December 13th, 2022
Road Marking Machine Market accounted for 7.0 billion in 2020 and is estimated to be US$ 15.2 billion by 2029 and is anticipated to register a CAGR of 9.0%.Road marking equipment is also called road marking machine or pavement marking equipment. Road marking equipment is a machine or equipment which is employed to form road markings on paved surfaces. Road marking provides guidance for the driving force and pedestrians so as to safe and secure commute. Uniformity in road marking needs good and efficient equipment in order that it doesn’t create any confusion about the sign of the mark or marking. There are many types of road marking equipment which is employed for marking the various sorts of signs and features like traffic lanes that inform motorists and pedestrian where to prevent and also helps the pedestrian to cross the road. Road marking is also essential because it navigates the driving force for safely driving and should be helpful for navigating the autonomous road vehicles within the nearby future.
The report "Global Road Marking Machine Market, By Type (Fully Automatic, Semi-Automatic, and Manual), By Application (Road Markings, Anti-Skid Markings, Car Park Markings, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In February 2016, MRL Equipment Company, a leading supplier of road marking and removal / grooving equipment and a regular exhibitor at Intertraffic Amsterdam, launched new Mini Mac range series of ride-on, self-propelled thermoplastic road marking machines.
· In July 2019, Federal Signal Corporation, a leader in environmental and safety solutions, acquired Mark Rite Lines Equipment Company, Inc. ("MRL"), a leading U.S. manufacturer of truck-mounted and ride-on road-marking equipment. This acquisition includes the operations of HighMark Traffic Services, Inc., a wholly-owned subsidiary of MRL, which provides road-marking services, primarily within the state of Montana.
Governments across the globe have increased their spending on road infrastructure, to realize balanced regional economic development, facilitate better trade and travel, and encourage education. Thus, rising investments by major governments are expected to drive the market over the forecast period. For instance, As per 2017 ITF-OECD report, U.S. invested over USD 80 billion for road safety and maintenance as well as planned to invest over USD 150 billion over the coming years.
Increasingly stringent safety standards that ensure road safety are prompting governments across the world to require initiatives to supply proper road instructions. Road transport plays a crucial role within the development of a rustic, and it contributes considerably to the GDP of the country. Rise during a number of road fatalities because of improper road marking is probably going to supply significant opportunities to the road marking machine market. Furthermore, growing industrialization alongside rapid urbanization is probably going to spice up the demand for road marking machines during the forecast period.
Key Market Insights from the report:
The global road marking machine market accounted for 7.0 billion in 2020 and is estimated to be US$ 15.2 billion by 2029 and is anticipated to register a CAGR of 9.0%. The market report has been segmented on the basis of type, application and region.
· Depending upon type, the manual segment is projected to grow at highest CAGR over the forecast period. It is a hand-pushed type of RMM, which is mostly used for bus stop, building car parks, railway platform, factory floors, and city crossroad lining.
· Depending upon application, the road markings segment is projected to grow at highest CAGR over the forecast period. Road markings application segment accounted for the highest market share, in terms of revenue, in 2018. The segment is projected to expand further over the coming years and reach USD 2.91 billion by 2025.
· By region, The Asia Pacific is projected to lead the worldwide market over the forecast period. China, India, and Japan are among the most important economies within the Asia Pacific region that are anticipated to influence the worldwide industry. Rising industrialization, technological developments, and rapid urbanization and infrastructure development are the main factors driving the expansion of the market.
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The prominent player operating in the global road marking machine market includes Hofmann GmbH; Borum A/S; Graco Inc.; RME Road Marking Equipment; STiM Group; Dayu Road Marking; Automark Industries; Titan Tool Inc.; TATU Traffic Group; and Zhenjiang Winfar Transport Facilities Co., Ltd..
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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