LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global traffic safety equipment market is expected to reach USD 2,760 million by 2021, growing at a CAGR of almost 7%.
This research report titled ‘Global Traffic Safety Equipment Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Road traffic accidents and injuries can be reduced by road safety management and proper traffic management. Increasing accidents and injuries on roads have driven the market for traffic safety equipment, especially in developing countries. Development of safer roads has a positive impact on the economic development of a country as it allows faster transportation and rapid transit systems.
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Technavio’s analysts categorize the global traffic safety equipment market into five major segments by product. They are:
- Traffic vests and rainwear
- Traffic cones
- Traffic barricades
- Tube delineators
The top three products segments for the global traffic safety equipment market are discussed below:
Global traffic safety equipment market by traffic vests and rainwear
Traffic vests and rainwear are high visibility clothing (jackets, shirts, and pants). They are bright colored that enables drivers and pedestrians to locate them easily, particularly at places having potential threat of accidents. For example, workers at road construction sites are susceptible to vehicle hitting and crashing, especially at night. Therefore, they are equipped with high visibility clothing and rainwear.
According to Neelash Prakash Singh, a lead power research analyst from Technavio, “Bad weather conditions, such as heavy rain and fog, can decrease the visibility of drivers, thus requiring law enforcement personnel and other workers to use traffic vests and rainwear. Similarly, crossing guards, who are highly prone to accidents use traffic vests for increased visibility to drivers.”
Global traffic safety equipment market by others
The other traffic safety equipment segment includes products such as flags, reflective safety tapes, stop and slow signs, marker signs, post reflectors, and LED barricade lights. These products, together hold a share of around 18.54%, due to their wide use in both municipal, and industrial and commercial applications.
“Similarly, road surface markings and pavement markings help to align the vehicle movement and vehicle positioning. Some of the functions of pavement markings include segregation of traffic, pedestrian crossing, inter-vehicle distance, and defining parking zones,” says Neelash.
Global traffic safety equipment market by tube delineators
Tube delineators are suitable for highway and city roads, where traffic flow is constant. These delineators have high stability and are long lasting. Vendors in the market are offering delineators with recycled rubber base and reflective tapes.
Tube delineators available in the market consist of UV inhibitors that help in retaining (by minimizing fading) the bright color. The tube delineator segment is expected to register a moderate growth during the forecast period due to their long lifecycle and extensive use on highways and city roads.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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