Technavio analysts forecast the global LED traffic signs and signals marketto grow at a CAGR of over 5% during the forecast period, according to their latest report.
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Technavio has published a new report on the global LED traffic signs and signals market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global LED traffic signs and signalsmarketfor 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 market:
- 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.
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