Research Nester has released a report titled “Variable Message Signs for Intelligent Transportation System Market: Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The International Organization of Motor Vehicle Manufacturers (OICA), stated in one of its statistics that sales of all types of vehicles globally touched 90423687 units in the year 2019.
Backed by the rising sales of vehicles around the globe, traffic congestion has grown significantly across countries. To overcome the issue, both the developed and developing nations are working towards adopting smart automated traffic management systems which can lower the congestion and allow smooth movement of traffic. Moreover, the rising concern for the increasing costs associated with traffic congestion and the need to lower such costs, is also anticipated to drive the market growth.
The global variable message signs for intelligent transportation system market is anticipated to grow with a CAGR of 6.8% over the forecast period, i.e., 2020 – 2028. The 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. The market is segmented on the basis of technology into electro-mechanical signs, reflective flip-disk signs, and light emitting signs. Amongst these, by the end of the year 2028, the light emitting signs segment is expected to touch a revenue of USD 110.6 Million.
On the basis of geography, 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. In the year 2019, amongst all the regions, the market in North America garnered the largest market revenue of USD 56.6 Million, and it is further projected to touch USD 88.6 Million by the end of 2028.
However, the concept of intelligent transportation systems is at a very nascent stage which is expected to act as one of the major factors hampering the market growth over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global variable message signs for intelligent transportation system market, which includes company profiling of 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.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Variable Message Signs for Intelligent Transportation System Market: Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall global variable message signs for intelligent transportation system industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global variable message signs for intelligent transportation system market in the near future.
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