Joyware(SZ:300270) Chan Ye Xin Xi Wang·2025-11-12 01:17Core Viewpoint - The emergence of smart traffic cones addresses the limitations of traditional warning cones, enhancing road safety and efficiency through modern technology, with the market for smart cones in China projected to reach 120 million yuan in 2024, a year-on-year increase of 4.3% [1][7]. Industry Overview - Smart traffic cones are IoT-enabled devices that improve the real-time collection and dissemination of road construction, accident, and closure information, thereby enhancing travel efficiency and safety [3]. - Compared to traditional cones, smart cones offer advantages such as high-precision positioning and intelligent perception, utilizing Beidou high-precision positioning modules and AI algorithms for traffic state assessment [3]. Industry Development Background - The growth in vehicle ownership and the number of drivers in China, projected to reach 460 million vehicles and 550 million drivers by mid-2025, has increased the demand for effective traffic management solutions [4][5]. - Despite a decrease in traffic accidents since 2021, the number of incidents remains high, with over 250,000 accidents reported in 2023, highlighting the need for improved warning systems [6]. Industry Chain - The smart traffic cone industry consists of an upstream supply chain of sensors, chips, communication modules, and power systems; a midstream of equipment manufacturers and system integrators; and a downstream of traffic management departments and highway operators [6]. Current Industry Status - The smart traffic industry is experiencing significant growth, with the market size expected to reach 240 billion yuan in 2024, reflecting a year-on-year increase of 4.3% [6]. Competitive Landscape - The industry is characterized by a lack of market concentration, with key players including Hangzhou Zhongwei Electronics, Chengdu Yangluogong Digital Technology, and Guangxi Beitou Transportation Maintenance Technology Group, among others [9]. - Zhongwei Electronics has developed a smart traffic cone robot with remote control and real-time warning capabilities, addressing traditional traffic cone limitations [9]. Industry Development Trends - The industry is moving towards greater intelligence, networking, and automation, with smart cones evolving to include features like radar and camera integration for real-time monitoring and decision-making [10]. - The central and western regions of China are expected to provide new growth opportunities for the smart traffic cone market as infrastructure development accelerates [11]. - Manufacturing costs for smart cones are anticipated to decrease through economies of scale and technological advancements, enhancing market penetration [12].