LONDON--(BUSINESS WIRE)--The new light-emitting diode traffic signs and signals market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the Increasing Investments in Road Infrastructure,” says a senior analyst for Industrials at Technavio.
The increasing investments in road infrastructure will be one of the major factors fueling LED traffic signs and signals market growth. The developing countries across the globe are increasingly focusing on improving their infrastructure. The development of the transport infrastructure in these countries will positively impact market growth since the installation of traffic signs and signals will regulate the traffic flow leading to reduced accidents.
As the markets recover Technavio expects the light-emitting diode traffic signs and signals market size to grow by USD 356.63 million during the period 2020-2024.
Light-Emitting Diode Traffic Signs and Signals Market Segment Highlights for 2020
- The light-emitting diode traffic signs and signals market is expected to post a year-over-year growth rate of 6.72%.
- Traffic signals are a prerequisite at the road intersections and also at highways, car parking areas, and toll booths.
- The gradual replacement of incandescent traffic lights with LED lights across the globe, especially in major developed countries, has contributed to the growth of the traffic signals market.
- However, the light-emitting diode traffic signs and signals market share growth by the LED traffic signals segment will be slower than the growth of the market by the LED traffic signs segment.
- 33% of the growth will originate from the North America region.
- Potential opportunities for innovations in traffic lights and development of infrastructure, such as roadways will significantly drive light-emitting diode traffic signs and signals market growth in this region over the forecast period.
- The US is one of the key markets for light-emitting diode traffic signs and signals in North America. Market growth in this region will be slower than the growth of the market in Europe and APAC.
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- The light-emitting diode traffic signs and signals market size is expected to accelerate at a CAGR of over 8% during the forecast period.
- The light-emitting diode traffic signs and signals market is segmented by Product (LED traffic signals and LED traffic signs) and Geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Alphatronics NV, Econolite, Federal Signal Corp., GE Current a Daintree Co., Peek Traffic Corp., Sinowatcher Technology Co. Ltd., SWARCO AG, Trafitronics India Pvt. Ltd., Ver-Mac, and WERMA Signaltechnik GmbH.
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