In terms of revenue, the Global Traffic Control Device Tape Market is expected to reach USD 4,822.6 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.60% from 2022 to 2028.
The growing number of accidents caused by incorrect or incomplete Traffic Control Device Tape are increasing in recent years. Therefore, the need for operational efficiency of traffic and increased passenger safety is the key reason that drives the market growth. Also, stringent regulation on controlling traffic fuels the market's growth during the forecast period.
Key Highlights from Report:
- The Polyethylene sub-segment of the Material Type segment is anticipated to dominate the Traffic Control Device Tape Market. The increasing use of Polyethylene tapes for traffic devices is prominent owing to its easy availability and lower cost of production.
- The Construction Industry sub-segment of the Application segment accounted for the largest market share in 2021 for the Traffic Control Device Tape Market. This segment is expected to flourish owing to the increasing usage of traffic device tape in the construction industry. In addition, the construction industry is the fastest growing industry that requires high safety standards.
- Asia Pacific is the largest regional segment mainly because of the rising demand for traffic control tapes in developed economies such as the U.S. and Canada. In addition, the increase in the number of incidents of road accidents has generated the demand for the Traffic Control Device Tape Market in this region.
The rising number of incidents caused by inefficient Traffic Control Device Tape has demanded market growth. Countries such as the U.S & Canada are investing heavily in this technology for the smooth running of vehicles on the road with no accidents. Autonomous vehicles require accurate Traffic Control Device Tape helping them to run error-free, thus helping passenger safety. Toll plazas are being designed and constructed in the United States without the benefit of national toll plaza design guidelines and standards, often resulting in driver unfamiliarity and inefficient vehicle throughput. Incremental changes may lack sufficient design analyses and incorporate minimum design elements needed for safe and efficient operations. Increases in plaza collisions and operational performance deficiencies often result from these incremental changes.
Asia Pacific is expected to dominate the Global Traffic Control Device Tape Market in 2021 and is projected to continue its dominance in the coming years. An increase in key players and high investment made by manufacturing in countries such as Canada and the U.S. will likely generate demand for this market soon.