Rising Initiatives On Road Safety To Drive The Led Traffic Sign Market Worldwide

The global LED Traffic Sign Market is growing considerably and is expected to grow at the same rate over the forecast period, especially in the developing countries. The increasing awareness of safer roads is having a positive impact on the economic development of a country as it facilitates faster transportation and rapid transit systems. Hence, increasing road infrastructure investment by constructing new roads in various countries and stringent government regulations on road safety have driven the traffic safety equipment market significantly and contributed to the growth of the LED traffic signs market.

Moreover, one of the key trend expected to drive the growth of the market is increased investments in road infrastructure. With growing population and rapid urbanization, the number of road accidents and fatalities have increased drastically. 90% of the road crashes occur due to human error such as drunk driving, reckless speeding, and disobeying traffic rules. Moreover, increasing number of vehicles on road has given rise to road accidents, injuries, and increased fatalities.

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For example, in 2015, the U.S. has witnessed increased number of fatalities owing to motor vehicle crashes on roads, compared to past year. The four states in the U.S. that experienced the highest rise in traffic deaths were Oregon, South Carolina, Florida, and Georgia. The fatalities included all the segments of population such as passenger vehicle occupants, pedestrians, motorcyclists, and passengers of large trucks.
Growing Concerns For Road Safety To Drive The Growth Of The Market

Increasing road incidents has raised concerns for safety. Therefore, various local and national governments are on the verge of improving road safety measures. For instance, in 2016, in Australia, various plans were undertaken by government that help assesses road crash fatalities and the need for various road safety requirements. A project initiated by the government to measure “Non-Fatal Crash Outcomes” will provide the detailed data for non-fatal hospitalized road injuries in Australia. This initiative is likely to be helpful analyzing the crashes occurring, thereby focusing on road safety.

Advancements In Technology To Boost The Growth Of The Market
The growing deployment on artificial intelligence (AI) in traffic management will help the system change traffic conditions for vehicles to avoid traffic. For instance, Google maps forecasts traffic conditions and tells the best route comparing all the routes. The increasing dependence on AI will also focus on keeping the driver updated about the traffic conditions. Such technological improvements will be one of the major trends that is expected to boost the growth of the market.

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Presence Of Several Key Players To Dominate The Global Led Traffic Lights Market
Prominent players in the LED traffic signs and signals market are continually focusing on technological improvements to gain competitive advantage. The presence of several players has kept the market highly fragmented and competitive. Moreover, the evolving usage of tough and durable materials to produce traffic lights is gaining an edge over the market.

The key players operating in the industry include SWARCO, Federal Signal, Econolite Group, Aldridge Traffic Systems, Alphatronics, Arcus Light, D.G. Controls, E2S, Envoys, General Electric, Horizon Signal Technologies, Leotek, North America Traffic, Peek Traffic, Pfannenberg, Sinowatcher Technology, Trafitronics India, Trastar, Ver-Mac, and WERMA Signaltechnik among others.

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This release was published on openPR.