The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Jan. 5, 2023 /PRNewswire/ — Stakeholders in the traffic signals market are focusing on the development of virtual traffic lights. Virtual traffic lights receive data about oncoming vehicles and combine it with readouts from digital mapping services. The vehicle data on the location, direction, and speed is received by other vehicles as well as the virtual traffic light system, to give commands based on the flow of traffic. For example, researchers at US based Carnegie Mellon University are working towards developing a virtual traffic light system, which eliminates waiting at a traffic light when no other cars are present. The system uses vehicle-to-vehicle (V2V) technology, which can be implemented in road signals and other areas of infrastructure as well.
The global traffic signals market size will grow from $26.21 billion in 2022 to $28.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global traffic signals market size is expected to grow to $38.1 billion in 2027 at a CAGR of 7.6%.
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Increasing Accidents – Major Driver For The Traffic Signals Market
The increasing road traffic accidents are expected to be a major driver for the traffic signals market. With the growing population, and its need for more cars, two wheelers and buses, road and train accidents have increased and are expected to grow in the future. Hence, governments across the world are expected to pay more attention towards road safety, which will help the traffic signals market grow.
Major Players In The Traffic Signals Market
Major players in the traffic signals market are SWARCO AG, Envoys, Aldridge Traffic Systems, Federal Signal, DG Controls, Econolite Group, Horizon Signal Technologies, Arcus Light, General Electric, Alphatronics, Trafitronics, Leotek, Sinowatcher Technology, Peek Traffic, Pfannenberg, WERMA, Dialight, Fama Traffic, Traffic Technologies, Anbang Electric, Jingan, Vltronics, North America Traffic, Voxson, Traffic Safety Corp., Yaham, Messagemaker, Hunan Xiangxu Traffic & Lighting Co. Ltd., D.G. Controls and E2S.
Asia Pacific Was The Largest Region In The Traffic Signals Market In 2022
As per the traffic signals market research, Asia Pacific was the largest region in the traffic signals market and was worth $8.05 billion in 2022. The traffic signals market in Asia Pacific is supported by the increasing investments, and increasing transport infrastructure. For example, according to Movin’On, the US based world’s leading ecosystem of strategic anticipation and co-innovation, the overall shape of the 2035 network will cover 200,000 km (124,000 miles) of rail tracks, and 460,000 km (285,830 miles) of roads in China.
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