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Extensive research carried out by the analysts at Technavio has shown that the traffic safety products market in the US will witness steady growth and will post a moderate CAGR of more than 5% over the forecast period. Traffic safety products have a short lifespan, for instance, a traffic cone made of PVC has an average lifespan of just about two to three years. However, these PVC safety cones often do not last more than a year as many are either stolen or destroyed in accidents. Similarly, traffic vests and rainwear have an average lifespan of two years but due to extreme weather conditions and the frequency of use, they last less than 1.5 years. The short repurchase cycle of traffic safety products costs millions to government bodies and increases the risks of traffic causalities in the country. However, this generates a replacement demand for traffic safety products, contributing revenue to the overall market.
One of the upcoming trends impelling this market’s growth prospects is the introduction of technologically advanced safety vests to maximize the safety of the workers on the road. Manufacturers are installing LED lights on high-visibility vests that help increase the visibility of the workers at night. These LED lights are powered by a rechargeable lithium-ion battery and offer over 20 hours of continuous light in regular use. The lights can be recharged using a USB cable and have three settings operated by touch-control – slow flash, quick flash, constant and rapid-flash for the low-battery warning. Furthermore, a group of researchers at the Virginia Polytechnic Institute and the State University of Virginia have introduced the InZoneAlert vest, which is equipped with radio sensors and GPS tracking and can be worn inside or on the vest. In the future, this technology is expected to reduce worker fatalities on roads drastically.
The traffic safety products market in the US is moderately fragmented owing to the presence of several small and medium-sized vendors. The R&D facilities and investments by the market leaders ensure that product innovation is given priority. Although the top four vendors hold the majority of the market shares, private labels are launching their traffic safety products at a lower price as an inexpensive alternative to branded equipment to use sales volumes to gain market shares. This has prompted several new players to enter the market in the US, but these vendors are limited to producing equipment that requires minimal technical knowledge and expertise.
Key vendors in this market are -
Other prominent vendors in the market include Emedco, Fastenal, Global Industrial, Highway Signals, MCR Safety, MSC Industrial Direct, Pexco Davidson Traffic Control Products, RoadSafe Traffic Systems, Roadtech Manufacturing, Safety Cones USA, Safety Smart Gear, SA-SO, STIHL, Tamis, The Cortina Companies, Traffic Safety and Supply Company, and W. W. Grainger.
During 2015, the traffic vest and rainwear segment dominated the market and accounted for over 65% of the market shares in terms of revenue. High-visibility apparel like traffic vest and rainwear exhibit high reflectivity and visibility against any background. This type of apparel is made of one or a combination of fluorescent or reflective materials and convert invisible UV light into visible light, thereby making the objects stand out even under dimly lit conditions. Road construction, repair, or other activities where employees are required to work in darkness or near high traffic, usually require this type of safety apparel. With the rapid development of the construction and mining sectors across the US, this segment is anticipated to witness progressive growth in the coming years.
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Traffic safety products are designed to safeguard and minimize the risk of accidents, control errant vehicles movement, and guarantee safe travel for individuals, which include traffic police officers, drivers, road construction workers, and pedestrians. These products include traffic cones, barricade tapes, and high-visibility vests that help to indicate the work in progress on the roads and create diversions. The rise in traffic-related mishaps has augmented the demand for traffic safety products in the US. One of the latest developments in this market is the application of eco-friendly traffic safety products.
The report, traffic safety products market in the US, is a part of Technavio’s new research areas portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as agricultural equipment, furniture and home furnishing, health and wellness, home kitchen and large appliances, lab equipment, and outdoor gear. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market drivers
PART 08: Impact of drivers
PART 09: Market challenges
PART 10: Impact of drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Appendix
PART 14: Explore Technavi
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