Traffic Equipment Market Size

Traffic Equipment Market Size

The global traffic equipment market size was valued at USD 8.7 billion in 2023 and is estimated to register a CAGR of 5.2% between 2024 and 2032. The increasing focus on road safety, smart city initiatives, and infrastructure development are key factors driving the market demand. Governments and private operators are increasingly investing and leveraging strategic acquisitions to enhance their market presence and capabilities. For instance, in July 2024, AWP Safety announced strategic acquisitions of Washington Traffic Control and Western Traffic Control. This move strengthens AWP Safety's position in the traffic control market for utility, broadband, and infrastructure sectors.

Additionally, the continuous expansion of road networks, coupled with the increasing adoption of smart traffic management systems, is propelling market growth. These trends reflect the need for efficient traffic control solutions to manage growing traffic volumes and enhance road safety. According to the World Health Organization, road traffic injuries are the leading cause of death for children and young adults aged 5-29 years. Approximately 1.19 million people die each year because of road traffic crashes. This alarming statistic has prompted governments worldwide to invest in advanced traffic equipment to improve road safety, further driving market growth.