Traffic Safety Products Market: Introduction
- 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:
- 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.)
Global Traffic Safety Products Market, by Distribution Channel
- Company Owned Sites
- E-commerce Sites
- Supermarkets & Hypermarkets
- Specialty Stores
- Other retail based stores
Global Traffic Safety Products Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.