- Traffic safety products are important for safety of vehicle operators, passengers, and pedestrians as road traffic injuries are the leading cause of death among people aged between 15 and 29 years. Traffic safety products are available in permanent and temporary forms depending on the needs of the workplace and duration of the project.
- Additionally, there are times when workplace safety overlays with road and traffic safety. In order to ensure that workers are able to work safely in high traffic areas, they must have access to high quality and weather resistant traffic safety products.
Key Drivers of the Global Traffic Safety Products Market
- Increasing number of road traffic accidents is one of the prime reasons for the growth of the traffic safety products market. According to World Health Organization, approximately 1.35 million people die each year as a result of road traffic accidents. Such occurrences are more prominent in middle and low income countries where traffic safety regulations are not stringent.
- Additionally, growing urbanization, and increasing government spending for public transportation systems coupled with technological advancement in road safety products are some of the other factors spurring the growth of the traffic safety products market. Manufacturers are continuously focusing on integration of advanced technologies in road safety products in order to decrease road accidents and increase safety of workers and pedestrians etc.
- All the above factors together are anticipated to fuel the growth of the traffic safety products market worldwide.
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Technological Advancement, a Key Business Opportunity for the Traffic Safety Products Market
- Technological improvements in road safety products is anticipated to create new business opportunities for the growth of the traffic safety products market. Shift from incandescent traffic lights to LED lights not only saves energy but they last long. These lights enable the usage of different shapes other than the circular one, for example, square shape, that increases visibility due to larger illuminated areas. Additionally, weather resistant or all weather traffic safety products are other examples of technological innovation that is anticipated to augment the growth of the traffic safety products market.
Lack of Proper Funding, a Key Restraining Factor for the Growth of the Market
- Lack of proper funding is one of the key restraining factors for the growth of the traffic safety products market. Lack of availability of traffic safety products as per regulations and standards hampers the growth of the market.
Asia Pacific Offers Growth Avenues for the Global Traffic Safety Products Market
- Geographically, the global traffic safety products market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Countries in North America and Europe have some of the key companies specialized in traffic safety products.
- Asia Pacific on the other hand is a prominent region owing to the presence of some major manufacturers.
- Other regions such as South America and Middle East & Africa have strong potential growth for the traffic safety products market.
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Key Players Operating in the Global Market
The global traffic safety products market is highly fragmented with presence of many key global players coupled with many regional traffic safety products manufacturers. A few of the key players operating in the global traffic safety products market includes:
- 3M
- Avery Dennison Corporation
- Honeywell International Inc.
- Industrias Duero
- Lindsay Transportation Solutions Sales & Service
- RoadSafe Traffic Systems, Inc.
- Tenacious Holdings, Inc.
- Tranex Group
- Valmont Industries Inc.
Global Traffic Safety Products Market: Research Scope
Global Traffic Safety Products Market, by Product Type
- Traffic Cones & Barrels
- Barricades and Barricade Lights & Beacons
- Speed Bumps & Humps
- Safety Vest & Apparels
- Side Stands
- Traffic Signs
- Others (Safety Ropes, Cable Guards etc.)
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