Research Nester published a report titled “Variable Message Signs for Intelligent Transportation System Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global variable message signs for intelligent transportation system market in terms of market segmentation by component, application, technology, end-use, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global variable message signs for intelligent transportation system market is anticipated to grow with a CAGR of 6.8% over the forecast period, i.e., 2020 – 2028. The market is segmented on the basis of technology into electro-mechanical signs, reflective flip-disk signs, and light emitting signs, out of which, the light emitting signs segment is expected to garner the highest market share throughout the forecast period and further touch a revenue of USD 110.6 Million by the end of 2028.
The global variable message signs for intelligent transportation system market is estimated to garner a revenue of USD 266.6 Million by the end of 2028, up from a revenue of USD 147.8 Million in 2019. Growing sales of vehicles around the globe, followed by the increasing concern for traffic congestion, rising need for road safety and the increasing advancements in ICT are some of the major factors anticipated to drive the market growth during the forecast period. The market is segmented on the basis of geography into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America garnered the largest market revenue of USD 56.6 Million in the year 2019 and is further projected to touch USD 88.6 Million by the end of 2028.
Increasing Sales of Vehicles Around the World To Create Opportunities for Market Growth
In the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), in the year 2019, sales of all types of vehicles globally touched 90423687 units.
The sales of all types of vehicles worldwide is growing at a significant pace. With the increasing fleet of vehicles on road, there is a growing need for automated traffic management systems, so as to lower traffic congestion. Traffic congestion is known to cost massively to governments, which is why, several developed and developing nations are working towards the adoption of these systems, which is anticipated to drive the market growth in the coming years.
However, the concept of intelligent transportation systems is at a very nascent stage is expected to operate as key restraint to the growth of global variable message signs for intelligent transportation system market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global variable message signs for intelligent transportation system market which includes company profiling of 3M Company, Daktronics Dr., Triple Sign System AB, Valmont Industries, Inc., Onnyx Electronisys Pvt. Ltd., Efftronics Systems Pvt. Ltd., SWARCO Group, Skyline Products, Inc., Wanco Inc., McCain, Inc., Yaham Optoelectronics Co., Ltd., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global variable message signs for intelligent transportation system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.