NEWARK, Del, Jan. 09, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global road marking equipment market value totaled US$ 1,347.7 million in 2023. Over the assessment period, global road marking equipment demand is projected to increase at a CAGR of 5.9%, leading to total market valuation reaching US$ 2,382.4 million by 2033.
Truck mounted segment is expected to dominate the road marking equipment industry through 2033. It held a value share of about 80.6% in 2023. On the other hand, the self-propelled segment is forecast to register a CAGR of 5.9% through 2033.
The global market for road marking equipment is significantly influenced by construction spending. Governments worldwide are investing rigorously in developing and expanding public infrastructure, including roads, airports, etc. This will eventually uplift demand for road marking equipment.
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Road markings will remain critical for all types of guidance systems, including autonomous vehicles. As autonomous cars interact directly with road markings, effective marking installation and maintenance techniques are critical.
The new digital infrastructure recreates virtual roadways, complete with modern automobiles. Tesla introduced Autopilot capabilities in 2019 that aid in steering within a clearly marked lane. It also includes auto-lane change technology, which aids in switching to a neighboring lane on the highway when Autosteer is used. Such developments will benefit the target market.
Rapid expansion of the aviation sector is another key factor expected to create growth prospects for road marking equipment manufacturers. This is because the aviation sector is witnessing the high adoption of truck-mounted and self-propelled road-marking machines owing to their high functionality and quick operation.
Customers tend towards machines that can be used for marking with multiple coating materials. For example, STiM’s Kontur 400, which can be used for marking with various materials like paint, thermoplastic, and cold-applied plastic, is gaining popularity among customers.
Rise in sporting activities is set to boost the sales of road marking equipment market in the forecast period. This is because these machines are widely used for creating markings in stadiums and other sports facilities.
Another prominent growth driver is the rising focus on improving road safety. Road markings are becoming ideal for enhancing road safety and reducing accidents. For this purpose, contractors employ road marking equipment.
Key Takeaways from the Report:
- The global market for road marking equipment is projected to thrive at 5.9% CAGR through 2033.
- By product type, truck mounted segment is expected to total a valuation of US$ 1,922.7 million by 2033.
- By application, the road marking segment is set to hold a market share of 60.6% in 2023.
- North America is expected to account for a significant share of about 36.1% in 2033.
- The United States industry value is anticipated to reach US$ 646.8 million by 2033.
- China is projected to attain a valuation of US$ 286.5 million by 2033.
- Demand in India is predicted to rise at 7.2% CAGR through 2033.
“The road marking equipment market is poised to witness healthy growth due to escalating global infrastructure investments. Further, increasing emphasis on road safety will create growth prospects for the market. To meet evolving needs and maximize profits, manufacturers will look to innovate,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Leading manufacturers of road marking equipment profiled in the full version of the report are –
- Graco Inc.
- M-B Companies
- Vogel Traffic Services
- Hofmann
- MRL Equipment Co.
- BORUM A/S
- STiM
- Nanjing Roadsky Traffic Facility Co., Ltd.
- Toyo Nainenki Kogyosha Co., Ltd.
- CMC s.r.l
- Sibestar s.r.l
- ROCOL
- Winter Markiertechnik GmbH
- RME
- Larius S.R.L
- United Pavement Marking, Inc.
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The companies are mainly focusing on introducing new advanced road marking solutions to boost their sales. They also use strategies like mergers, collaborations, exhibitions, and partnerships to stay ahead of the competition.
Recent Developments:
- In Feb 2020, Hofmann launched new road marking equipment, including the Road Marking Machine H10-2.
Road Marking Equipment Market Segmentation Analysis:
By Type:
- Manual
- Self-propelled
- Truck Mounted
By Capacity:
- Below 100 L
- 101 to 250 L
- 251 to 500 L
- 501 to 750 L
- Above 750 L
By Technology:
- Airless
- Airspray
- Thermoplastic Airspray
By Application:
- Road Markings
- Parking Lots
- Anti-skid Markings
- Others
By End Use:
- Road Construction Contractors
- Government
- Private
- Construction Companies
- Airports
- Sports Infrastructures
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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About Future Market Insights (FMI) – Industrial Automation:
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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