PORTLAND, ORAGON, UNITED STATES, August 22, 2022 /EINPresswire.com/ — The global road marking machine market was valued at $7.02 billion in 2021, and is projected to reach $17.21 billion by 2031, growing at a CAGR of 9.3% from 2022 to 2031.
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Currently, road marking equipment manufacturers have benefitted from higher investments by government authorities in infrastructure development, and this factor stands true for both, developing as well as developed economies. For instance, according to the 14th Five-Year Plan, China is planning to spend around 190 Bn Yuan (US$ 29.3 Bn) in the 2021-2025 period on transportation infrastructure projects. This investment will be used to construct new expressways, upgrade existing highways, and improve rural road conditions, among other things in Tibet.
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The leading players operating in the road marking machine market are Advanced Striping Equipment, Automark, Borum, Dayu Road Marking Co., Ltd., EZ Liner, Hawk Pumps, HOFMANN, Graco Inc., M-B Companies, MRL Equipment Company, Inc., Nanjing Roadsky Traffic Facility Co., Ltd, Road Marking Equipment (RME), Road Marking Services, STiM, Tatu Highway Group Co., ltd., Titan Tool Inc., and Zhengzhou Dayu Machinery Co., Ltd.
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The road marking machine market is segmented into operation type, material capacity, distribution channel, and application. By operation type, the market is divided into manual and semi-automatic/fully automatic. By material capacity, it is fragmented into less than 100 Ltr, 100 Ltr – 250 Ltr, 251 Ltr – 750 Ltr, and more than 750 Ltr. By distribution channel, it is categorized into online and offline. By application, it is further classified into road, car park, anti-skid, and other. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Car manufacturers incorporate more autonomous features in their vehicles every year, and drivers continue to expect more autonomy from their vehicles as the technology advances. In autonomous vehicles, road markings will increase lane detection and continue to provide vehicles (and its users) with a clear lane delineation with all types of guidance systems. Since the autonomous vehicles directly interface with road markings, proper marking installation and maintenance practices are essential. The new digital infrastructure recreates virtual roads along with vehicles present alongside. In 2019, Tesla launched Autopilot features which assists in steering within a clearly marked lane. Additionally, it consists of auto-lane change technology which assists in moving to an adjacent lane on the highway when Autosteer is engaged. Hence, as more autonomous vehicles are being tested and developed, more drivers are comfortable with the idea of owning autonomous driving vehicles. Thus, emergence of autonomous technologies in vehicles create lucrative opportunity for the road marking machine market.
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