Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Traffic Lights Market by Product Type, Application, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global traffic lights market size reached US$ 12.0 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 18.2 Billion by 2028, exhibiting a CAGR of 7.19% during 2022-2028.
Companies Mentioned
- Alphatronics Belgium
- ARCUS USA Inc.
- Bartco Traffic Equipment Pty. Ltd.
- D.G. Controls Limited
- Envoys Electronics Pvt. Ltd.
- Federal Signal Corporation
- LITE-ON Technology Corporation
- Pfannenberg Europe GmbH
- Pyrotech Electronics Pvt. Ltd.
- SWARCO Holding AG
- WERMA Signaltechnik GmbH + Co. KG
Rapid development of road transport infrastructure, increasing government investment in the construction of new expressways, and rising adoption of LED traffic lights represent some of the key factors driving the market.
Traffic lights are a system of signals used to control the moment of traffic. Incandescent lamps and light-emitting diode (LED) lights are some commonly used traffic lights. They are available in multiple colors, such as red, yellow, and green, that indicate different signals, including stop, slow down, and go ahead. Traffic lights are widely used to manage traffic systems on roads, airports, railways, and seaports.
They are commonly installed at intersections, streets, pedestrian crossings, and cycling lanes. Traffic lights aid in the orderly movement of conflicting flow, provide better control at intersections, enhance traffic handling capacity, and relay instructions to vehicles. They also improve the safety and efficiency of pedestrians and vehicles and reduce incidences of accidents.
The rapid development of road transport infrastructure is one of the primary factors driving the market growth. Traffic lights are an essential component of traffic management, as they are installed on multiple-lane roadways, country-side streets, intersections, and hairpin bend to ensure orderly movement of traffic at a definite speed, minimize delays, reduce congestion, and prevent the risk of road accidents due to rash driving and drunk-and- drive.
In addition to this, increasing investment by governments of several nations to construct new highways and expressways within prominent cities to enhance connectivity and boost economic activity is acting as another growth-inducing factor.
Furthermore, the rising adoption of LED traffic lights that save energy, reduce maintenance costs, improve visibility, minimize failures, provide durability, and offer extended service life is positively influencing the market growth.
Additionally, the introduction of smart traffic lights that are sensitive to the volume of vehicles and pedestrians instead of fixed-time light changing sequences and uses cameras and radar sensors to manage traffic based on real-time conditions is providing an impetus to the market growth.
Moreover, the increasing utilization of solar-powered traffic lights that are eco-friendly, waterproof, easy to install, maintenance-free, and save energy is propelling the market growth. Other factors, including rising incidences of vehicular accidents, integration of artificial intelligence (AI), the implementation of various government initiatives to install traffic lights in certain accident-prone areas, and the proliferation of smart city infrastructure, are anticipated to drive the market growth.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each segment of the global traffic lights market, along with forecasts at the global, regional, and country level from 2023-2028. Our report has categorized the market based on product type and application.
Product Type Insights:
- Incandescent Lights
- LED Lights
The report has also provided a detailed breakup and analysis of the traffic lights market based on the product type. This includes incandescent and LED lights. According to the report, incandescent lights represented the largest segment.
Application Insights:
- Street Lights
- Junction Signals
- Cyclists
- Pedestrians
- Equestrians
- Zebra Crossing
The report has also provided a detailed breakup and analysis of the traffic lights market based on the application. This includes street lights, junction signals, cyclists, pedestrians, equestrians and zebra crossing.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $12 Billion |
| Forecasted Market Value (USD) by 2028 | $18.2 Billion |
| Compound Annual Growth Rate | 7.1% |
| Regions Covered | Global |
Key Questions Answered in This Report:
- How has the global traffic lights market performed so far and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global traffic lights market?
- What are the key regional markets?
- Which countries represent the most attractive traffic lights markets?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the application?
- What is the competitive structure of the global traffic lights market?
- Who are the key players/companies in the global traffic lights market?
For more information about this report visit https://www.researchandmarkets.com/r/o31upv
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