Traffic Equipment Market to Reach USD 14.0 Billion by 2034, Fueled by Urban Infrastructure Development and Enhanced Traffic Management Needs | States TMR

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Jul 24, 2024, 06:00 ET

Instruments or equipment that are specially designed to resolve traffic congestion and improve commutation are called traffic equipment. With the use of such equipment, the probability of road accident fatalities can be reduced, improving the traveling experience.

WILMINGTON, Del., July 24, 2024 /PRNewswire/ -- The estimated size of the worldwide traffic equipment market is likely to reach USD 14 billion by 2034, which was measured at USD 7.7 billion in 2023. Owing to various key industrial forces, the ecosystem was set to progress at a moderate CAGR of 5.6% through the forecast period, creating opportunities for key players in the sector.

The growing focus on developing infrastructure in cities and towns to improve connectivity with other cities is likely to improve roads and other commutation facilities. This improvement in road infrastructure is expected to surge traffic, which might need effective traffic management systems to avoid congestion. To cater to this demand, the requirement for traffic equipment elevates, driving the size of the ecosystem.

Owing to the increasing trade, leading manufacturers have been using roads as the foremost media for the transportation of goods and commodities. To cater to effective trade within different cities or countries, robust infrastructure has been developed, which elevates the demand for proper traffic management.

To improve the quality of life and to reduce travel time, governments have been investing heavily in the development of roads and transport media. Such rising investments have been beneficial in terms of boosting the infrastructure. The growing population and the growing disposable income levels of consumers are responsible for the propulsion of the automobile sector. Consumers can buy multiple vehicles more easily, increasing the total number of vehicles on roads.

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The growing sales of automobiles indicate the growing traffic on roads. Owing to the need to effectively manage traffic conditions, the demand for effective traffic management equipment is expected to proliferate. With the rising traffic levels on roads, various issues like traffic congestion have been increasing. To control and regulate such scenarios, effective tools must be incorporated, which can curb such adversities.

A key objective of governments of various countries is to control the rate of road accidents. The prevalence of road accidents has led governments to take actions that can arrest the rate of collisions, improve the visibility of roadside signs, and so on. To cater to road safety regulations, appropriate systems must be installed. The demand for the same is observed to have increased recently, which drives the global traffic equipment market.

Key Findings from the Market Report

The competitive landscape of the traffic equipment market is segmented into different categories, depending on various governing factors. Traffic safety barriers are widely used in cities, which yield substantial revenue to the segment.
Based on the material segment, steel is used the highest, due to better physical and chemical properties of the metal.
Smart signaling solutions of the traffic management solution segment can generate the highest revenue, due to the rising demand for transforming traffic management systems.
The growing urban traffic secures a respectable share of the traffic control application segment. Due to the growing urbanization rate, the demand for the category is set to increase.

Regional Profile

With the rising government investments in the development of infrastructure in Asia-Pacific, prospects for key manufacturers in the traffic equipment industry can be enhanced.
The emphasis on research and development in Europe can augment technology related to traffic equipment. This can fuel the size of the ecosystem.
Technological innovations in North America can drive the growth of the industry in the region. The efficiency of traffic management systems can be enhanced by channeling such innovations.

Traffic Equipment Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020-2022
Size in 2023	US$ 7.7 Bn
Forecast (Value) in 2034	US$ 14.0 Bn
Growth Rate (CAGR)	5.6 %
No. of Pages	140 Pages
Segments covered	By Equipment Type, By Material, By Traffic Management Solution, By Traffic Control Application

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Competitive Landscape

Leading manufacturers in the traffic equipment industry expand using various key expansion strategies, including acquisitions, mergers, strategic partnerships, collaborations, and many more.

3M Company is a key player offering abrasives, adhesives, sealants and fillers, and automotive parts and hardware.
Honeywell International, Inc. is a global player producing solutions like building management, fire life safety, and intrusion detection solutions.
ALCOLITE is another key player in the competitive space offering products like rigid delineators, aluminum road ST, and rubber dock bumpers.

Key Players

3A Composites GmbH
3M Company
ALCOLITE
Brady Worldwide Inc.
Evelux USA
Fortran Traffic Systems Limited
Gatekeeper Security Inc.
Honeywell International Inc.
Indra Sistemas, S.A.
North America Traffic
Pexco LLC
RoadSafe Traffic Systems Inc.
Siemens Mobility
SWARCO
Tamis Corporation
Zhejiang Traffic Safety Products Co. Ltd.
Other Key Players

Key Developments in the Traffic Equipment Market

In March 2024, 3M Company invested and gained some stake in EVOLOH, a hydrogen electrolyzer manufacturer.
In June 2024, Honeywell International, Inc. announced the acquisition of CAES, aiming to elevate the quality of defense technology.

Market Segmentation

Equipment Type

Traffic Safety Barriers
Traffic Cones
Traffic Safety Signs
Shell Protection
Digital Products
Running Plates
Traffic Beams
Shut-off Gates
Tenting
Traffic Buffers
Entry Gates
Others

Material

Steel
Wood
Aluminum
Thermoplastics
PVC (Polyvinyl Chloride)
Rubber
Ceramic
Others

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
Others

Traffic Control Application

Urban Traffic
Highway Management
Inter-urban
Parking Management
Info-mobility
Public Transport
Tolling
Construction Zone
Others (Tunnel and Freeway)

Distribution Channel

Direct Sales
Government Agencies
Distributors or Online Platform

End-user

Government and Municipal Authorities
Construction Companies
Transportation Agencies
Commercial and Residential Areas
Education Institutions
Airports and Seaports
Industrial
Others

Region

North America
Central and South America
Europe
Asia Pacific
Middle East & Africa

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