New York, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Travel delays caused due to traffic congestion in the 494 urban areas of the United States increased from 1.7 Billion hours in 1982 to 8.7 Billion hours in 2019, according to the statistical report titled “Urban Mobility Report 2021”, published by Texas A&M Transportation Institute. Moreover, the statistics also stated that fuel wasted due to the congestion touched 3.5 Billion gallons in the year 2019, up from 0.8 Billion gallons in 1982. On the other hand, according to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the sales of all types of vehicles in the year 2019, registered to 90423687 units.
Research Nester has recently released a report on “Global Variable Message Signs for Intelligent Transportation System Market” which focuses on the key players operating in the market, along with the strategies adopted by them for greater competitiveness. The report includes details on the latest market trends, growth opportunities, drivers and the challenges that are associated with the growth of the market during the forecast period of 202o-2028.
The sales of vehicles over the past few years have grown significantly, thereafter raising the total vehicle fleet. As a result, traffic congestion has been a major problem amongst both the developed and developing nations. Besides this, with the increasing vehicular fleet globally, the concern for road traffic incidences has witnessed a steady growth, driving the need for smart automated traffic monitoring systems. The World Health Organization (WHO), in one of its statistics, stated that each year around 1.3 Million people die due to road traffic crashes. The statistics also stated that road traffic crashes cost most countries 3% of their GDP. The global variable message signs for intelligent transportation system market registered a revenue of USD 147.8 Million in the year 2019 and is further expected to touch USD 266.6 Million by the end of 2028 by growing with a CAGR of 6.8% during the forecast period. The market is also anticipated to grow on account of the growing advancements in ICT, and the rising investments by nations worldwide to develop their transportation infrastructure. The Organization for Economic Co-operation and Development (OECD), in one of its statistics, stated that transport infrastructure investment and maintenance spending in the United States, China, United Kingdom, Mexico, and Germany in the year 2019 touched USD 118.91 Billion, USD 797.25 Billion, USD 25.77 Billion, USD 3.46 Billion, and USD 27.76 Billion respectively, by growing 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.
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The global variable message signs for intelligent transportation system market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Out of these, the market in North America garnered the highest market share in the year 2019 and is projected to hold the same by the end of 2028. The market registered a revenue of USD 56.6 Million in the year 2019 and is further projected to touch USD 88.6 Million, by growing with a CAGR of 5.0% during the forecast period. The market in the region is further segmented by country into the United States and Canada. Out of the market in these countries, the market in the United States registered the highest market share throughout the forecast period and is further projected to touch USD 47.7 Million by the end of 2021. Alternatively, the market in Canada is anticipated to grow with the highest CAGR of 5.8% during the forecast period.
The variable message sins for intelligent transportation system market in the Asia Pacific is anticipated to register the second-leading market share and further touch USD 63.2 Million by the end of 2028, up from 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 Asia Pacific. Out of the market in these countries, the market in China is anticipated to garner the largest market revenue of USD 17.3 Million by the end of 2028, up from USD 7.2 Million in 2019. The market in the country is further expected to grow with a CAGR of 11.1% during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), 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).
The global variable message sins for intelligent transportation system market is segmented on the basis of technology into electro-mechanical signs, reflective flip-disk signs, and light emitting signs. Out of these segments, the light emitting signs segment is anticipated to hold the highest market share throughout the forecast period and further touch a market revenue of USD 110.6 Million by the end of 2028, up from USD 57.7 Million in 2019. The segment is also anticipated to grow with the highest CAGR of 7.5% during the forecast period. In North America, the segment garnered a revenue of USD 35.9 Million by the end of 2028, up from USD 22 Million in 2019. The segment is also expected to grow with the highest CAGR of 5.5% during the forecast period. On the other hand, in the Asia Pacific, the segment registered the largest market revenue of USD 11.1 Million in 2019 and is further projected to touch USD 26.2 Million by the end of 2028 by growing with the highest CAGR of 10.2% during the forecast period.
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The global variable message sins for intelligent transportation system market is also segmented on the basis of end-use into railways, airports, roadways, and others. Out of these, the airports segment is anticipated to garner the largest market revenue of USD 124.6 Million by the end of 2028, up from a revenue of USD 64.8 Million in 2019. In North America, the segment is anticipated to garner the largest market revenue of USD 41 Million by the end of 2028 by growing with the highest CAGR of 5.7% during the forecast period, whereas in Europe, the segment registered the largest market revenue of USD 15.7 Million in 2019 and is further projected to grow with the highest CAGR of 6.9% during the forecast period and further touch revenue of USD 28.9 Million by the end of 2028.
The global variable message sins for intelligent transportation system market is also segmented by component and application.
Global Variable Message Sins for Intelligent Transportation System Market, Segmentation by Component
- Hardware
- LED-based Displays
- Cameras
- Signaling Lights
- Automatic Vehicle Locators
- Light Sensors
- Others
- Software
Global Variable Message Sins for Intelligent Transportation System Market, Segmentation by Application
- Active Traffic Management
- Highway Advisory Radios
- Road/Weather Information System
- Parking Guidance Management
- Airport, Rail & Bus Passenger Guidance and Lane Management
- Freeways, Tunnels, Toll Facilities, Emergency Management
- Others
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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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