LONDON--(BUSINESS WIRE)--The global traffic safety products market is expected to grow by USD 596.31 million as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of about 4%.
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Read the 120-page report with TOC on "Traffic Safety Products Market Analysis Report by Product (Traffic vests and rainwear, Tube delineators, Traffic cones, Traffic barricades, and Others), End-user (Municipal and industrial, and Commercial), Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the increased focus on the development of road infrastructure. In addition, the rising number of road accidents is anticipated to boost the growth of the traffic safety products market.
Growing global population coupled with expanding industrial sector is necessitating a fast and efficient road transportation system. In addition, the growth of the global tourism industry and the increasing number of vehicles is leading to a significant increase in traffic congestion across the globe. This is compelling several countries across the world to focus on the construction of new roads and highways, and widen existing roads. For instance, in 2017, the US Government spent about USD 177 billion on highway construction projects across the country. Similarly, the Road and Belt initiative is likely to increase the number of road construction activities across the MEA and ASEAN countries. Traffic safety products are crucial in ensuring a safe work environment for workers. Therefore, the ongoing road infrastructure development projects will positively influence the growth of the global traffic safety products market during the forecast period.
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Major Five Traffic Safety Products Companies:
3M Co. operates its business through segments such as Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated. The company offers traffic safety products such as reflective tapes and pavement markers.
Avery Dennison Corp.
Avery Dennison Corp. operates its business through segments such as Label and Graphic Materials and Retail Branding and Information Solutions. The company offers traffic safety products such as retroreflective sheeting, overlay films, and the TrafficJet print system.
Brady Corp. operates its business through segments such as Identification Solutions and Workplace Safety Solutions. The company offers traffic safety products such as traffic signs, parking signs, traffic cones, barricades, and tape.
Honeywell International Inc.
Honeywell International Inc. operates its business through segments such as Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The company offers traffic cones for traffic safety applications.
Lindsay Corp. operates its business through segments such as Irrigation and Infrastructure. The company offers traffic safety products such as attenuators and temporary longitudinal barriers.
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Traffic Safety Products Market Product Outlook (Revenue, USD Million, 2020-2024)
- Traffic vests and rainwear
- Tube delineators
- Traffic cones
- Traffic barricades
Traffic Safety Products Market End-user Outlook (Revenue, USD Million, 2020-2024)
- Municipal and industrial
Traffic Safety Products Market Regional Outlook (Revenue, USD Million, 2020-2024)
- North America
- South America
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