Traffic safety products in the US: Key market research findings
- Need to curb road accidents drives market growth
- Traffic vest and rainwear account for a majority of the market’s revenue
- Key vendors – 3M, Honeywell, Ergodyne, and The Traffic Safety Store
Technavio’s market research analysts predict the traffic safety products market in the US to grow at a CAGR of more than 5% between 2016 and 2020. The growth of this market is fueled by the increased need to prevent road accidents. The reasons leading to road accidents include failure to use seat belts, alcohol-impaired driving, and speeding. In an attempt to curb the rising number of road accidents, the US government is implementing strict traffic rules and increasing the number of traffic police to keep a regular check on the drivers. Furthermore, initiatives are being taken to encourage traffic police to use other traffic safety products like traffic wands, flags, and stop or slow signs.
The new market research report from Technavio presents a breakdown and analysis of the traffic safety product segments based on the product.
“The market is currently witnessing the emergence of technologically advanced safety vests. Manufacturers are installing LED lights on high-visibility vests to further increase the visibility of workers at night and reduce the risk of collisions. These LED lights are powered by a rechargeable lithium-ion battery, which offers over 20 hours of continuous light in normal use. These lights can be recharged using a USB cable as well,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
During 2015, the traffic vest and rainwear segment dominated the market by accounting for more than 65% of the overall market revenue. High-visibility apparel such as traffic vest and rainwear exhibits high reflectivity, which makes them visible in any background. Made from one or a combination of fluorescent or reflective materials, these vests and rainwear stand out by converting invisible UV light into visible light.
The key vendors in the traffic safety products market in the US include 3M, Honeywell, Ergodyne, and The Traffic Safety Store. Even though the top four vendors in the market cater to the majority of the market, private labels are launching their traffic safety products at comparatively lower prices as an inexpensive alternative to branded equipment. A marketing strategy such as this makes it possible to use sales volumes to gain market share. Although this trend has prompted several new players to enter the traffic safety products market in the US, these new vendors are restricted to the production of equipment that require low technical knowledge and expertise.
A more detailed analysis is available in the Technavio report, Traffic Safety Products Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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