LED Traffic Signs and Signals Market – Drivers and Forecasts by Technavio

LONDON–(BUSINESS WIRE)–#LEDtrafficsignsTechnavio
analysts forecast the global
LED traffic signs and signals market
to grow at a CAGR of
over 5% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global LED
traffic signs and signals
market for 2017-2021.
Technavio presents a detailed picture of the market by way of study,
synthesis, and summation of data from multiple sources.

Increasing incidences of road accidents and fatalities have driven the
LED traffic signs and signals market, especially in developing
countries. The development of safer roads is having a positive impact on
economic development of a country as it allows faster transportation and
rapid transit systems. Therefore, increasing road infrastructure
investment by constructing new roads in various countries and growing
initiatives on road safety have driven the traffic safety equipment
market significantly and contributed to the growth of LED traffic signs
and signals market.

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Technavio analysts highlight the following three factors that are
contributing to the growth of the global LED traffic signs and signals

  • Increased investments in road infrastructure development
  • Increasing accidents and mortalities on road
  • Rising initiatives on road safety

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Increased investments in 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.

Bharath Kanniappan, a lead power
research analyst at Technavio, says, “Many developing countries such
as India and China are increasing their road transport efficiency by
road widening, increasing connectivity, and increasing traffic
regulations. Developed countries already have established transport
infrastructure; however, the need for upgrading and improvements is
addressed as well in these countries.”

Increasing accidents and mortalities on road

With increasing urbanization and growing population across the globe,
occurrences of road accidents and fatalities have increased drastically.
Majority of road crashes occur due to human error such as reckless
speeding, drunken driving, and disobeying traffic rules. With increasing
number of vehicles on road, road accident injuries and fatalities have
increased over time.

For instance, in 2015, US witnessed more number of fatalities owing to
motor vehicle crashes on roads, compared to the previous year. The four
states in the US that experienced the biggest percentage rise in traffic
deaths were Oregon, Florida, South Carolina, and Georgia. The fatalities
included almost all the segments of population such as passenger vehicle
occupants, pedestrians, motorcyclists, and passengers of large trucks.

Rising initiatives on road safety

In 2016, in Australia, various road safety strategic plans are
formulated that help assesses road crash fatalities and the need for
various road safety requirements. A project called “A National Approach
to Measuring Non-Fatal Crash Outcomes” will provide the detailed data
for non-fatal hospitalized road injuries in Australia. This initiative
could be helpful in analyzing the crashes occurring, thereby improving
road safety.

“In June 2016, the transport minister in Western Australia announced
initiatives of improving the Toodyay road, which includes the widening
of road, realignment to improve visibility, and installation of safety
barriers and signposts. As this road carries numerous vehicles daily, it
is crucial to improve road safety for passengers and drivers who travel
through the way,”
adds Bharath.

Top vendors:

  • Federal Signal
  • Econolite Group

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