LONDON--(BUSINESS WIRE)--The global traffic safety products market size is poised to reach USD 922.78 million by 2023, according to a new report by Technavio, progressing at a CAGR of over 6% during the forecast period.
“Apart from the rising number of road accidents, the development of traffic safety products made of ecofriendly and recycled materials and the automation in traffic safety products are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio. Request Free Sample Pages
The market is driven by the rising number of road accidents. In addition, increasing focus on development of road infrastructure is anticipated to further boost the traffic safety products market during the forecast period.
Globally, road accidents account for a significant share of the annual accident-related deaths. Most of these occur in the low-and middle-income countries where road safety monitoring frameworks are still being implemented. Incidences of over-speeding, drunken driving, distracted driving, non-usage of in-vehicle safety equipment, and unsafe road infrastructure are prominent causes of the recorded road accidents. In 2015, the UN General Assembly implemented the 2030 Agenda for Sustainable Development, which is supposed to be adopted by member countries by 2030. Thus, the member countries are investing in enhancing road safety by adopting efficient safety practices, including the use of road safety equipment to provide proper guidance to drivers.
Increasing population across the globe, coupled with the expanding industrial sector, is driving the need for rapid infrastructure development A fast and efficient road transportation network has become a necessity. Governments of several nations are focusing on widening of the existing roads and construction of new roads and highways, to mitigate the problem of traffic congestion and increase road safety. These measures are expected to boost the growth of the traffic safety products market over the forecast period.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- 3M Co.
- Avery Dennison Corp.
- Brady Worldwide Inc.
- Honeywell International Inc.
- Lindsay Corp.
- RoadSafe Traffic Systems Inc.
- Shenzhen Luming Traffic Equipment Co. Ltd.
- SWARCO AG
- Traffic Technologies Ltd.
- Valmont Industries Inc.
Market Segmentation by Category and Product Types:
The Traffic Safety Products Market can be broadly categorized into the following end-user:
- Industrial and commercial
Key Regions for the Traffic Safety Products Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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