Global Variable Message Signs for Intelligent Transportation System Market Highlights Over 2019 - 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, by growing at a CAGR of 6.8% over the forecast period, i.e., 2020 – 2028. The growth of the market can be attributed to the growing sales of vehicles worldwide, increasing concern for the rising incidences of road accidents, and therefore the need for real-time smart traffic management systems. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), sales of all types of vehicles globally touched 90423687 units in the year 2019. Moreover, according to the statistics by the World Health Organization (WHO), approximately 1.3 Million people are known to die every year due to road traffic crashes. The statistics also stated that it costed most countries 3% of their GDP due to road traffic crashes. With such rising concerns, real-time traffic management system has become one of the prime priorities across various developed and developing economies globally, which is anticipated to drive the market growth in the coming years.
The global variable message signs for intelligent transportation system market is also anticipated to grow on account of the growing investments for developing transport infrastructure and maintenance, along with the increasing advancements in research and development in the ICT sector. According to the statistics by the OECD, transport infrastructure investment and maintenance spending in the United States, China, United Kingdom, Mexico, and Germany increased from around USD 67.63 Billion, USD 24.27 Billion, USD 9.71 Billion, USD 1.59 Billion, and USD 16.84 Billion respectively in the year 2000 to USD 118.91 Billion, USD 797.25 Billion, USD 25.77 Billion, USD 3.46 Billion, and USD 27.76 Billion respectively in the year 2019.
Global Variable Message Signs for Intelligent Transportation System Market Regional Synopsis
Regionally, the global variable message signs for intelligent transportation system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. 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 concern for traffic congestion in several urban cities in the United States, followed by the increasing funding by the government of nations to adopt intelligent transportation systems, and the rising focus on road safety, are some of the major factors anticipated to drive the growth of the market in the region. According to the statistical report titled “Urban Mobility Report 2021” by the Texas A&M Transportation Institute, travel delay in the 494 urban areas of the United States increased from 1.7 Billion hours in the year 1982 to 8.7 Billion hours in 2019. Moreover, fuel wastes due to traffic congestion increased from 0.8 Billion gallons in the year 1982 to 3.5 Billion gallons in 2019.
The market in the Asia Pacific is anticipated to grow with the highest CAGR of 9.4% during the forecast period and further touch a revenue of USD 63.2 Million by the end of 2028, up from a revenue of USD 28.3 Million in 2019. The market in the region is segmented by country into China, India, Japan, Australia, South Korea, Singapore, Vietnam, and the Rest of APAC. Amongst these, the market in China is anticipated to garner the largest market revenue of USD 17.3 Million by the end of 2028, up from a revenue of USD 7.2 Million in 2019. Alternatively, the market in India is anticipated to grow with the second-highest CAGR of 11.1% during the forecast period.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Variable Message Signs for Intelligent Transportation System Market
Growth Drivers
- Growing Demand for Smart Traffic Management System
- Increasing Investments by Government of Nations for Enhancing Transport Infrastructure
Challenges
- Implementation of the Technology at a Nascent Stage
Global Variable Message Signs for Intelligent Transportation System Market Segmentation Synopsis
The global variable message signs for intelligent transportation system market is segmented by technology into electro-mechanical signs, reflective flip-disk signs, and light emitting signs. Out of these, 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 market is further segmented by component into hardware and software, out of which the software segment is anticipated to grow with the highest CAGR of 7.5% during the forecast period. On the basis of application, the market is segmented into active traffic management, highway advisory radios, road/weather information system, parking guidance management, airport, rail & bus passenger guidance & lane management, freeways. tunnels, toll facilities, emergency management, and others. Amongst these segments, the active traffic management segment is anticipated to hold the highest market share and further touch a revenue of USD 88.9 Million by the end of 2028, up from a revenue of USD 50.3 Million in 2019. The segment is also anticipated to grow with a CAGR of 6.5% during the forecast period.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global variable message signs for intelligent transportation system market that are included in our report are 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.
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