Crash Barrier Systems Market Trends

Growth Drivers

• Growing Construction and Automotive Industries Owing to Rising Traffic - Crash barriers are installed to prevent vehicle intrusion. According to the International Organization of Motor Vehicle Manufacturers (OICA), the automotive industry in India, Brazil, and South Africa, along with the US, Canada, Germany, Italy, and Australia, is projected to grow at more than 10% in the next five years, which will result in high demand for crash barrier systems for furthering road safety.

• Rapid Urbanization & Industrialization with Improving Standard of Living of People - As per the United Nations, nearly 68% of the total population across the globe is expected to live in urban areas by the end of 2050.

• Innovation of Technology in Barrier Systems with Advancements in Technology and Manufacturing Material - As per the data from the World Bank, 2.33% of the global GDP was spent on research and development activities in 2019, which increased to 2.63% in 2020.

• Increased Awareness Regarding Road Safety with Growing Road Accidents and Deaths - As per the data by the WHO, approximately 1.3 million people die each year as a result of road traffic crashes. Road traffic injuries are the leading cause of death for children and young adults aged 5-29 years.

Challenges

• High Cost of Barrier Systems - barrier systems which are built to lower the crash impact, need high investments. Barriers such as concrete blocks, wooden fences, and end treatments need high costs for their reconstruction. The costs for managing and maintaining road devices such as safety barriers are very high.
• Price Arbitrariness of Raw Material Prices
• Rigid Barriers Cause a High Fatality Rate in Accidents and are Less Effective