investments, a high rate of accidents, growing traffic volumes, road infrastructure development, and strict government regulations.
What Will Be the Size of the Traffic Equipment Market by 2029?
Anticipations are high for robust expansion in the traffic equipment market size in the forthcoming years. It is projected to escalate to $10.21 billion by 2029, with a compound annual growth rate (CAGR) of 6.1%. The projected growth during this period can be credited to the escalated demand for sustainable traffic solutions, rising concerns over carbon emissions, population growth, an augmented requirement for public security, and the increasing adoption of smart traffic management solutions. Key trends during the projected period comprise technological advancements, enhancements in traffic management technologies, the advent of mobility as a service (MaaS), automated technology solutions, and integrated sensors.
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What Are the Strategic Drivers Boosting Traffic Equipment Market Performance?
The uptick in road accidents is projected to catalyze the expansion of the traffic equipment market. Road accidents consist of occurrences on roadways involving pedestrians, vehicles, or cyclists which result in damage to property, injuries or deaths, often because of elements like human blunders, vehicle breakdown, or severe weather conditions. The rising count of road accidents can be tied to various elements, such as distracted driving, exceeding the speed limit, driving while inebriated or under the influence of drugs, bad road conditions, and novice drivers. Traffic equipment like cones, barriers, and signs play a pivotal role in managing these accidents by controlling traffic, assuring safety, and preventing additional crashes. As an example, the Road Safety Authority, a state agency in Ireland that endorses road safety, stated in January 2024 that there was a 19% rise in road fatalities with 184 deaths in 173 fatal accidents in 2023 as compared to 155 deaths in 149 accidents in 2022, signifying a rise of 29 deaths. Consequently, the escalating number of road accidents is fueling the growth of the traffic equipment market.
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How Is the Traffic Equipment Market Segmented by Type, Application, and Region?
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
Subsegments:
1) By Traffic Safety Barriers: Concrete Barriers, Plastic Barriers, Steel Barriers, Portable Barriers
2) By Traffic Cones: Standard Traffic Cones, Collapsible Traffic Cones, Lighted Traffic Cones, Weighted Traffic Cones
3) By Traffic Safety Signs: Regulatory Signs, Warning Signs, Informational Signs, Custom Signs
4) By Shell Protection: Shell Panels, Shell Covers, Shell Shields
5) By Digital Products: Digital Message Signs, Radar Speed Signs, Traffic Cameras, Traffic Monitoring Systems
6) By Running Plates: Steel Running Plates, Composite Running Plates, Rubber Running Plates
What Are the Key Trends Driving Growth in the Traffic Equipment Market?
Leading organizations that function in the traffic equipment market are focusing on the development of innovative items like next-generation traffic controllers, aiming to enhance road safety and the effectiveness of traffic flow. These traffic controllers constitute advanced traffic management setups that aim to optimize traffic movement and increase safety by incorporating live data from multiple sources such as sensors and linked vehicles. They utilize state-of-the-art technologies like artificial intelligence and machine learning for better decision-making and operational effectiveness. For example, in April 2023, Yunex Traffic, a company based in Germany that builds groundbreaking mobility ecosystems, introduced the Yutraffic Blade Advanced Traffic Controller Platform. This is a modern computing system featuring a dual-core processor, customizable analytics, CV2X abilities, and a seven-inch touchscreen. It is designed to manage complicated intersection traffic control presently and in the future.
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Who Are the Leading Companies Driving Growth in the Traffic Equipment Market?
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
Which Is the Leading Region in the Global Traffic Equipment Market?
Asia-Pacific was the largest region in the traffic equipment market in 2024. The regions covered in the traffic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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