Traffic Safety Products Market in the US 2016-2020

Overview of the traffic safety products market in the US

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.

Competitive landscape and key vendors