The global LED traffic signs and signals market to grow at a CAGR of 5.05% during the period 2017-2021.
The report, Global LED Traffic Signs and Signals Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is the increasing adoption of LED traffic signs and signals. In today's traffic situation, static traffic signs would not be sufficient. It is imperative to provide dynamic traffic information in a timely manner. Many traffic management departments thus have increased the usage of LED electronic sign systems on roads to provide real-time alerts and updates to drivers and motorists about the current road conditions.
According to the report, one driver in the market is the increased investments toward road infrastructure development. Fast and efficient road transport plays an important role in the development of a country's economy by allowing the expansion of businesses through transporting goods, thereby providing easy access to markets and suppliers. It is also vital to meet the requirements of growing population and national security. A less congested road allows a faster, reliable travel time that results in efficient way of working. Many developing countries such as India and China are increasing their road transport efficiency by road widening, increasing connectivity, and increasing traffic regulations.
Further, the report states that one challenge in the market is increased traffic congestion. Rising traffic congestion is one of the major challenges that large and growing metropolitan cities across the globe are witnessing today. One of the primary reasons contributing to the increasing vehicular traffic is the increased use of private vehicles. For instance, in the US, people prefer to use private vehicles over public transport not only because they can commute much faster and in a convenient manner but also because most of them live in sparsely populated areas where public transport do not reach.