Growth Rate & Revenue of Global Traffic Safety Products Market in Coming 5 Years
The set of methods and measures laid in order to protect road users from getting killed or seriously injured are referred to as road traffic safety, which is a key concern in today’s busy streets.
Reports published by the World Health Organization estimate that approximately 1.35 million people are killed, and 50 million are injured due to road accidents every year worldwide. Moreover, more than 90% of such fatalities and injuries are reported in low and middle-income countries, like India.
Statistics show that 150,000 people in India are killed due to road accidents every year. This figure boils down to an average of 4,000 fatal accidents per day. These accidents primarily take place because of sheer negligence of traffic rules and signs; and lack of infrastructure for proper traffic safety.
In order to prevent and minimize road accidents, it is necessary to educate people about the importance of following traffic rules and regulations. Furthermore, it is equally important that the Government improves the existing roadways, and incorporates and emphasizes the need for traffic safety products like barricades, traffic cones, dividers, etc.
Traffic Safety and Control:
Over the years, road safety barrier suppliers have developed various equipment to manage and control the traffic. Some road safety equipment and their uses are:
- Road safety barrier tapes, crash barriers, and pavement markers are used to demarcate closed areas, traffic lanes, survey sites, among others.
- Traffic barrels, drums, barricades, road safety cones, and delineator posts are used to create temporary routes or lanes. These are also used to block the sections of roads that are under construction.
- Parking curbs/ parking cones, speed bumps, stop or slow paddles help to control the speed of traffic and promote a smooth flow of traffic.
- Warning flags, reflective panels, and LED lights are used to alert the public in case of traffic hazards.
Global Traffic Safety Products Market:
As per the report provided by the Global Traffic Safety Products Market, a Compound annual growth rate (CAGR) of over 6% is expected between 2019-2023. The market report introduced new project trends – SWOT analysis, analysis of feasible investment, an examination of investment returns and pattern investigation advancement.
The report highlights all the top industry players by providing company profiles, pictures of the products along with their specifications like Capacity, production details, price, and manufacturing costs.
Sales generated from road equipment such as traffic vests, rainwear, tube delineators, traffic cones, traffic barricades, and other products were incorporated in the analysis of the trends in the traffic safety products market. The analysis covered regions like Asia Pacific, Europe, North and South America.
The year 2018 saw rainwear and vests make a significant share in the market not only because of the increase in the number of road construction and expansion activities but also because of the road safety programs and policies. The report also focuses on the growth and advancement of road infrastructure, an upsurge in the investment in the construction of industrial and commercial areas.
However, the report also speculated that factors such as lack of awareness about road safety, unstable prices of raw materials might affect the growth rate of the traffic safety products industry.
The Market Trend of Traffic Safety Products Driven by Technological Advancement:
Focusing on the integration of advanced technologies in order to ensure the safety of the workers in road work zones, the manufacturers of traffic safety products have started incorporating LED lights and reflective panels invests, rainwear, cones and barricades to enhance their visibility on the road. LED lighting, GPS location tracking devices, and charging outlets, are necessary safety measures that increase the efficiency of road workers, all the while ensuring their wellbeing.
The value of global traffic safety products is estimated to rise at USD 922.78 million by the end of the year 2023.
Keeping up with the test of time, Sheetal Group has established itself as one of the most prominent road barrier manufacturers in India, providing a wide array of road safety products such as plastic safety barriers, highway safety barriers, highway traffic cones, among others. Sheetal Group also complies with the highest standards of quality and has earned certifications like ISO 9001:2015, ISO: 1400:2015, and ISO 18001: 2007.